|CEO||Matam Venkata Rao|
|Listed on exchange as||Central Bank of India|
|Tenure||Regular customers||Senior citizens|
The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 2.75% to 4.90%.
A Medium-term fixed deposit, that is, from 1 year to 5 years, and the interest rates are 5.00%.
A Long-term FD goes from 5 years and more, and the interest rate is 5.00%.
A Central Bank FD can be opened using online and offline methods-
1) Online Method
2) Offline Method
For opening a Central Bank FD account via offline mode, one has to visit the nearest Central Bank branch. Fill out the Central Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD account can be opened.
Individuals or companies need to meet the following criteria for initiating a Central Bank of India FD.
Interested customers have to furnish the following documents when investing in a Central Bank of India fixed deposit scheme –
Proof of ID (any one)
Proof of Address (any one)
Senior citizens and minors need to furnish paperwork to prove their age as well. These documents include Driving License, PAN card, Passport, birth certificate etc.
Is premature withdrawal allowed in CBI FD?
Yes, the Central Bank of India FD allows premature withdrawal of its FD. The bank charges a penalty of a 1% interest rate on premature withdrawal of deposits of more than Rs 5 lakhs. However, there is no penalty in case of account renewal for a longer term as compared to the initial deposit period.
What is the minimum deposit required for the Central Bank of India FD?
The minimum amount for fd in Central Bank of India is Rs. 5000.
Are senior citizens liable for additional interest earnings?
Yes. Senior citizens can earn an extra interest of 0.50% per annum on their FD investment.
Can investors deposit additional sums in an existing FD?
No. FDs do not allow investors to deposit additional money after the initial investment.
Can investors change the maturity period for an FD after investing?
No. Investors can only pick the tenure while starting the deposit scheme.
What is the minimum and maximum tenure for Central Bank FD investments?
The minimum tenure is 7 days, while the maximum period is set at 10 years.
Are minors eligible for FD investment at the bank?
Yes. Minors can open such an account, provided they have co-signing adults along with them.