Central Bank of India was established in 1911, making it one of the oldest government-owned banks in the country. It is based in Mumbai, Maharashtra. As of 2019, the bank operates more than 4,600 branches in the nation and around 3,500 ATMs. 

Central Bank of India fixed deposit investments offer an alternative to customers looking for higher returns than a typical savings account. Moreover, such schemes offer considerable returns safely. 

Central Bank of India Fixed Deposit Rates

The returns on Central Bank FD depend on the age of an investor. For non-senior citizen individuals, short term FDs with the bank provides interests between 4.50% and 6.10% per annum. For senior citizen investors, this range is from 5.00% to 6.60% per year.

For investment tenures ranging between 5 and 10 years, the rate of interest is 6.30% for regular investors and 6.80% per annum for senior citizens.

Tenure Non-senior citizen and NRO FD (%) Senior citizen FD (%)
7-14 days 4.50% 5.00%
15-45 days 5.00% 5.50%
3-12 months 6.10% 6.60%
1-2 years 6.55% 7.05%
2-4 years 6.30% 6.80%
5-10 years 6.30% 6.80%

Types of Central Bank of India Fixed Deposit Schemes

Investors can select one of the following FD schemes from Central Bank of India –

  • Fixed Deposit Receipt – Minimum investments for this scheme is Rs. 100. The tenure for the plan is between 7 days and 10 years. Interest is payable either half-yearly or at maturity of the FD. 
  • Money Multiplier Deposit Certificate – Investors can start from as low as Rs. 100. Tenure for this scheme is between 6 months and 10 years. Interest earned is compounded into the principal for further wealth generation.
  • Monthly Interest Deposit Receipt – This Central Bank fixed deposit allows minimum investments of Rs. 5,000. The minimum maturity period for such a scheme is 1 year, while the maximum tenure is 10 years. Interest receipts are generated every month but do not affect the investment principal.
  • Quarterly Interest Deposit Receipt – Another plan with minimum investment quantum of Rs. 5,000. The tenure range is similar to Monthly Interest Deposit Receipt FDs. However, the only difference is that the interest receipts under this scheme are provided quarterly.
  • Cent Double Fixed Deposit – In this plan, the minimum deposit in urban centres is Rs. 10,000. For rural areas, customers can initiate the FD with Rs. 5,000. This is a form of money multiplier receipt.
  • Cent Tax Saving Deposit Scheme – As the name implies, this scheme is suitable for investors looking to reduce tax burden on interest earned. Minimum investment allowed is Rs. 100, while the maximum investment is Rs. 1.5 Lakh. The plan has a lock-in period of 5 years.
  • Cent-555 Term Deposit – Minimum deposits start from Rs. 1,000, while the upper limit is set at Rs. 1 Crore. The plan’s name comes from the fact that the maximum tenure of the FD is 555 days. 
  • Cent Uttam Fixed Deposit Scheme – The FD scheme offers flexibility when it comes to the maturity period, allowing investors to pick a term between one month and 10 years. 
  • Cent-777 Term Deposit Scheme – This is a scheme similar to the previous one. The only difference for this Central Bank of India FD is the maximum tenure, set at 777 days.
  • Cent Aspire Term Deposit Scheme – Acting as both money multiplier and monthly/quarterly deposit scheme, this plan’s minimum investment is Rs. 1,000.

Benefits of Choosing Central Bank of India Fixed Deposit

Investors operating an FD account in Central Bank of India can avail the following benefits.

  • Loan against FD facility up to 90% of the investment value.
  • Tax deductions available for eligible investors.

Eligibility Criteria for Central Bank of India Fixed Deposit

Individuals or companies need to meet the following criteria for initiating a Central Bank of India FD.

  • Joint account holders.
  • Resident individuals.
  • Minors.
  • Trusts.
  • Panchayats and municipalities.
  • Sole proprietary concerns.
  • Illiterate persons.
  • Joint Hindu Family members.
  • Religious, charitable and educational institutions.
  • Partnership firms.

Documents Required for Central Bank of India Fixed Deposit

Interested customers have to furnish the following documents when investing in a Central Bank of India fixed deposit scheme

We've now got fixed deposits too!

  • Access to fixed deposits

    of various banks

  • Invest without opening

    a new bank account

  • Avail high interest rates

    of up to 6.5%

  • Proof of ID (any one)
  • Aadhaar card.
  • PAN card.
  • Defence ID card.
  • Passport.
  • Voter ID.
  • Proof of Address (any one)
    • Telephone bill.
  • Electricity bill.
  • Aadhaar card.
  • Bank account statement with cheque.
  • Letter from reputed employer.

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.

Premature Withdrawal Terms and Conditions

Investors with FDs valued greater than Rs. 5 Lakh are liable to receive a deduction of 1% compared to the contracted rate of interest. However, such terms are subject to change at any time.

Special Forms to Fill

Non-senior citizen investors earning interests lower than Rs. 40,000 per year need to file Form 15G to receive TDS exemptions.

Senior citizens earning less than Rs. 50,000 per year from interests are also eligible for TDS deductions. They need to file Form 15H.

Loan against Central Bank of India FD

The bank allows investors to opt for loans valued at up to 90% of the FD. Interest levied on such credit varies between 5.5% and 7.3%. 


  • What is the maximum rate of interest offered on Central Bank FDs?

For non-senior citizen individuals, the maximum rate of interest is 6.55% per annum. 

  • 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.

  • What is the minimum investment amount for starting an FD account in Central Bank of India?

The smallest amount for investment is Rs. 100. However, this can change based on the scheme you choose.

  • 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 are 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.

  • What is the penalty for premature withdrawal?

Investors with more than Rs. 5 Lakh as an investment are liable for a penalty of 1% on the contracted rate.

  • What is the loan against FD interest rate?

The interest rate for such a loan varies between 5.5% and 7.3%.

  • Can investors open Central Bank FDs online?

Yes. Investors can submit an online application for FDs. To complete the process, personal interaction with bank representatives is necessary.

  • 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.