Central Bank of India offers its customers with 4 recurring deposit schemes. One can enjoy the benefits of Central Bank of India RD interest rates by opening an RD account by choosing any one of the schemes. The minimum deposit required to open an RD account in this bank starts from as low as Rs. 100. The deposit tenure ranges from 6 months to 120 months (10 years). Senior citizens get to enjoy an extra 0.50% interest rate over the regular rates.

Central Bank of India RD Interest Rates

Tenure Regular Rates (p.a.) Senior Citizen Rates (p.a.)
180 days – 269 days 6.35% 6.85%
270 days – 364 days 6.40% 6.90%
1 year 1 day – 1 year 364 days 7.00% 7.50%
2 years – 2 years 364 days 6.70% 7.20%
3 years – 4 years 364 days 6.20% 6.70%
5 years – 10 years 6.20% 6.70%

 Central Bank of India Recurring Deposit Interest Rates- Special Features

  • Central Bank of India offers interest rates up to 7.00% for general citizens and 7.50% for senior citizens.
  • Interest on RD is compounded annually in Central Bank
  • The minimum deposit amount needed to open an RD account starts from as low as Rs. 100
  • Minors can also open an RD account under the guardianship of their parents
  • One can take a loan against the deposit amount; loans up to 90% of the deposit amount can be availed

Documents Needed to Open Central Bank of India RD Account

Identity proof

  • Passport
  • PAN card
  • Voter ID card
  • Driving License
  • Government ID card
  • Photo ration card
  • A senior citizen ID card

 Address Proof

  • Passport
  • Telephone bill
  • Electricity bill
  • Bank statement with cheque
  • Certificate /ID card issued by the post office

Types of Central Bank of India RD Schemes

Central Bank of India offers 4 types of recurring deposit schemes to cater to different people with varying needs. Let’s have a look at these schemes:

Recurring Deposit Scheme: This scheme is specifically designed for people with regular income. One of the primary reasons which make this scheme stand out is any minor above 10 years of age who can read and write can open this account. However, the monthly deposit is restricted to a maximum of Rs. 500 and the maximum maturity value should not exceed Rs. 50,000. Moreover, it offers additional rates of interest which are as follows:

Central Bank of India RD Rates

Senior Citizens: Extra 0.5% p.a.

Staff or Ex-staff widow:Extra 1% p.a.

Ex-staff + Senior Citizen: 1.5% p.a.

Cent Swa-Shakti Flexi Recurring Deposit Scheme: This RD account can be opened with a minimum deposit amount of Rs. 100. Minors below 10 years of age can apply jointly with their guardians for this scheme. The attractive point of this scheme is, other than the core amount, you can also deposit additional funds. The duration of the tenure starts from 6 months to 10 years. Also, the bank doesn’t charge any penalty on delayed installment or premature withdrawal.

Cent Lakhpati: It is a new scheme by Central bank of India under which one can earn an interest of 6.55% p.a. on the deposited amount. The tenure of this scheme ranges from 1 year to 10 years.

Cent Millionaire: Under this RD scheme, one can enjoy attractive interest rates for a period of up to 10 years.

Note: TDS will be applicable to whatever interest you earn.

Central Bank of India RD Calculator

If at any point in time, you want to to check how much will be your maturity amount at the end of the tenure, you can take the help of the online Central Bank of India RD calculator. The process is very simple; you just have to fill in the basic details of your RD account such as the amount, tenure, and rate of interest.

Delayed Installment of Central Bank of India RD account

The bank can help you by providing some extra time period in case you miss to make the payment beyond the due date due to some reasons. However, frequent irregular payments will not be accepted by the bank and a nominal amount of penalty will be levied by the bank as per their banking norms

Central Bank of India – Frequently Asked Questions

What is the minimum deposit amount needed to open an RD account in Central Bank of India?

The minimum deposit amount needed to open an RD account is as low as Rs. 100 in Central bank of India.

Who all are eligible to open a Central Bank of India RD account?

  • Any Indian resident above 10 years of age
  • Joint account holders
  • HUFs
  • Sole proprietors, partnerships, and corporations
  • Staff or ex-staff (eligible to earn extra interest rates)
  • Societies, Trust, clubs, etc.,


Indeed, Recurring deposits are one of the best ways to save a substantial amount of money while saving a small part of your earnings monthly. Keep putting your money in the schemes offered by the bank and enjoy attractive Central Bank of India RD interest rates. However, if wealth creation is your long term financial goal, you can also look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.