Central Bank of India Fixed Deposit
Last Updated : April 16, 2020, 11:01 p.m.
About Central Bank Of India Fixed Deposit
Central Bank of India Fixed Deposit allows depositors to earn more by choosing the highest rate of interest applicable on term deposit. It is the depositor’s choice for the selection of period (in number of days) determines the quality of healthy returns secured at the time of maturity.
Central Bank of India FD Interest Rates April 2024
| Maturity Period | Revised rate for less than 2 cr (w.e.f. 10.02.2020) |
|---|---|
| 7 -14 days | 4.50% |
| 15 - 30 days | 4.50% |
| 31 - 45 days | 4.50% |
| 46 - 59 days | 5.25% |
| 60 - 90 days | 5.35% |
| 91 - 179 days | 5.75% |
| 180 - 270 days | 5.75% |
| 271 - 364 days | 6.00% |
| 1 yr to less than 2 yrs | 6.20% |
| 2 yr to less than 3 years | 6.20% |
| 3 yr to less than 5 years | 6.20% |
| 5 years & above upto 10 years | 6.50% |
Central Bank of India FD Schemes
Money Multiplier Deposit Certificate (MMDC)
The interest accrued gets credited to the principal which offers you an effective FD interest rate that is higher than the contracted interest rate. This is an appropriate scheme for increasing your deposits exponentially.
| Particulars | Details |
|---|---|
| Amount of deposit | Minimum amount of INR 100 and multiples of INR 100 |
| Period of deposit | 6 months to 120 months |
| Rate of Interest | The rate of interest shall be the appropriate rate prevalent on the date of the deposit for the period so selected. |
| Deposit Certificate | After completing all the formalities a printed certificate will be issued (Money Multiplier Deposit Certificate) with full particulars filled in such as Sr. No., your name, amount of deposit, period of deposit, date of deposit, due date of deposit, interest rate of deposit and maturity value etc. |
| Premature payment | Payment before maturity is available as per exisiting rules |
| Loan/advance against deposits | Loan/advance facility is available under the scheme as per existing rules |
Monthly Interest Deposit Receipt (MIDR)
By investing in the monthly interest deposit receipt(MIDR), you will earn monthly interest without losing your principal amount. The MIDR scheme offers you with monthly interest earnings, without affecting the principal amount.
| Particulars | Details |
|---|---|
| Amount of deposit | Minimum amount of INR 5,000/- and in multiples of INR 1000/- |
| Period of deposit | 12 months to 120 months |
| Rate of interest | The rate of interest shall be the appropriate rate prevalent on the date of the deposit for the period so selected. |
| Certificate / Receipt | After completing all the formalities a printed receipt will be issued (Monthly Interest Deposit Receipt) with all particulars filled in as sr. no., your name, amount of deposit, period of deposit, date of deposit, due date of deposit, interest rate and interest payable every month etc. |
| Premature payment | Payment before maturity is available as per exisiting rules. |
| Loan/advance against deposits | Loan/advance facility is available under the scheme as per existing rules. |
Quarterly Interest Deposit Receipt (QIDR)
QIDR offers you the quarterly interest without having an impact on the principal amount.
| Particulars | Details |
|---|---|
| Amount of deposit | Minimum amount of INR 5,000/- and in multiples of INR 1000/- |
| Period of deposit | 12 months to 120 months |
| Rate of interest | The rate of interest shall be the appropriate rate prevalent on the date of opening of the account for the period so selected. |
| Certificate / Receipt | After completing all the formalities a printed receipt will be issued (Quarterly Interest Deposit Receipt) with all particulars filled in as sr. no., your name, amount of deposit, period of deposit, date of deposit, due date of deposit, interest rate and interest payable every quarter etc. |
| Premature payment | Payment before maturity is available as per exisiting rules. |
| Loan / advance | Loan/advance facility is available under the scheme as per existing rules. |
Cent Double Deposit Scheme
| Particulars | Details |
|---|---|
| Name of the Product | Cent Double |
| Nature of Deposit | MMDC |
| Min Deposit Amount | INR 10000.00- Metro & Urban Centers INR 5000.00 – Semi-Urban & Rural Centers |
| Max Deposit Amount | Less than INR 1 Crore |
| Loan and Advances against deposit | Yes, as per existing rules |
| Interest Rate | As per Bank's norm |
Cent 555 Term Deposit
| Particulars | Details |
|---|---|
| Tenure of deposit | 555 days |
| Rate of interest | 7.40 % (Rates of revision applicable for the same period i.e. 555 days in domestic deposit rates) |
| Interest | Compounded Quarterly |
| Amount of deposit | Minimum deposit amount : INR 1,000 and Maximum amount : Less than INR 1 crore |
| Additional Interest Benefit | Not applicable in either Senior Citizen or ex-staff/staff |
| Premature Withdrawal | No interest payable if closed before completion of 1 year. 1% penal interest to be applied (as applicable) if closed before maturity after completion of 1 year. Not allowed on a loan availed against the deposit |
Cent 777 Deposit Scheme
| Particulars | Details |
|---|---|
| Type of Deposit | Interest payment at monthly/ quarterly/ half yearly intervals or cumulative type |
| Period of Deposit | The Deposit will be approved for a fixed period of 777 days. No deposit will be undertaken for a longer or shorter period. |
| Amount of Deposit | Minimum - INR 1,000/- Maximum - Less than INR 1 crore |
| Rate of Interest | 7.45% & Additional interest for Senior Citizens & Staff as per prevailing norms. |
Cent Uttam Scheme
Get the double benefits of easy liquidity and high returns by investing in Cent Uttam Scheme. It is also a flexible scheme that permits you to withdraw a part of the deposit amount as and when you need it.
- You can deposit a minimum amount of ₹5,000/- and multiples of ₹1,000/-. The entire deposit is placed in ‘units’ of ₹1,000/- each at the time when the deposit is accepted, where each ‘unit’ is made available for payment at your option.
- You can open an account for a minimum period of 30 days and up to a maximum of 120 months.
- The rate of interest shall be the appropriate rate prevailing on the date of the deposit for the period so selected.
Cent Tax Saving Deposit
An individual or a Hindu Undivided Family (HUF) who is an Income Tax assessee with Permanent Account Number can invest in Cent Tax Saving Deposit. Under this scheme, the deposit is made of the following types:
- Single holder type deposits.
- Joint holder type deposits.
- The single holder type deposit receipt shall be issued under the personal name of an individual or in the capacity of the Karta of the Hindu undivided Family.
- The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor subject to the case of joint holder type deposit, the Deduction from income U/S 80/C sub- section 2(XXI) of the Act shall be permissible only on the first holder of the deposit.
The tenure of the deposit is for 5 years. The minimum deposit amount is ₹1,000/- and in multiples thereof. The maximum limit is set at ₹1,50,000/- (One Lac Fifty Thousand only) in a financial year.The rate of interest applicable on Cent tax Savings Deposit Scheme will be subject to the interest rate on domestic term deposits (up to ₹15 lacs) applicable to the five-year term
Cent Aspire Deposit Scheme
| Particulars | Details |
|---|---|
| Scheme Launch Date | 17.11.2014 |
| Type of Deposit | The Deposit shall be acceptable in 3 variants, viz. MMDC MIDR QIDR |
| Who can Deposit | Only individual/s above 18 years of age. The deposit can be opened either in single name or in joint names with necessary operating instructions. However, free Aspire Credit Card shall be issued under the name of first depositor only. This product will not be admissible on minors and non-individual (impersonal) customers such as proprietorship firm, partnership firm, HUF, Private/Public Limited Company, Trusts, Educational Institutions, etc. |
| Amount of Deposit | Minimum Rs.20,000/- and thereafter, in multiples of Rs.1000/-. There will be no maximum amount. |
| Tenure of Deposit | Minimum: 1 year and above in multiples of 3 months, i.e. 15 months, 18 months etc. with auto renewal option. Maximum: 10 years. Preferable tenor: 3 years and above, as the Aspire Credit Card is valid for 3 years. Initially, the deposits are undertaken for maturities of 1 year and 3 years only. Other maturities will be introduced later on in a phased manner. |
| Rate of Interest | The deposits under the Scheme will attract interest at the existingcard rate. Additional interest will be paid for Senior Citizens & Staff as per prevailing norms. Separate Product Codes will be given for deposits of Senior Citizens and Staff. Branches should select suitable product code while opening the account. |
Cent Suraksha Deposit
| Particulars | Details |
|---|---|
| Name of the Deposit Scheme | Cent Suraksha Deposit – 1. Cent Suraksha Deposit (PMSBY)- RS.177/- 2. Cent Suraksha Deposit Yojna(PMSBY/PMJJBY)- RS. 4317/- |
| Special Features | The scheme is Fixed Deposit product, with unique features. Customer himself or Giftee who obtain Gift Cheque/DD will deposit the amount either for Rs. 201/- and/or Rs.5001/- in her/his Saving account. By keeping the premium for first and second year Rs.177/- ( in case of GC /DD of Rs.201) or Rs.4317/- ( in case of GC /DD of Rs.5001) will be transferred to Cent Suraksha Deposit (PMSBY) or Cent Suraksha Deposit Yojna ( PMSBY/PMJJBY) |
| Eligibility | Individuals (singly) as per eligibility under PMSBY/PMJJBY Scheme, Proprietorship , Partnerships, , Institutions clubs/trust/societies, corporate etc not eligible. |
| Rate of Interest | Interest rate will be as per existing term deposit card rate. Interest to be compounded quarterly but paid annually by crediting the account of giftee, in which transfer of premium is made compulsory towards PMSBY/PMJJBY obtained. Yearly Interest so credited in the saving account will be premium towards PMSBY/PMJJBY as the case may be. Additional interest is applicable to – Senior citizen - 0.5% Staff /ex-staff /widow-widower of staff - 1.0% Ex staff cum Senior citizen - 1.5% |
| Period of Deposit | 5 to 10 years |
| Tax Treatment | TDS as permissible |
Senior Citizen Deposit Scheme
The distinctive feature of the scheme is an incentive to senior citizens by way of additional interest over and above the normal rate of interest on any of the prevailing term deposit schemes. This facility will be permissible in fresh deposits and renewal of maturing deposits. Following are the terms & conditions of Senior Citizen Deposit Scheme.
- If you have completed the age of 60 years, you will be treated as a senior citizen for availing the benefit under this scheme.
- The minimum amount of deposits accepted will be subject to the criteria specified for the deposit scheme which you select for.
- Your deposits may be accepted for any period between 15 days (minimum period as admissible on various deposit schemes) and 120 months.
- An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of the Time Deposit Schemes will be offered as an incentive for deposits of Senior Citizens who are above 60 years of age.
- Certificate / Pass Book will be issued to you as per the deposit scheme such as ‘Pass Book’ will be issued for RD and Certificate will be issued for MMDC, MIDR, and QIDR.
Central’s Flexi Yield Deposit Scheme
Under this scheme, depositors avail the facility of floating rate of interest which is higher than the interest rate on normal Term Deposits.
| Particulars | Details |
|---|---|
| Amount of Deposit | Rs. 50,000/- and in multiples of Rs. 5,000/-thereafter |
| Period of Deposit | One year and above and upto a maximum of 10 years |
| Rate of interest | Rate of interest shall be the appropriate rate depending on the existing date of the deposit |
| Premature payment | Payment before maturity is admissible. However, in such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates permissible on normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered |
| Loan/advance against deposits | Loans and advances against deposit is available in the scheme as per existing rules |
