Central Bank of India (CBI) was established in 1911 as the first Indian commercial bank entirely managed and owned by the Indians. Central Bank of India follows the mission to provide customer-centric services and products by leveraging technology and human resources. The bank offers its customers different fixed deposit schemes that they can choose according to their financial suitability and future needs. Moreover, the Central Bank of India FD rates are competitive in nature, making them attractive to customers who want to grow their money.
Let’s explore all the aspects related to fixed deposit schemes provided by the Central Bank of India and the benefits and eligibility criteria one must consider before booking an FD account.
| Minimum Deposit | ₹100 |
| Maximum Deposit | No maximum limit (in multiples of 100) |
| Minimum Tenure | 7 days |
| Maximum Tenure | 120 months |
| Interest Rates | 3.50% – 7.45% (including senior citizen rates and annualised yield) |
| Lock-in Period | 5 years (for Cent Tax Saving Deposit) |
| Senior Citizen | 4.00% – 7.45% (annualised yield) |
| General Citizen | 3.50% – 6.92% (annualised yield) |
Central Bank of India FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
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Features and Benefits of Central Bank of India FD
Central Bank of India offers its customers ample features and advantages when it comes to their fixed deposit schemes. Listed below are some major benefits and features:
- Central Bank of India deposits are insured under the Deposit Insurance Scheme of RBI. Up to ₹5,00,000 of the deposit amount is insured by DICGC.
- The depositors can avail of the nomination facility with Central Bank FDs.
- Opening, as well as managing a fixed deposit account with the Central Bank of India is convenient and easy.
- Premature withdrawal of fixed deposit is allowed by the bank, subject to certain rules and conditions.
- To book an FD account with the Central Bank of India, the requirement of a PAN card is not mandatory.
- After your fixed deposit account matures, if the bank does not receive any prior notice on how the matured amount must be handled, the bank shall auto-renew your deposit with the same amount and tenure used previously.
- A major benefit you get from the Central Bank of India while opening your fixed deposit account is you need not have any Central Bank of India savings account prior to opening the FD.
How to Book Central Bank of India FD?
The Central Bank of India allows you to book a fixed deposit account using offline and online methods. Following is a detailed discussion of the methods and steps to follow to book your FD.
Online
Follow the below-mentioned steps to open your FD account using the net banking portal of the Central Bank of India.
- Step 1: Visit the official website of the Central Bank of India and sign in to your profile using your username and password.
- Step 2: Select the ‘Online Term Deposit’ option and choose the FD scheme you want to invest in.
- Step 3: Fill out all the required details in the application form, including nominee details, scheme, tenure and amount and click on ‘Confirm’.
- Step 4: After successfully booking your FD, you will get a confirmation message on your screen.
Offline
- Step 1: Visit the nearest branch of the Central Bank of India.
- Step 2: Fill out the FD application form properly with all the necessary details.
- Step 3: Submit the form with the required documents and deposit sum.
A confirmation message will be sent to your registered phone number after verification of your data and papers, thus completing the booking process of your FD.
Documents Required to Book Central Bank of India FD
Following is the list of documents you must keep handy while applying for an FD with the Central Bank of India.
- Filled FD application form
- PAN card or Form 60/61
- Identity Proof – Aadhaar Card (UID), Passport, PAN Card, Driving Licence, Defence / Government ID Card, Voter ID Card, ID Card issued by any reputed employer.
- Address Proof – Telephone Bill, Electricity Bill, Salary Slip, Aadhar Card, Ration Card, Letter from a reputed employer, Statement of Bank Account.
- Proof of Birth Date – Voter ID card, Passport, PAN Card, Driving Licence, Service Discharge Certificate
- Bank account details – account number, IFSC code, and branch name.
- 2 recent passport-size photographs of the depositor
Eligibility to Open Central Bank of India FD
Below are the individuals who can open the FD account.
- Type of Applicant – An individual, a minor opening an account jointly with an adult, Education and charitable institutions, Hindu Undivided Family (HUF), Private traders, agents, company clubs, merchants, corporates, professional partnership firms and societies, Illiterate individuals.
- Age (in case of individual applicants) – Above 18 years of age and a minor above age 10 years (under a guardian).
Types of Central Bank of India FD Schemes
The FD schemes of the Central Bank of India come with different features and tenures that are suitable for different financial goals of individuals and businesses. Central Bank of India’s interest rates are also different and competitive for each scheme, making them favourable for everyone.
Let us take a closer look at the different types of FD schemes available for you to choose from:
1. Fixed Deposit Receipt (FDR)
This FD scheme enables investors to earn high interest rates on their term deposits. You get flexible tenure on this scheme and no lock-in period, making this FD the most reliable option to save your money.
- Minimum Amount: ₹100
- Maximum Amount: No limit (in multiples of ₹100)
- Tenure: 7 days to 120 months
- Interest Rate: 3.50% – 7.45% (annualised yield and including the rate for senior citizens)
- Eligibility Criteria: Individuals, HUFs, companies and firms
2. Cent Garima Term Deposit Scheme
The Cent Garima term deposit scheme applies to all types of customers, including NRIs. The interest payable on this FD is on a quarterly or monthly basis; you can also avail for the cumulative type. However, senior citizens or ex-staff of CBI do not get any additional interest benefit in the case of NRE deposits.
- Minimum Amount: ₹10,000
- Maximum Amount: ₹10,00,00,000
- Tenure: Fixed period of 777 days
- Interest Rate: 7.77% (annualised); additional payable interest of 0.50% to senior citizens, 1.50% to retired senior citizen staff and 1% to staff of CBI. In the case of NRE, the interest rate is 7.55%.
- Eligibility Criteria: Indian residents and NRIs
3. Money Multiplier Deposit Certificate (MMDC)
In this fixed deposit plan offered by the Central Bank of India, the accrued interest gets added to the principal amount to give you higher returns. This scheme ideally helps you to increase your investment faster and get higher returns on your savings.
- Minimum Amount: ₹100
- Maximum Amount: No limit (in multiples of ₹100)
- Tenure: 6 months to 120 months
- Interest Rate: 5.61% – 7.45% (annualised yield and including the rate for senior citizens)
- Eligibility Criteria: Indian resident
4. Cent Tax Saving Deposit
If you want to save taxes on your fixed deposit schemes, then Central Bank of India’s Cent Tax Saving is the best plan to deposit your money in. Here, your deposited money is fixed for 5 years, and the CBI FD interest rate in this plan is 6.25%.
- Minimum Amount: ₹100
- Maximum Amount: ₹1,50,000 (each financial year)
- Tenure: 5 years (fixed)
- Interest Rate: 6.25% (6.40% for annualised yield)
- Eligibility Criteria: Individual or HUF
5. Cent Suraksha Deposits
There are two types of plans under this scheme – Cent Suraksha Deposit (PMSBY) and Cent Suraksha Deposit Yojna (PMJJBY/ PMSBY). Here, you will have to deposit the amount either for ₹201 and/ or ₹5001 in your savings account. By keeping the premium received from the amount for the first and second year, ₹177 or ₹4317 will get transferred to the FD account.
- Minimum Amount: ₹201
- Maximum Amount: ₹5001
- Tenure: 5 years to 10 years
- Interest Rate: 6.25% (6.40% for annualised yield); additional interest of 0.50% to senior citizens, 1.50% to retired senior citizen staff of CBI, and 1% to staff/ ex-staff of CBI.
- Eligibility Criteria: Individuals as per PMSBY/PMJJBY scheme
6. Cent Super Callable Time Deposit for 444 Days
This FD scheme is applicable for a fixed tenure of 444 days, and no deposit is accepted for a shorter or longer period. NRIs are also eligible for this fixed deposit plan. In case of premature withdrawal of NRE deposit before completing 1 year, no penalty is applicable.
- Minimum Amount: ₹10,000
- Maximum Amount: ₹10 crores
- Tenure: 444 days (fixed)
- Interest Rate: 7.35%; additional interest of 0.50% to senior citizens, 1.50% to retired senior citizen staff of CBI, and 1% to staff/ ex-staff of CBI.
- Eligibility Criteria: Indian residents and NRIs
7. Cent Super Non-Callable Time Deposit for 444 Days
Central Bank of India offers this fixed deposit plan for individuals planning to deposit ₹15 lakhs or more in their FD account. This non-callable deposit can only be made for 444 days, and non-resident Indians can also book this FD. The bank also allows you to prematurely withdraw the deposit but at a penalty of 2.50% on the applicable interest rate.
- Minimum Amount: ₹15 lakhs
- Maximum Amount: ₹10 crores
- Tenure: 444 days (fixed)
- Interest Rate: 7.60%
- Eligibility Criteria: Indian residents and NRIs
8. Cent Super Time Deposit 555 Days
As per this type of fixed deposit by the Central Bank of India, you are given the option to choose your interest payment frequency as monthly or quarterly, or you can go for cumulative interest payout. The fixed tenure is 555 days, and no deposit is accepted for a shorter or longer period.
- Minimum Amount: ₹10,000
- Maximum Amount: ₹10 crores
- Tenure: 555 days (fixed)
- Interest Rate: 5.75%; additional interest of 0.50% to senior citizens, 1.50% to retired senior citizen staff of CBI, and 1% to staff/ ex-staff of CBI.
- Eligibility Criteria: Indian residents
9. Cent Non Callable 999 & 555 Days
You can use the Cent Net Banking option to open this type of FD online. As a non-callable deposit scheme, the minimum amount you can deposit is ₹15 lakhs. Premature withdrawal in this scheme is allowed but at a penalty of 2.50% on the applicable interest rate. Moreover, the Central Bank of India’s fixed deposit rates for this scheme change with time as per ALCO’s direction.
- Minimum Amount: ₹15 lakhs
- Maximum Amount: ₹10 crores
- Tenure: 555 days and 999 days (fixed)
- Interest Rate: 6.00% (for 555 days) and 6.50% (for 999 days); additional interest of 0.50% to senior citizens, 1.50% to senior citizen staff of CBI, and 1% to staff/ ex-staff of CBI and 2% for ex-staff super senior citizen of CBI.
- Eligibility Criteria: Indian resident
10. Cent Super 999 Days
The Central Bank of India allows you to invest your money for a fixed tenure of 999 days. The bank also offers you the opportunity to choose from quarterly, monthly or half-yearly interest payout. NRIs can also deposit in this scheme.
- Minimum Amount: ₹10,000
- Maximum Amount: ₹10 crores
- Tenure: 999 days (fixed)
- Interest Rate: 6.25% (for NRIs as well); additional interest of 0.50% to senior citizens, 1.50% to senior citizen staff of CBI.
- Eligibility Criteria: Indian residents and NRIs
11. Cent Green Time Deposit Scheme
As per this fixed deposit scheme of CBI, the investment is made for a specific period. Here, your deposited amount will be used to lend to renewable energy projects, projects for smart agriculture, green building projects and waste or water management projects. Auto-renewal of the account is not applicable after maturity.
- Minimum Amount: ₹50,000
- Maximum Amount: ₹1,99,99,999
- Tenure: 1111 days/ 2222 days/ 3333 days (fixed)
- Interest Rate: 5.70% (card rate + 0.20% for 1111 days), 5.80% (card rate + 0.20% for 2222 days) and 5.85% (card rate + 0.25% for 3333 days)
- Eligibility Criteria: Indian residents
12. Foreign Currency Non-Resident (FCNR) Deposit
The Central Bank of India allows NRI customers to invest their hard-earned money in their choice of foreign currency in this fixed deposit scheme. If the deposit is prematurely withdrawn before the completion of 1 year, then a penalty of 1% will be charged.
- Minimum Amount: 1000 USD/ GBP/ EUR and 5000 AUD/ CAD
- Maximum Amount: No limit
- Tenure: 1 year to 5 years
- Interest Rate: 5.50% – 5.77% (for USD)
- Eligibility Criteria: NRI
Overall, Central Bank of India FD rates are quite attractive and competitive in the market, giving you a risk-free investment option for a specific tenure. Now that you have a clear idea of how to apply for a fixed deposit and what documents and eligibility criteria are important to consider opening a CBI FD account will be a hassle-free task for you.
However, make sure to read all the conditions, features and offers before investing your hard-earned money to get optimum returns on your deposit.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
