.png)
Central Bank of India RD: Interest Rates, Types, Eligibility, and Documents Needed
If you are salaried or a regular-income individual, the Recurring Deposit Scheme (RDS) from the Central Bank of India (CENT) is one of the most recommended investments. As a leading public sector bank, CENT offers a total of four RD schemes from which you can choose. Open any recurring deposits to earn higher returns from Central Bank of India RD interest rates.
Types of Central Bank Recurring Deposit Schemes
There are four recurring deposit schemes offered by the bank. You may invest in any one of these RD schemes and avail the benefits of Central Bank of India recurring deposits:
- CENT Surakshit Samriddhi RD: You may open this RD scheme with a minimum amount of ₹10,000 and in multiples of ₹10,000 afterwards. Only people within the age group of 18 to 50 years can apply individually or jointly for this RD scheme. The tenure of CENT Surakshit Samriddhi RD ranges is fixed at 7 years (84 months).
- CENT Swashakti (Flexi RDS): It is a flexible RD scheme offered by the Central Bank of India, which allows you flexibility for a minimum deposit. You may start the investment with as little as ₹100 and then in multiples thereafter. You will not be charged any penalty or fees for premature withdrawals or delayed deposits.
- CENT Lakhpati: Invest in the Central Bank of India to earn an interest ranging from 6.75% to 7.25% per annum on the money deposited. The RD tenure is between 1 year and 10 years. Its minimum maturity value is ₹1 lakh, which determines the instalment amount.
- CENT Millionaire: This scheme offers a maturity value of over ₹10 lakh for a tenure of 10 years and above. The RD requires a minimum monthly instalment of ₹5840 to reach the minimum maturity value.
Do you like investing in recurring deposits? Then you can also use the Stable Money application, which offers a lot of investment options like recurring deposits.
CBI RD Interest Rates
Take a look at the Central Bank of India RD interest rates for general and senior citizens if you invest with deposits less than ₹3 Crore:
Tenure | Interest Rates for the General Citizens (per annum) | Interest Rates for Senior Citizens (per annum) |
7 days to 14 days | 3.50% p.a. | 4.00% p.a. |
15 days to 30 days | 3.75% p.a. | 4.25% p.a. |
31 days to 45 days | 3.75% p.a. | 4.25% p.a. |
46 days to 59 days | 4.50% p.a. | 5.00% p.a. |
60 days to 90 days | 4.50% p.a. | 5.00% p.a. |
91 days to 179 days | 5.25% p.a. | 5.75% p.a. |
180 days to 270 days | 6.25% p.a. | 6.75% p.a. |
271 days to 364 days | 6.25% p.a. | 6.75% p.a. |
1 year to less than 2 years | 6.85% p.a. | 7.35% p.a. |
2 years to less than 3 years | 7.25% p.a. | 7.75% p.a. |
3 years to less than 5 years | 7.00% p.a. | 7.50% p.a. |
5 years and above to 10 years | 6.75% p.a. | 7.25% p.a. |
If you want to invest more than ₹3 crore, you can gain more Central Bank of India RD interest rates. See the below table:
Tenure | Interest Rates for the General Public in per annum (p.a) | Interest Rates for Senior Citizens in per annum (p.a) |
7 days to 14 days | 5.25% p.a. | 5.75% p.a. |
15 days to 30 days | 5.25% p.a. | 5.75% p.a. |
31 days to 45 days | 5.75% p.a. | 6.25% p.a. |
46 days to 59 days | 6.00% p.a. | 6.50% p.a. |
60 days to 90 days | 5.75% p.a. | 6.25% p.a. |
91 days to 179 days | 6.25% p.a. | 6.75% p.a. |
180 days to 270 days | 6.75% p.a. | 7.25% p.a. |
271 days to 364 days | 7.25% p.a. | 7.75% p.a. |
1 year to less than 2 years | 7.00% p.a. | 7.50% p.a. |
2 years to less than 3 years | 6.75% p.a. | 7.25% p.a. |
3 years to less than 5 years | 6.25% p.a. | 6.75% p.a. |
5 years and above up to 10 years | 6.00% p.a. | 6.50% p.a. |
You may use the Stable Money application to earn higher interest rates of up to 9.50% per annum from its fixed deposits (FD) and bonds. You do not have to visit any bank or open an account to make investments while investing through Stable Money.
Eligibility Criteria to Open CBI RD
Before getting Central Bank of India RD interest rates, you must go through the below eligibility criteria:
- You can invest in your capacity or with family members using a joint account.
- Minors have to jointly open an account with parents or guardians.
- A minor who is more than 10 years old and is able to read and write can operate the account personally.
- For minors, the maturity value must not exceed ₹50,000, and the maximum monthly instalment is restricted to ₹500.
- Charitable and educational institutions should conduct business with commercial intent.
- Blind Persons and illiterates are also eligible for this scheme.
- Private traders, professionals, partnership firms, agents, companies, clubs, societies, and corporates are eligible for the CBI RD scheme.
Documents Required to Open CBI RD
You must provide these essential documents to open an RD account and avail high Central Bank of India RD interest rates:
- You are required to submit a passport or Aadhaar card, driving license, voter ID card, PAN card, government ID card, and ID card issued by a reputable employer for identification proof.
- For address proofs, you must submit any one of these- electricity bill, Aadhaar card, telephone bill, salary slip, letter from a reputed employer, bank account statement, letter from any local body, income tax, or wealth tax assessment order.
- Senior citizens must submit any one of the following: passport, voter ID card, driving license, service discharge certificate, PAN card, or PPO in case of pensioner for date of birth proof.
- For minors, a birth certificate issued by Gram Panchayat or Municipal Corporation is needed for proof of date of birth.
- Two passport-size photographs of account holders are required.
Download the Stable Money application now to make investments in FDs and bonds. Your money will be kept safe as the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of ₹5 lakhs for all deposits.
