A fixed deposit (FD) provides depositors with a steady and higher rate of interest until maturity as compared to a regular savings account. Fixed deposit schemes are popular investment instruments because they are immune to market fluctuations as compared to other alternatives available.
Central Bank of India offers competitive interest rates for a range of deposit periods to suit your needs.
Latest Update
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Deposit Tenure | Interest Rate for Deposits < Rs.2 Crore w.e.f 10 Novermber 2021* | Interest Rate for Deposits of Rs.2 Crore < Rs.10 Crore (Single deposit) w.e.f 10 July 2021 (Linked with REPO Rate)* |
7-14 days | 2.75% p.a. | 2.90% p.a. |
15-30 days | 2.90% p.a. | 2.90% p.a. |
31-45 days | 2.90% p.a. | 2.90% p.a. |
46-59 days | 3.25% p.a. | 2.90% p.a. |
60-90 days | 3.25% p.a. | 2.90% p.a. |
91-179 days | 3.90% p.a. | 2.90% p.a. |
180-270 days | 4.25% p.a. | 3.00% p.a. |
271-364 days | 4.25% p.a. | 3.25% p.a. |
1 year < 2 years | 5.00% p.a. | 3.25% p.a. |
2 years < 3 years | 5.00% p.a. | 3.25% p.a. |
3 years < 5 years | 5.00% p.a. | 3.25% p.a. |
5 years < 10 years | 5.00% p.a. | 3.25% p.a. |
555 days | NA | NA |
777 days | NA | NA |
Cent Double | NA | NA |
* Interest rates are subject to change with time.
Fixed Deposit Receipt (FDR)
This is a short-term deposit account that offers a high interest rate on the deposit placed in the account. The depositor gets the flexibility to choose the tenure. A minimum deposit of Rs.100 is to be made. The minimum tenure for the account is seven days, and the maximum tenure is 120 months. Simple interest will be paid at half-yearly intervals, i.e. in March and September.
Money Multiplier Deposit Certificate (MMDC)
The interest accrued by the deposit in this account will be added back to the principal resulting in a higher interest rate at the end of the tenure. The account increases the deposits exponentially. The deposit for this account is as small as Rs.100. The minimum tenure is six months and can go up to 120 months.
Monthly Interest Deposit Receipt (MIDR)
This account allows you to earn monthly interest without depleting the principal deposit amount. Make a minimum deposit of Rs.5,000 and in multiples of Rs.1,000 to get the benefits of this account. The tenure for this account ranges from 12 months to 120 months.
Quarterly Interest Deposit Receipt (QIDR)
QIDR is similar to the MIDR scheme, except that the interest will be paid out in quarterly intervals instead of monthly intervals. The minimum deposit and tenure restrictions are the same as in the case of MIDR.
Cent-555
As the name indicates, the deposit tenure for this scheme is 555 days and comes at competitive interest rates. The interest in this scheme is compounded quarterly. The minimum deposit amount is Rs.1,000 and can go up to less than Rs.1 crore.
In this scheme, senior citizens and bank staff/ex-staff cannot get an additional interest rate. In case you have availed of the loan on the deposit, premature withdrawal is not allowed.
Cent-777
This account allows the depositor to choose the interest payment interval, such as monthly, quarterly, half-yearly intervals, and cumulative option. The deposit will have a fixed tenure of 777 days.
The minimum deposit allowed for this scheme is Rs.1,000, and the maximum permitted limit is less than Rs.1 crore. Senior citizens and staff may get additional interest rates as per existing norms.
Cent Uttam
The scheme offers double benefits of easy liquidity and high returns. It allows you to prematurely withdraw a part of the deposit as and when you need it. The minimum deposit amount is Rs.5,000 and in multiples of Rs.1,000 thereafter.
The deposit money will be accepted in the ‘units’ of Rs.1,000 to make it available in terms of ‘units’ for withdrawal. The tenure can range from 30 days up to 120 months.
Cent Aspire Scheme
The deposit for this scheme will be accepted in MMDC, MIDR, and QIDR modes. Individuals above the age of 18 years can open an account under this scheme. The depositor will receive a free Aspire Credit Card valid for three years.
The minimum deposit is Rs.20,000 and in multiples of Rs.1,000. The minimum tenure is one year and in multiples of 3 months thereafter up to 10 years. Only fresh deposits are accepted.
Cent Suraksha Deposit
This FD scheme has distinct features. The account holder or giftee who receives a gift cheque or demand draft (DD) will deposit the amount either for Rs.201 and/or Rs.5,001 in their savings account for two years.
After the second year, Rs.177 in the case of gift cheque/DD denominated Rs.201 or Rs.4,317 in the case of gift cheque/DD denominated Rs.5,001 will be transferred to CENT SURAKSHA DEPOSIT (PMSBY) or CENT SURAKSHA DEPOSIT YOJNA (PMSBY/PMJJBY).
Senior citizens, staff, ex-staff, and related members are designated to receive additional interest rates.
Central Flexi Yield Deposit Scheme
The scheme offers a higher, floating rate of interest as compared to other FD schemes. The minimum deposit is Rs.50,000 and in multiples of Rs.5,000 thereafter. The tenure can range from one year up to 10 years.
Please note: The above documents are not necessary if the customer is already an account holder of the bank.
Cent Tax Saving Deposit
Individuals and HUFs who have PAN can avail of the benefits of this tax-saving FD scheme offered by the Central Bank of India. The tenure for the scheme is five years. The deposit can be a minimum of Rs.100 up to Rs.1.5 lakh.
Any deposit made in this account gets an income tax deduction under Section 80C. Single accounts and joint accounts are available under the scheme.
Other than this scheme, if the interest earned on any of your fixed deposit accounts is more than Rs.40,000 during a fiscal year, the bank deducts 10% tax at the source. If PAN card is not provided or is invalid, TDS will be applied at 20%.
Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.
An FD certificate contains details, such as serial number, name of the depositor, deposit amount, deposit tenure, date of deposit, the due date of deposit, interest rate, and maturity value.
A cumulative scheme, also known as a reinvestment scheme, is one in which the interest is compounded quarterly and reinvested with the principal amount. MMDC is one such cumulative scheme offered by the Central Bank of India.
If you have a savings account with the bank, you can easily open a QIDR account by visiting the bank branch or online. If you are a new customer to the bank, you can open a QIDR account upon fulfilling the KYC norms.
You can opt for auto-renewal at the time of opening an FD account with the bank or at any time before the maturity of the FD account. Upon setting this instruction, your FD account will get renewed for the same period as when the original deposit was made at the prevailing interest rate.