Central Bank of India Fixed Deposit (FD) Rates

Updated on: Jun 9th, 2024


3 min read

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.

Fixed Deposit Interest Rates 2021 of Central Bank of India

Deposit TenureInterest 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 days2.75% p.a.2.90% p.a.
15-30 days2.90% p.a.2.90% p.a.
31-45 days2.90% p.a.2.90% p.a.
46-59 days3.25% p.a.2.90% p.a.
60-90 days3.25% p.a.2.90% p.a.
91-179 days3.90% p.a.2.90% p.a.
180-270 days4.25% p.a.3.00% p.a.
271-364 days4.25% p.a.3.25% p.a.
1 year < 2 years5.00% p.a.3.25% p.a.
2 years < 3 years5.00% p.a.3.25% p.a.
3 years < 5 years5.00% p.a.3.25% p.a.
5 years < 10 years5.00% p.a.3.25% p.a.
555 daysNANA
777 daysNANA
Cent DoubleNANA

* Interest rates are subject to change with time.

Different Types of Central Bank of India FD Schemes

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.


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.


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.

Central Bank of India FD Special Features and Benefits

  • Central Bank of India allows you to invest a minimum amount of Rs.100 and in multiples of Rs.100 thereafter.
  • Competitive interest rates are offered against all FD schemes.
  • Easy and fast liquidity options are available.
  • Senior citizens can earn an extra 0.5% rate on all FD schemes as compared to regular citizens.
  • NRE, NRO, and FCNR deposit facilities are available.
  • A loan/advance facility is available under certain schemes of up to 90% of the deposit amount.
  • Premature withdrawal is available under certain conditions.
  • A nomination facility is available.
  • An FD account can be opened online or by visiting your nearest Central Bank of India branch. An online FD account opening facility is available as well.

Basic Eligibility Criteria for Central Bank of India FD

  • Individuals.
  • Multiple individuals in their joint names.
  • A minor jointly with a major.
  • A minor, over the age of 12 years, who can read and write and operate the account personally (maturity value should not exceed Rs.50,000).
  • Charitable and educational institutions.
  • Hindu Undivided Families (HUF).
  • Blind people.
  • Illiterate people.
  • Private traders, merchants, agents, professionals, partnerships firms, companies, clubs, societies, and corporate firms.

Documents Required

  1. Proof of Identification (any one of the following)
    • Passport
    • Aadhaar Card
    • Driving Licence
    • Voter ID Card
    • Pan Card
    • Govt./Defense ID Card
    • ID Card issued by Reputed Employer
  2. Proof of Address (any one of the following)
    • Electricity Bill
    • Aadhaar Card
    • Telephone Bill
    • Salary Slip
    • Bank Account Statement
    • Letter from a Reputed Employer
    • Letter from any Recognized Public Authority/Local Body
    • Income Tax Assessment Order
  3. Proof of Date of Birth (Applicable for Senior Citizens and Minors)
    • For Senior Citizens (any one of the following)
    • Passport
    • Voter ID Card
    • Driving License
    • PAN Card
    • Service Discharge Certificate
    • PPO in case of Pensioner
    • For Minors
    • Birth Certificate issued by Gram Panchayat/Notified Area Committee (NAC)/Municipal Corporation
  4. Two recent passport size photographs of account holders.

Please note: The above documents are not necessary if the customer is already an account holder of the bank.

Tax Benefits on Central Bank of India Fixed Deposit

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%.

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.

Frequently Asked Questions

What details does an FD certificate contain?

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.

What does a cumulative deposit scheme mean?

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.

I am not an existing customer of the bank. Can I open a QIDR account?

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.

Do I get an auto-renewal facility on my FD account?

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.

Related Articles

Indian Bank FD Interest Rates

HSBC Bank FD Interest Rates

HDFC FD Interest Rates

IDBI Bank FD Interest Rates

RBL FD Interest Rates

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