Central Bank of India Fixed Deposit (FD) Rates

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 2024 of Central Bank of India

The table below provides the fixed deposit interest rates for the Central Bank of India for deposits below Rs.3 crore effective from 10 August 2024:

* Interest rates are subject to change with time.

Different Types of Central Bank of India FD Schemes

Cent Garima Term Deposit Scheme

This is a term deposit providing an option for payment of interest at monthly/quarterly intervals or cumulative type. The account has a fixed tenure of 777 days. The minimum deposit is Rs.10,000 and the maximum deposit is Rs.10 crore. Senior citizens and staff may get additional interest rates as per existing norms.

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 is 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.

Cent Super Callable Time Deposit for 444 days

As the name indicates, the deposit tenure of this scheme is 444 days. The minimum deposit amount is Rs.10,000 and the maximum is Rs.10 crore. Senior citizens, super senior citizens and bank staff/ex-staff get an additional interest rate. Non-residents can also open this account. Premature withdrawal is not allowed. However, loan or overdraft facility is available under this scheme.

Cent Super Non-Callable Time Deposit for 444 days

The deposit tenure of this scheme is 444 days. The minimum deposit amount is above Rs.1 crore and the maximum is Rs.10 crore. Senior citizens and bank staff/ex-staff get an additional interest rate. Non-residents can also open this account. In case you have availed of the loan on the deposit, premature withdrawal is not allowed.

Cent Super Time Deposit for 555 Days (Callable)

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.10,000 and can go up to less than Rs.10 crore. 

In this scheme, senior citizens and bank staff/ex-staff get an additional interest rate. Premature withdrawal is allowed and the applicable interest rate for the deposit period will be paid.

Cent Non Callable 999 and 555 Days

The deposit tenure for this scheme is 555 and 999 days. The minimum deposit amount is Rs.1 crore and can go up to less than Rs.10 crore. In this scheme, senior citizens, super senior citizens and bank staff/ex-staff get an additional interest rate. A loan or overdraft facility is available up to 90% of the deposit amount. 

Cent Super 999 Days

The deposit tenure for this scheme is 999 days. This account allows the depositor to choose the interest payment interval, such as monthly, quarterly, half-yearly intervals, or cumulative type. The minimum deposit amount is Rs.10,000 and can go up to less than Rs.10 crore. 

In this scheme, senior citizens, super senior citizens and bank staff/ex-staff get an additional interest rate. In case you have availed of the loan on the deposit, premature withdrawal is not allowed.

Cent Green Time Deposits

Cent Green Time Deposits scheme is a fixed deposit scheme with attractive interest rates. The deposits made under this scheme will be used for lending to green building projects, renewable energy projects and projects in smart agriculture, waste or water management projects, etc. 

You can choose three types of tenure under this scheme - 1111 days, 2222 days and 3333 days. The minimum deposit amount is Rs.50,000 and the maximum amount must be less than Rs.2 crore. In the event of premature withdrawal of green fixed deposits, the remaining portion of the deposits will be converted to a regular fi­xed deposit

Cent Floating Deposit

This deposit scheme offers floating interest rates subject to change in the repo rate from time to time. The tenure of this scheme is 1 year to less than 2 years and 2 years to less than 3 years. The minimum deposit under this scheme is Rs.1 lakh, and the maximum is less than Rs. 2 crore. 

In this scheme, senior citizens, super senior citizens and bank staff/ex-staff get an additional interest rate. No premature closure is allowed for up to 1 year. Premature closure of this account is allowed after 1 year subject to a penalty.

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 Yojana (PMSBY/PMJJBY). 

Senior citizens, staff, ex-staff, and related members are designated to receive additional interest rates.

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 to Open Central Bank of India FD

• 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 a reputed employer
• 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
• 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
• 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 to predict the returns you may receive upon putting your money in a fixed deposit account.