Central Bank of India offers Recurring Deposit (RD) schemes to make systematic savings with the benefit of fixed returns. Choose the right RD scheme for you from the available options. Read more to know the details of these schemes.

1. Recurring Deposit Interest Rates 2021 of Central Bank of India

The interest rates given in the table below were last updated on 22 December 2020.

Deposit Tenure

Interest Rates for Regular Customers (% p.a.)*

Interest Rates for Senior Citizens (% p.a.)*

180 days up to 269 days

6.35

6.85

270 days up to 364 days

6.40

6.90

1 year 1 day up to 1 year 364 days

7.00

7.50

2 years up to 2 years 364 days

6.70

7.20

3 years up to 4 years 364 days

6.20

6.70

5 years up to 10 years

6.20

6.70

*Interest rates are subject to change from time to time.

2. Different Types of Central Bank of India RD Schemes

  1. Recurring Deposit Scheme:

    The scheme suits the salaried and regular income segment of the society. It allows you to make monthly instalment payments starting from Rs.100 and multiples of Rs.50 thereafter for a minimum period of 6 months up to 120 months.

  2. Cent Swashakti (Flexi RDS):

    The scheme works similar to the Recurring Deposit Scheme except that you get the freedom to deposit the amount of your choice every month. The interest rate remains the same as applicable to the RD scheme. The tenure can range from 6 months to 120 months.

    The deposit must choose a monthly core instalment amount starting at Rs.100 and multiples of Rs.100 thereafter. The maximum core amount allowed is Rs.1 lakh. The total monthly instalment cannot go beyond 10 times of core amount. You can also make multiple deposits during the month, but it cannot be less than the core amount.

  3. Cent Lakhpati:

    A different approach applies to this scheme where you end up getting a maturity amount of Rs.1 lakh where the bank suggests the monthly instalment amount and the interest rate applicable based on the tenure you choose. Check the table below for more information.

  4. Period in Years

    Rate of Interest (% p.a.)*

    Monthly Instalment

    Maturity Value 

    1

    6.65

    Rs.8,040

    Rs.1 Lakh Plus

    2

    6.45

    Rs.3,900

    3

    6.45

    Rs.2,512

    4

    6.45

    Rs.1,824

    5

    6.45

    Rs.1,411

    6

    6.45

    Rs.1,141

    7

    6.45

    Rs.942

    8

    6.45

    Rs.800

    9

    6.45

    Rs.683

    10

    6.45

    Rs.595

  5. Cent Millionaire:

    This scheme comes with a fixed tenure of 10 years and offers 6.45% p.a. Interest rate. The monthly instalment amount you must pay is fixed at Rs.5,935, resulting in a maturity amount of over Rs.10 lakh over the tenure.

  6. 3. Central Bank of India RD Special Features and Benefits

    • Make a minimum monthly deposit of Rs.100 to open an RD account with the bank.
    • The minimum deposit tenure is 6 months, and the maximum is 120 months.
    • Get competitive interest rates on RD accounts.
    • Senior citizens and bank staff can get additional interest rates.
    • Nomination facility is available.
    • Get a passbook to track the progress of your account.
    • Premature withdrawal is allowed as per the prevalent policy.
    • Set standing instructions to transfer funds for monthly instalments from your savings/current account.
    • Loan and advance facility is available on 90% of the deposit amount and interest accrued.

    4. Basic Eligibility Criteria for Central Bank of India RD

    • Individuals (single account)
    • More than one person (joint account)
    • A minor jointly with a major
    • A minor over the age of 10 years who can read and write and operate the account personally
    • Charitable and educational institutions (if they do not conduct the business of commercial nature)
    • HUFs
    • Blind persons
    • Illiterate persons
    • Private Traders, Merchants, Agents, Professionals Partnerships Firms, Companies Clubs, Societies, and Corporates.

    Documents Required

    (a) For identifications Proof (Any one of the following)

    • Passport
    • UID/Aadhaar card
    • Driving license
    • Voter ID card
    • PAN card
    • Govt./Defense ID card
    • ID card issued by a reputed employer

    (b) For address Proofs (Any one of the following)

    • Electricity bill
    • UID/Aadhaar card
    • Telephone bill
    • Salary slip
    • Bank account statement
    • Letter from a reputed employer
    • Letter from any recognised public authority/local body
    • Income tax assessment order

    (c) Proof of Date of Birth (Applicable for Senior Citizens & Minor only)

    For Senior Citizens (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

    d) Two recent passport-size photographs of account holders

    Note: The above requirements are waived if the customer is already an account holder of the bank.

    5. Tax Liabilities on Central Bank of India Recurring Deposit

    Income tax will be deducted at source (TDS) by the bank if the interest earned on the FD and RD accounts across all the bank branches exceeds Rs.40,000 per financial year. The limit for senior citizens is Rs.50,000. Note that TDS will be applicable at 10%.

    TDS is now reduced from 10% to 7.5% due to the pandemic, effective from May 2020 until March 2021. You can submit Form 15G or Form 15H, as applicable, to request the bank not to deduct tax at source only if your annual income is within the basic exemption limit.

    6. RD Interest Rate Calculator

    Our free RD calculator helps you to know how much returns you can expect by investing in RD over a period.


    Frequently Asked Questions (FAQs)

    Is there any criteria to open an RD account for minors?
    To open an RD account for minors, the maturity value should not exceed Rs.50,000, and the maximum monthly instalment is restricted to Rs.500.
    Do the RD accounts offer additional interest rates to senior citizens and bank staff?
    Yes. The bank offers additional interest rates to senior citizens, bank staff, ex-staff, widow/widower of staff, and ex-staff cum senior citizens. The rates given below are applicable over and above the interest rates offered to regular customers.
    • Senior citizens – 0.5%
    • Staff, ex-staff, and widow/widower of staff – 1%
    • Ex-staff who are also senior citizens – 1.5%
    Does the RD account offer auto-renewal facility upon maturity?
    No. The proceeds of overdue RD accounts will not be auto-renewed. Instead, you can choose to reinvest the proceeds into a term deposit account. The interest rate for such a term deposit account will be either based on the rate applicable to the period for which the proceeds remained with the bank or on the prevailing bank rates, whichever is less.
    How do I access the RD maturity amount?
    The RD maturity amount will be paid in cash to the customer if it is up to Rs.20,000. For maturity amounts exceeding Rs.20,000, it will be credited to the customer’s savings account or issued in the form of a demand draft.

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