Central Bank of India Recurring Deposit (RD) Interest Rates 2025

The Central Bank of India, a top public sector bank, offers Recurring Deposit (RD) schemes designed for individuals with a regular income. By investing monthly for a fixed tenure, you can grow your savings securely. With competitive RD interest rates, the Central Bank of India ensures attractive returns on your investment.

Thus, scroll down to get detailed information about the same.

Central Bank Of India Recurring Deposit Scheme Highlights For 2025

The following table showcases a quick highlight of the Central Bank of India's Recurring Deposit scheme:

Central Bank Of India RD Interest Rate 2025

The Central Bank of India offers attractive interest rates that enable you to secure handsome returns once the tenure is completed.

Thus, the following table showcases the Central Bank of India RD interest rates 2025:

RD Interest Rates on Less Than Rs. 3 Crore Deposits

Given below are the interest rates offered by the Central Bank of India on Recurring Deposits of less than Rs. 3 crore:

Interest Rates on Deposits from Rs. 3 Crore Deposits to Rs. 10 Crore

Given below are the interest rates offered by the Central Bank of India on Recurring Deposits from Rs. 3 crore to Rs. 10 crore:

Types Of Central Bank Of India RD Accounts

The Central Bank of India offers four types of Recurring Deposit schemes that cater to the varied financial preferences of different account holders:

1. Recurring Deposit Scheme

2. Cent Swa-Shakti Flexi Recurring Deposit Scheme

The Flexible Recurring Deposit (RD) offered by the Central Bank of India allows greater flexibility for investors:

• Minimum Deposit: Start with as little as ₹100.
• Eligibility: Minors below 10 years can open a joint account with their parents.
• Additional Benefits: Deposit extra funds during the tenure without restrictions.
• No Penalty: Enjoy the freedom of penalty-free premature withdrawals and no charges for delayed deposits, making it a hassle-free investment option.

3. Cent Lakhpati

Under this new scheme by the Central Bank of India, account holders can earn an interest of up to 6.55% on the deposited amount annually. Also, the selected tenure should be within 1 year to 10 years.

4. Cent Millionaire

This type of Recurring Deposit account at the Central Bank of India offers attractive interest rates for a period of up to 10 years.

How To Calculate Central Bank Of India RD Interest Rate?

Before opening a Recurring Deposit (RD) account with the Central Bank of India, it's essential to understand how the bank calculates interest. Knowing the interest calculation process helps you evaluate the potential benefits and make an informed decision about your RD investment.

Thus, the bank's interest rates on the Recurring Deposits are compounded every quarter from the date of the initial deposit. 

The following is the formula used for RD interest calculations:

M = R x {(1 + n) x n – 1} / 1- (1 + i) (-1/3)

Here:

• M = Maturity Value
• R = Monthly Deposit Amount
• i = Interest rate divided by 4 (quarterly)
• n = Tenure in quarters

For Example: Ms. Shetty opens an RD account in the Central Bank of India with a monthly deposit of Rs. 5000 for 5 years at a Central Bank of India interest rate of 6.25%.

Therefore, as per the formula, 

• R = Rs. 5000, 
• n = 20 
• i = 0.0625 

M = [5000 x {(1 + 20) x 20 – 1} / 1 – (1 + 0.0625) (-1/3)]

M = Rs. 1,05,623.28

From the above calculation, it is understood that Ms Shetty will get a return of Rs. 1,05,623.28 after completing the tenure of 5 years and depositing Rs. 5000 every month throughout the period of 5 years. 

Hence, you can conveniently calculate the estimated returns by putting the tenure and monthly deposit amount in the Central Bank of India RD Calculator. This helps you get instant and accurate results from anywhere anytime.

Features Of Central Bank Of India RD Interest Rates

Central Bank of India Recurring Deposit interest rates are highly competitive, providing good returns to the depositors. The following are some of the essential features of the same:

• Minimum Initial Deposit

All Recurring Deposit accounts require a minimum deposit amount to open the account at the bank. All account holders need to make a minimum deposit of Rs. 100 for opening your Central Bank of India Recurring Deposit account as per the norms of the bank.

• Interest Rates

Central Bank of India offers competitive RD interest rates for 2024, which go up to 7.25% for the general public and 7.75% for senior citizens based on tenure. However, you must remember that the interest rates are subject to change and are specified by the bank every year.

• Tenure

All account holders are allowed to select the tenure as per their convenience at the Central Bank of India which ranges from 7 days to 10 years. However, the Central Bank of India RD interest rates can vary according to your chosen tenure.

• Accounts for Minors

The Central Bank of India offers the option to open Recurring Deposit accounts for minors as well. However, the account should be opened under the guardianship of the parents.

• Loan Against Deposit

Account holders can also opt for loans against their recurring deposits. Through this feature, you can avail up to 90% loan of the deposit amount. 

• Penalty

The Central Bank of India charges a penalty for the premature withdrawal of the invested amount of a recurring deposit account. Also, account holders can become liable for penalties in case of delays in the deposit.

Such scenarios call for a penalty of Rs. 1.5 on every Rs. 100 deposit if the tenure is up to 5 years. However, if the tenure is more than 5 years, the penalty charge increases to Rs. 2 per Rs. 100 deposit.

Eligibility For Opening Central Bank Of India RD Account

The Central Bank of India allows a wide range of organisations and individuals to open Recurring Deposit accounts. However, given below are some of the eligibility parameters that one needs to fulfil for opening a Central Bank of India Recurring Deposit account:

• All Indian residents are allowed to open Central Bank of India Recurring Deposit accounts only in their names.
• Minors over the age of 10 are also eligible to open an RD account at the Central Bank of India with their legal guardians. However, in this case, the maximum monthly deposit and maturity sum should be Rs. 500 and Rs. 50,000 respectively.
• Educational and charitable foundations can open RD accounts at the Central Bank of India if they do not conduct any commercial business.
• Differently-abled individuals, Hindu Undivided Families and persons with special needs can also open the Central Bank of India RD accounts.
• Merchants, agents, private traders, corporate bodies, professional partnership firms, and company clubs are also eligible to open the Central Bank of India RD accounts.

Documents Required For Opening Central Bank Of India RD Account

The Central Bank of India shall verify the authentication of your identity and address details through the documents you provide. Hence, apart from the duly filled Central Bank of India RD account application form, you need to submit the following documents to open Central Bank of India Recurring Deposit accounts:

Address Proof

• Electricity bill
• Passport
• Telephone bill
• Bank statements with a cheque
• ID cards or certificates issued from the post office

Identity Proof

• Passport
• Government ID card
• PAN card
• Driving licence
• Ration card
• Senior citizen ID card

Age Proof

• Voter ID card
• Passport
• Birth certificate
• Discharge certificate from service (for senior citizens)
• Driving licence

Please note that you may need to submit a few other documents as per the type of RD account you open at the Central Bank of India. Thus, it is advisable to inquire about the required set of documents from the bank beforehand.

How To Open Central Bank Of India RD Account?

The Central Bank of India offers the flexibility to open your Recurring Deposit account in both online and offline modes based on your convenience. Go through the following step-by-step process of opening a Central Bank of India RD account:

Online Application

1. Visit the official website of the Central Bank of India.
2. Go to the "Net Banking" section and login with your credentials.
3. Navigate to the option to open a Recurring Deposit account.
4. Provide the information as requested, including the installment amount, account number, tenure, etc.
5. Choose a nominee after checking the applicable interest rate.
6. Read the terms and conditions and tick the checkbox.
7. Click the “Submit” option to complete your RD account application process.

Once you complete the application process, you will receive a confirmation message with your registered mobile number and email ID. The specified instalment amount will be debited from your account.

Offline Application

1. Visit your nearest Central Bank of India with your savings or current account details.
2. Navigate to the necessary authority member and ask for an RD account application form.
3. Fill in the application form by providing all the essential details, including deposit tenure, instalment amount, payment mode, nominee etc.
4. Make your first deposit in cash or by using a cheque.
5. Submit the RD account application form along with copies of the required documents to the branch manager.

Once you complete the process, the bank shall process your RD account application within a period of time.

How To Close Central Bank Of India RD Account?

You can refer to the following process to close a Central Bank of India RD account:

• Visit your nearest Central Bank of India with your RD account details.
• Navigate to the necessary authority member and ask for an RD account closure form.
• Fill in the required details as asked and sign it. Please note that if the RD account has a joint holder, the closure accounts will need their signature and consent as well.
• Attach the self-attested copies of the required documents with the closure form. These include KYC, PAN card, address proof, identity proof, RD account receipt, RD certificate, etc.
• Submit the form to the branch manager.

Please note that the premature closure of the Central Bank of India RD account can attract penalty charges based on the predetermined tenure.

Benefits Of Central Bank Of India RD Account

The following pointers feature some of the crucial benefits you can avail by opening a Recurring Deposit account at the Central Bank of India:

• The Central Bank of India offers multiple types of recurring deposit schemes that allow individuals to choose the one that best suits their convenience and financial stability.
• The Central Bank of India offers competitive interest rates for both the general public and senior citizens, enabling account holders to earn handsome returns on their monthly investments over time.
• You can select nominees or opt for loan facilities with your Central Bank of India Recurring Deposit accounts.
• The Central Bank of India Recurring Deposit accounts offer better interest rates for senior citizens, which can reach as high as 7.75%. Senior citizens are also eligible for additional interest based on certain bank terms and conditions.

Central Bank Of India RD Premature Withdrawal Rules

The Central Bank of India Recurring Deposit (RD) scheme benefits individuals across all income levels, offering secure savings and attractive returns through competitive RD interest rates. However, understanding the terms is essential:

Premature Withdrawal Penalty:

• For tenures up to 5 years, a penalty of ₹1.5 per ₹100 deposit is charged.
• For tenures exceeding 5 years, the penalty increases to ₹2 per ₹100 deposit.

Delayed Instalments: Penalties also apply for missed payments, so timely deposits are crucial to avoid charges.

While these RDs ensure long-term wealth accumulation, note that RD interest rates are subject to annual revisions. Always confirm the latest rates before starting your RD investment.