Central Bank of India: Top FD Schemes & Rates 2024

The Central Bank of India, managed by the Ministry of Finance, is a distinguished public sector bank in India. Unlike the Reserve Bank of India, it boasts an extensive network of 4,608 branches, over 3,600 ATMs, and numerous satellite offices.

The Central Bank of India offers various fixed deposit (FD) schemes designed to provide lucrative returns with interest rates that vary according to the term duration. Customers are required to start an account with a specified amount, with rates varying based on the duration selected.

Features of Central Bank of India Fixed Deposits

• Tenure Options: Available from 7 days to 10 years.
• Loan Facility: Access up to 90% of FD value.
• Nomination Facility: Open for all accounts.
• Minimum Deposit: Rs. 5,000 needed to start an FD.
• Liquidity: Offers easy withdrawal options.
• Competitive Interest Rates: Present across all FD schemes.
• Senior Citizen Benefits: Extra 0.50% over standard rates.

Central Bank of India FD Interest Rates 2024

Tenure	Interest Rates (PA)	Seniors (PA)
7-14 days	3.5%	4%
15 days - 1.5 months	3.75%	4.25%
1.5 - 1.9 months	4.5%	5%
1.96 - 2.96 months	4.75%	5.25%
3 - 5.87 months	5%	5.5%
5.9 - 8.87 months	6%	6.5%
8.9 - 11.97 months	6.25%	6.75%
1 - 1.997 years	6.75%	7.25%
2 - 2.997 years	7%	7.5%
3 - 4.998 years	6.5%	7%
4.999 - 9.999 years	6.25%	6.75%

Central Bank of India FD Schemes

Resident Indian Fixed Deposit Schemes

Cent Garima Term Deposit Scheme

• Tenure: 777 days
• Min. Deposit: Rs 10,000; Max.: Rs 10 crore
• Senior Citizen Interest Benefit: Extra 0.50%
• Options: Monthly/Quarterly or Cumulative
• Eligibility: For Residents and NRIs
• Premature Withdrawal: 1% penalty; specific conditions for NRE accounts
• Auto Renewal: Not available
• Loan/Overdraft: Up to 90% of deposit plus 1% extra interest

Fixed Deposit Receipt (FDR)

• Tenure: 7 to 120 months
• Min. Deposit: Rs 100
• Interest: Simple, credited every 6 months or at maturity
• Premature Payment: 1% penalty for withdrawals over Rs 5 lakh
• Loan Facility: Available up to 90% of the deposit

Money Multiplier Deposit Certificate (MMDC)

• Interest compounding for exponential growth
• Tenure: 6 to 120 months
• Min. Deposit: Rs 100
• Loan Facility: Up to 90% of the deposit

Monthly Interest Deposit Receipt (MIDR)

• Monthly interest earnings
• Tenure: 12 to 120 months
• Min. Deposit: Rs 5,000
• Loan Facility: Available

Quarterly Interest Deposit Receipt (QIDR)

• Quarterly interest earnings
• Tenure: 12 to 120 months
• Min. Deposit: Rs 5,000
• Loan Facility: Available

Cent Tax Saving Deposit

• Tax benefits under Section 80C
• Tenure: 5 years
• Max. Deposit: Rs 1.5 lakh per fiscal year
• Loan/Collateral: Not allowed

Cent Suraksha Deposit

• FD linked for auto-reverse sweep
• Auto-renewal for the same tenure
• Loan/Overdraft: Available

Cent Green Time Deposit Scheme

• Supports green projects
• Tenure: 1111, 2222, or 3333 days
• Min. Deposit: Rs 50,000
• Premature Withdrawal: Allowed

Cent Floating Deposit Scheme

• Includes MMDC, MIDR, QIDR with floating rates
• Tenure: 1-3 years
• Linked with repo rate

How to Open a Fixed Deposit with Central Bank of India

1) Online Process:

• Visit the official website and log in.
• Select 'Online Term Deposit' and choose the FD type.
• Enter necessary information and confirm.
• Receive confirmation upon successful transaction.

2) Offline Process:

• Visit the nearest branch.
• Submit the FD application form along with required documents.
• The FD account gets activated post processing.

Eligibility for Central Bank of India FD Account

• Joint account holders
• Resident individuals
• Minors
• Trusts, Panchayats, and municipalities
• Sole proprietorships
• Illiterate persons
• Joint Hindu Families
• Religious, charitable, and educational institutions
• Partnership firms

Documents Required for Central Bank FD Account

Proof of Identity:

• Aadhaar, PAN, Defense ID, Passport, Voter ID

Proof of Address:

• Telephone bill, Electricity bill, Aadhaar

Bank Statement: Attach cheque or employer letter.

Early Withdrawal Policy

The Central Bank of India allows early withdrawal of FDs, with a 1% penalty on interest for amounts over Rs 5 lakhs, whereas no penalty is imposed on amounts below Rs 5 lakhs. Premature withdrawal is not available for tax-saving FDs.