The Central Bank of India, under the Ministry of Finance, is a prominent government-owned bank in India. Not to be mistaken for the Reserve Bank of India, it operates with a vast network of 4,608 branches, over 3,600 ATMs, and several satellite offices.

Central Bank of India's fixed deposit (FD) schemes are designed to offer attractive returns with variable interest rates based on deposit terms. Customers must initiate their accounts with a fixed sum, and the rates fluctuate according to the chosen duration.

Key Benefits of Central Bank of India Fixed Deposits

• Tenure Options: From 7 days to 10 years.
• Loan Facility: Up to 90% of the FD value.
• Nomination Facility: Available for all accounts.
• Minimum Deposit: Rs. 5,000 to open an FD.
• Liquidity: Easy withdrawal options.
• Competitive Interest Rates: Across all FD schemes.
• Senior Citizens Benefits: Added 0.50% over the regular 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: Residents and NRIs
• Premature Withdrawal: Penal interest of 1%; NRE accounts specific conditions
• Auto Renewal: Not provided
• Loan/Overdraft: Up to 90% of deposit with additional 1% interest rate applicable

Fixed Deposit Receipt (FDR)

• Tenure: 7 to 120 months
• Min. Deposit: Rs 100
• Interest: Simple, credited every 6 months or on maturity
• Premature Payment: Penal interest of 1% 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

• Offers MMDC, MIDR, QIDR with floating rates
• Tenure: 1-3 years
• Repo rate linked

Opening a Fixed Deposit with Central Bank of India

1) Online Process:

1. Visit the official website and log in.
2. Select 'Online Term Deposit' and your FD type.
3. Provide required info and confirm.
4. Get a confirmation message upon success.

2) Offline Process:

1. Visit a local branch.
2. Submit FD application form with necessary documents.
3. FD account is opened post processing.

Eligibility for Opening a 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 Needed for Central Bank FD Account

Proof of Identity:

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

Proof of Address:

• Telephone bill, Electricity bill, Aadhaar

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Bank Statement: Attach cheque or employer letter.

Early Withdrawal Policy

The Central Bank of India permits early FDs withdrawal. For deposits exceeding Rs 5 lakhs, a 1% penalty on interest applies, but none for amounts below Rs 5 lakhs. Tax-saving FDs do not support premature withdrawal.