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Fixed Deposit

Central Bank of India Fixed Deposit Benefits
 

  • A short term fixed deposit scheme of minimum 28 days to 179 days.
  • Minimum amount to book the FD is Rs 1 crore and above
  • No premature closure is allowed prior 28 days
  • No premature closure penalty applicable for withdrawals done after 28 days.
  • No additional interest rate offered for senior citizens or staff members

Central Bank of India Fd Rates

FD Tenure

Interest Rates (in %)

Less Than Rs 1 Crore Rs 1 Crore to Rs 10 Crores
7 -14 days 4.75 4.25
15 – 30 days 5.50 5.25
31 – 45 days 5.50 5.25
46 – 59 days 5.50 5.25
60 – 90 days 5.50 5.25
91 – 179 days 6.50 5.25
180 – 270 days 6.50 5.25
271 – 364 days 6.50 5.25
1 year to less than 2 years 6.60 5.25
2 year to less than 3 years 6.50 5.00
3 year to less than 5 years 6.50 5.00
5 years & above up to 10 years 6.50 5.00
555 days 6.50 NA
777 days 6.50 NA
Cent Double 6.50 NA

Note: Rates applicable w.e.f. 30th June 2017.

Central Bank of India – 777 Deposit Scheme

  • A term deposit scheme for exact 777 days with options for either simple or compounding interest
  • Interest is paid on every monthly basis quarterly, half yearly
  • Minimum booking amount is Rs 1000/- up to less than Rs 1 crore

Central Bank of India 555 Deposit Scheme

  • A term deposit scheme for exact 555 days with quarterly compounded interest option
  • Minimum booking amount is Rs 1000/- up to less than Rs 1 crore
  • Loan facility is available against the FD
  • Premature closure is allowed in case loan is settled at 1 % interest

Central Bank of India Suraksha Deposit Scheme

  • A term deposit scheme for the weaker section of society under PMSBY
  • Can be booked by individuals only, for self or as a gift to a third party
  • Not available for Non-Individual entity
  • Interest will be accrued quarterly, however shall be compounded and paid at the year end
  • Special interest rate for Senior citizen, Staff /ex-staff /widow-widower of staff and Ex staff cum  Senior citizen
  • Deposit tenure could be minimum 5 years to 10 years
  • Premature closure penalty as the FD amount is less than 5 lakhs
  • FD can be booked only though the modes of Gift cheque/ DD deposited by customer.
  • Existing customer of central bank can directly enroll for the scheme

Central Bank of India Double Deposit Scheme

  • Term deposit plan MMDC scheme of the bank
  • Minimum deposit amount for metro and urban locations is Rs 10000/- and the minimum deposits amount for rural or semi urban locations is Rs 5000. The maximum deposit amount in both the cases could be less than Rs. 1 crore
  • Loan and advances is available against the deposit

Central Bank of India Uttam Deposit Scheme

  • As the product name suggest, it’s a first-rate deposit scheme offering both liquidity and high returns.
  • Part withdrawal allowed meeting any urgent financial requirement
  • Available for minimum 30 days to 120 months
  • The minimum booking amount is Rs 5000/- and thereafter in multiples of Rs 1000/-
  • The FD is booked in units of Rs 1000 so as saturate any loss of interest on the remaining amount post part withdrawal.
  • Passbook is issued under this scheme so as to keep a track of all FDs booked under the scheme.
  • Loan/advance facility is offered under the scheme.

Central Bank of India Tax Saving Deposit

  • A tax saving deposit scheme for those who wants to avail the rebate on income tax as per the Income tax rules on 1961
  • Lock in period of 5 years and no premature withdrawal is allowed
  • Minimum deposit amount is Rs 100 and thereafter in multiples of Rs 100/- up to the maximum amount Rs 1.5 lakhs in a financial year
  • Can be booked by resident individuals in single name or joint or by karta in HUF accounts
  • As per section U/S 80/C of Income tax, only the primary account or karta shall be allowed any rebate on income tax and only for the financial year in which the FD has been booked
  • The interest is payable as monthly or quarterly in simple interest or compounded quarterly
  • No loan or overdraft facility is offered against Tax saving deposit scheme. Also the FDR can’t be produced as collateral or pledged as security to third party for any loans.

Central Bank of India Senior Citizen Deposit Scheme

  • A deposit scheme exclusively for the senior citizens
  • Available for individual who have attained the age of 60 years
  • Customer may opt for any of the term deposit account offered by central bank and the minimum amount to book the FD shall be applicable accordingly
  • An additional interest rate of 0.50% p.a. shall be offered over and above the standard rate of interest to the senior citizens for any of the fixed Deposit Schemes
  • The deposit tenure could be of minimum 15 days to 120 months
  • Passbook is issued under this scheme so as to keep a track of all FDs booked under the scheme
  • Loan/advance facility is offered under the scheme

Central Bank of India Quarterly Interest Deposit Receipt

  • A quarterly interest payout fixed deposit scheme wherein the principal amount is unaffected
  • Minimum deposit amount is Rs 500/- and in the multiples of Rs 1000/-  thereafter
  • Minimum deposit period is 6 months up to 120 months
  • A Monthly Interest Deposit certificate is issued with a Deposit and customer particulars printed on the same
  • Premature withdrawal is allowed at a charge of 1 %
  • Loan/advance facility is offered under the scheme

Central Bank of India Flexi Yield Deposit Scheme

  • A fixed deposit scheme with floating rate of interest i.e. the interest rate is linked with base rate and hence offers better yield than the standard card rates.
  • Minimum deposit amount is Rs 50,000/- and in the multiples of 5,000/-  thereafter
  • Minimum deposit period is 12 months up to 120 months
  • A Monthly Interest Deposit certificate is issued with a Deposit and customer particulars printed on the same
  • Premature withdrawal is allowed subject to premature withdrawal penalty charge of 1 %
  • Loan/advance facility is offered under the scheme

Central Bank of India Aspire

  • Available for resident individuals of 18 years and above
  • Can be booked in single name or joint name
  • Not available for Minors or non- individual entities
  • Minimum booking amount is Rs 20000/- and thereafter in multiples of Rs 1000
  • Secured EMV chip based Platinum Credit Card is offered without any additional charges
  • Auto renewal mode at the time of booking
  • Nomination facility is offered
  • No loan or overdraft is sanction in lieu of Cent Aspire deposit scheme
  • Existing deposit under different product cannot be converted into cent aspire deposit
  • Premature closure is permitted only in case all dues for the credit card is duly settled including bank induced charges
  • For premature closure, 1 % penalty shall be levied on the interest rate applicable for the deposit less than 5 lakhs
  • Customer can opt for Monthly Interest Deposit Scheme
  • Standing instruction or auto-debit facility
  • Premature withdrawal of term deposit is allowed