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    Central Bank of India Senior Citizen Deposit Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5% - 8.05% Quarterly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7.25% - 7.65% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    Central Bank of India offers deposit schemes for senior citizens looking for safe and guaranteed returns that also offers capital protection. The unique feature of this scheme is its rate of interest which is an incentive to senior citizens by way of additional interest over and above normal rate of interest on any of the bank’s existing term deposit schemes. This facility is available to fresh deposits and renewal of maturing deposits.

    Eligibility Criteria for applying for CBI Senior Citizen Deposit Scheme

    Given below is the eligibility criteria for the Senior Citizen Deposit Scheme offered by Central Bank of India:

    • Must be an Indian resident
    • Must be above the age of 60 years
    • Should be able to maintain the minimum deposit

    Features of Central Bank of India Senior Citizen Deposit Scheme

    The features of the Senior Citizen Deposit Scheme offered by Central Bank of India are mentioned below:

    Account Type

    Single

    Amount

    Depending on the deposit scheme opted by the customer

    Rate of Interest

    An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of the Time Deposit Schemes will be given as incentive for deposits of Senior Citizens who are above 60 years of age.

    Period

    Min- 15 days

    Max- 120 months

    TDS

    TDS is applicable on this deposit scheme

    Loan against Central Bank of India Senior Citizen Deposit Scheme

    Loan against deposits is available as per prevailing rules.

    Nomination (if any)

    There is no nomination available under this scheme

    Central Bank of India Senior Citizen Deposit Scheme Interest Rates

    Senior citizen are provided additional 0.50% p.a. interest rate on top of the standard rates applicable for non-senior citizens. The rate of interest is applicable for any of the time deposit schemes and is given as incentive for deposits of Senior Citizens who are above 60 years of age.

    *Interest rates are subject to change from time to time. It is advisable to contact bank officials for details regarding the recent interest rates. Mentioned rates are as of January 2016.

    Central Bank of India Senior Citizen Deposit Scheme FAQs

    1. Does the bank issue certificate or passbook?

      Yes. Certificate or Passbook will be issued to the depositor according to the deposit scheme. 'Pass Book' will be issued for Khazaana and Certificate will be issued for MMDC, MIDR and QIDR.

    2. What are other add on facilities available for senior citizens?

      The following additional incentives are available for senior citizens in savings bank accounts:

      1. There are no minimum balance requirements for Senior Citizens of 70 years and above.
      2. Service charges 20% below normal rate (For basic services only).
    3. What is the minimum principal outstanding amount that needs to be maintained in the account?

      The principal standing amount that needs to be maintained depends on the deposit scheme chosen by the customer.

    Useful Information on Central Bank of India Fixed Deposit

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