CENT Tax Saving Deposit 2025

Individuals or Hindu Undivided Families (HUFs) who pay the Income Tax and have a Permanent Account Number (PAN) can avail the benefits of the CENT Tax Saving Deposit scheme. The scheme comes with a fixed tenure of 5 years. 

Updated On - 05 Sep 2025
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Features of Central Bank of India CENT Tax Saving Deposit

Account Type

Both single and joint account can be opened and maintained

Amount

Minimum - INR 100

Maximum - INR 1,50000 (per financial year)

Rate of Interest

6.25% p.a.

Lock in Period

5 years

TDS

Tax will be deducted at source, with accountholders expected to submit a self-declaration through Form 15G or 15H

Loan against CENT Tax Saving Deposit

No loan facility available

Nomination

Nomination facility available, except for accounts held on behalf of minors

Auto Renewals

N/A

Eligibility Criteria to Apply for CENT Tax Saving Deposit

The CENT Tax Saving Deposit account from Central Bank of India can be opened by the following.

  1. An individual in his/her own name
  2. A joint account between two or more individuals
  3. A guardian or a parent can open this account for a minor
  4. Hindu Undivided families

CENT Tax Saving Deposit Interest Rates

Currently, the rate of interest offered by the scheme is 6.25% p.a.

Note: Individuals should check the interest rates with the bank before opening an account as Central Bank of India maintains the right to change rates without prior intimation and at its sole discretion.

FAQs on CENT Tax Saving Deposit

  • Can this account be opened by associations or clubs?

    No, this account cannot be opened and maintained by societies, clubs, companies, etc.

  • Is there a limit on the number of times an individual can deposit money into this account?

    There is no limit on the number of times an individual can deposit money into the account, subject to the deposits not exceeding INR 1,50,000 a year.

  • How much additional interest is paid to senior citizens?

    Senior citizens might be entitled to an interest which is 0.5% higher than regular interest rates.

  • Is premature withdrawal permitted in this account?

    No, premature withdrawal is not permitted under general circumstances. This is allowed only in the event of death of depositor.

  • Can the money deposited into this account be used as collateral for a loan/overdraft?

    No, the deposited money cannot be utilised as security/collateral for any purpose.

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