Taxation in India is quite detailed and most of the time, it is noticed that if proper care is not taken in saving, one’s earnings are set back through income tax. The CENT Tax Saver Deposit scheme proves its uniqueness by providing an avenue for savings, as well as protecting the savings from unnecessary tax cuts. This tax saving term deposit scheme from Central Bank of India is designed to help you save tax, making sure your hard earned money can be yours, serving the dual role of a savings cum growth plan.
Eligibility criteria to apply for CENT Tax Saver Deposit
The CENT Tax Saver Deposit account from Central Bank of India can be opened by the following.
An individual in his/her own name
A joint account between two or more individuals
A guardian or a parent can open this account for a minor
Hindu Undivided families
Features of CENT Tax Saver Deposit
Account Type
Both single and joint account can be opened and maintained
Amount
Minimum – INR 100
Maximum – INR 100000 (per financial year)
Rate of Interest
The interest rate depends on the rates offered by Central Bank of India on term deposits of up to 15 lakhs value and are subject to change as per the discretion of the bank
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 Saver Deposit
No loan facility available
Nomination
Nomination facility available, except for accounts held on behalf of minors
Auto Renewals
N/A
CENT Tax Saver Deposit Interest Rates
The interest rate offered by Central Bank of India on the CENT Tax Saver Deposit depend on bank policies, with rates subject to change accordingly. The current interest rate for this account is 7.50% per annum for regular accountholders. Senior citizens may be entitled to a higher interest rate.
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. The rates mentioned above are for January 2016.
CENT Tax Saver Deposit FAQs
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 100000 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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Interest rates are less in Central Bank of India so I had taken a fixed deposit. I have invested the money of Rs. 1 lakh in my wife's name. Branch is near from my place so I have chosen this bank. Yearly once, I get the money of Rs. 6,765 for the interest. There is a locking period of 1 year.
I have done fixed deposit on CENTRAL BANK OF INDIA an year ago, i did not face any issue in creating account. They have given me limited tenure period, i use to pay my payment through my credit card of same bank, now i have withdrawn my deposit. I got good interest rate so far my experience was good.
I deposited 50K as an FD in Central Bank of India. I haven't withdrawn the deposit and they provides annual interest for the FD. It was easy to start the FD and they also gave me a credit card based on the fixed deposit. Overall it has been a easy process opening FD with the Central Bank of India.
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11
REVATHI VENKATESAN
, chennai
Reviewed on Jun 25, 2018
I had this Fixed Deposit with Central Bank and they gave me 9% Interest over my investment and I took the Deposit for 3 years. Eventually I got good returns with them. Unfortunately, now they have reduced the interest rate to 6-6.5%. Another good thing about the FD was that I was able to take money before maturity period also.
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7
SHIVAJI MAGANLAL PADHIYAR
, ahmedabad
Reviewed on Nov 28, 2017
I deposited Fixed Deposit in two Banks some 3 years back and this is one of those two. Their Fixed Deposit account is pretty good and does the job fantastically. The rate of interest 6.5% is a little less compared to market standard, but then again the risk factors in this Bank are literally zero.
HI!
This is Santosh, I had been using from last 8 years with best service without any issue. This Bank Fixed Deposit rate of interest is higher then other banks. The Banking and services are good, There is no Fixed deposit breaking charges. I will recommend this Bank for the Best FD services.
The worst banking system I have ever seen. if i want to transfer amt to other bank through IFSC they can't detect the bank or automatically logged out .if I want current statement they can't.net banking automatically logged out.if i go for pass book entry server down problem. if I go to ATM only 2k available etc...
may i deposite 2lacks in once transection. i hope that is central bank of india.if i can deposite, i hard that CBI bank are very nice,cool,great. so i select this bank for saving into my accountCentral bank of India is giving good interest rate for the fixed.
Central bank of India is giving good interest rate for the fixed deposit for the minimum lock in period of one year and 4% - 5% interest rate for the minimum of three months. There is no activation charges. They are very quick in responding to their customers.
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17
SHASHIKANT OJHA
, bikaner
Reviewed on Aug 09, 2016
Central bank of India is giving 8% interest rate for the fixed deposit for the minimum lock in period of one year and 4% - 5% interest rate for the minimum of three moths. There is no activation charges. I visited the bank t o avail the facility but they took much time to give the response. .
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9
SHAILESH LABHUBHAI BAKUTRA
, ahmedabad
Reviewed on Feb 22, 2016
I am having the fixed deposit account with the Central bank of India. Interest rate was around 7.75% and it will be compounded for every quarter of the year. The minimum lock in period is nil with them. Customer service is best with them and online banking facilities too.
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12
GUMLAPALLI PAVAN KUMAR
, coimbatore
Reviewed on Feb 04, 2016
I had fixed deposit for two lakhs but I closed that deposit. As I used that amount to buy a new home. I did not pay any penalty to break the policy. Staff members of Central Bank of India are not customer friendly and they are not treating well the customers.
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11
PRASHANT PRAVIN KUMAR PARMAR
, ahmedabad
Reviewed on Jan 30, 2016
Saving account is there at Central Bank of India so I preferred for fixed deposit. I believe the rate for deposit is 7.5% to 8%. On my convenient time I can close the deposit and definitely the bank will deduct some penalty for it. Nationalized banks will be better for deposits.
Central bank of India gave 8.75% for the fixed deposit with the minimum lock in period of 7 days to 10 years. Minimum amount to deposit is Rs.5000. No penalty in case we break the plan . We can active the plan through online.After the maturity period the amount will be deposit to the account.
I have a fixed deposit with Central Bank of India. The services are good when compared to other banks. Earlier I was getting 9% of interest rate and now as per RBI rules it is 8%. There are no charges for this account. I been using this account for the last four months. The services has been good so far.
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8
TKAMALAKARA RAO
, vijayawada
Reviewed on Sep 08, 2015
I have a fixed deposit running in central bank of India. I have taken this for my child. It was easy to start a FD with them. The total maturity period is 3 years and I have completed 2 years. The rate of interest they are offering is less. Once if the FD is matured it cannot be continued, it must be broke and we have to again apply for a different one. It is a drawback. Apart from that everything is good.
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7
SELVAM MUNIYANDI
, chennai
Reviewed on Aug 26, 2015
Fixed deposit rate of interest with the Central Bank of India is 9.25% and am happy with that.The services are really good with them.The minimum lock in period is 1 year of time but if we breakdown the fixed deposit before also they will not charge us anything but we are losing our interest rate.The services are good with them.
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10
HARDIK ACHARYA
, ahmedabad
Reviewed on Jul 22, 2015
I have taken a Fixed deposit plan from Central bank of India in which the interest rate offered is 8.3% the minimum lock in period is for 1 year. There is no penalty in case if we take the amount in between the lock in period. To withdraw the amount we have to visit the bank and sunder the bond. Customer service is not do good as the private banks. To activate the plan we have to deposit Rs.20,000 .
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3
SUSHIL KUMAR KHARVAR
, faridabad
Reviewed on Jul 08, 2015
I have a Aspire Credit card and i already paid a due amount and bank has deducted same amount again in 15 days the bank branch manager says that we have not responsible for this card. Then why you give this aspire card to customers.
And very Worst response from staff is like you have to contact call center or Mumbai Head office about this query.
if they are answering like this then why they are doing job there.
Very Worst Service
Never go for any work to this bank
Thanks.
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14
Amrutbhai Patel
, ahmedabad
Reviewed on Jun 03, 2015
I am holding a fixed deposit with Central bank. They provide 1% high interest rate for the staff and for senior citizen it is 0.5%. As a staff we hardly take 5 minutes to open the account and provide the receipt it is that simple. Incase if the customer does not hold an account with us we ask for voters id incase if dont have an account we provide first 20k through cash and the rest would be transferred to savings account.
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9
BASKARAN MARIAPPAN
, madurai
Reviewed on May 09, 2015
Fixed Deposit
