• CENT Tax Saving Deposit

    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.

    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 5.10% 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.

    • 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

    CENT Tax Saving Deposit Interest Rates

    Currently, the rate of interest offered by the scheme is 5.10% 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.

    CENT Tax Saving Deposit Deposit FAQs

    1. Can this account be opened by associations or clubs?

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

    2. 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.

    3. 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.

    4. 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.

    5. 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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