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    CENT Tax Saver Deposit

    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

    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

    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 100000 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.

    Useful Information on Central Bank of India Fixed Deposit

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