Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
  • loading

    Overview of Central Bank of India Fixed Deposit

    Overview of Central Bank of India Fixed Deposit  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.75% - 7.1% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.5% - 6.6% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Overview of Central Bank of India Fixed Deposit is Rated as "Great!" by 18 Users

    Fixed Deposit BYTES FROM OUR KITCHEN

    About Central Bank of India

    The Central Bank of India is a major public sector bank with operations throughout the country. Established in 1911, it was the first bank to be wholly owned and operated by Indians. Central Bank of India has a pan-India presence across 27 states and 3 Union Territories, through the close to 5000 branches it operates, apart from a scattering of Retail Asset Branches (RAB), Asset Recovery Branches (ARB), and extension counters.

    Central Bank of India Fixed Deposit

    Fixed deposits from Central Bank of India are offered to investors looking for safe and guaranteed returns that also offers capital protection. At pre-determined interest rates and tenures, these deposits earn returns that can be reinvested for higher effective rates or paid out to create a steady income stream, depending on an accountholder’s liquidity needs.

    Eligibility criteria for opening Central Bank of India fixed deposit

    Indian citizens, individually or jointly, Hindu Unified Families (HUF), companies, proprietorships, organizations, societies, partnerships, clubs etc. are eligible to open FD account with Central Bank of India. The eligibility criteria is more specific for particular products such as Cent Aspire, which is not available for minors and impersonal customers such as HUF, partnerships, proprietorships, companies, trusts, institutions etc.

    Different fixed deposit schemes from Central Bank of India

    • Cent Benefit Deposit: This is an exclusive scheme from the Central Bank of India wherein an interest rate of 6.50% is applicable on amounts exceeding ₹ 1 crore, and for tenures ranging from 28 days to 179 days. Premature withdrawal after 28 days is allowed at no penal interests. Senior citizens are not given additional interest rate for this plan.

    • Money Multiplier Deposit Certificate (MMDC): This is a cumulative (compounded) interest scheme where the interests you earn are automatically credited to the fixed deposit amount so that you can earn more interest in the next cycle. Tenures are available from 6 months to 120 months, and deposits start from ₹ 100 (in multiples of ₹ 100 thereon).

    • Double Deposit Scheme: This scheme comes under the MMDC plans, and provides 8.75% interest rate on deposits below ₹ 1 crore.

    • Monthly/Quarterly Interest Deposit Receipt (MIDR/QIDR): MIDR provides cumulative monthly interests on your fixed deposit, without affecting the base amount deposited by you. QIDR is similar to MIDR except that interests are paid out at every 3 months interval.

    • Cent Tax Saving Deposit: This scheme is applicable for individuals or an HUF who are tax payees with Permanent Account Numbers (PAN). Deposits are accepted up to ₹ 1.5 lakhs per year, and tax savings may be availed for the same amount. It is to be noted that TDS will still be applicable on interests earned from the Tax Saving Deposit account.

    • Cent Uttam Scheme: This scheme has been designed to provide high interest rates as well as liquidity to customers. In this scheme, customers are allowed to withdraw ‘units’ of their deposit when they need liquidity. This withdrawal does not affect the remaining amount, which will continue to attract the same interest rate till maturity. A total of 10 such ‘unit withdrawals’ are allowed throughout the fixed deposit tenure.

    • Cent Aspire: This scheme is available under MMDC, MIDR, and QIDR schemes as described above. Cent Aspire fixed deposit holders are given an Aspire Platinum credit card against the account. This credit card is valid for three years and is made available to customers without any documentation or background verification. The limit of this card is ₹ 4 lakhs or 80% of deposit amount, whichever is lower.

    Minimum/maximum amounts for opening Central Bank of India fixed deposit

    • Cent Benefit Deposit: ₹ 1 crore minimum to avail 6.50% p.a. interest rate.
    • Money Multiplier Deposit Certificate (MMDC): Minimum ₹ 100.
    • Double Deposit Scheme: Minimum ₹ 10,000 (Metro and urban) and ₹ 5,000 (Rural and semi-urban). Maximum ₹ 1 crore.
    • Monthly/Quarterly Interest Deposit Receipt (MIDR/QIDR): Minimum ₹ 5,000 (increasing in multiples of ₹ 1,000).
    • Cent Tax Saving Deposit: Minimum ₹ 100, maximum ₹ 1.5 lakhs (in one year).
    • Cent Uttam Scheme: Minimum ₹ 5,000 (increasing in multiples of ₹ 1,000).
    • Cent Aspire: Minimum ₹ 20,000 (increasing in multiples of ₹ 1,000). No upper ceiling.

    Minimum/maximum tenure for fixed deposit schemes

    • Cent Benefit Deposit: 28 days to 179 days.
    • Money Multiplier Deposit Certificate (MMDC): 6 months to 120 months.
    • Monthly/Quarterly Interest Deposit Receipt (MIDR/QIDR): 12 months to 120 months.
    • Cent Tax Saving Deposit: Fixed tenure of 5 years.
    • Cent Uttam Scheme: 1 month to 120 months.
    • Cent Aspire: 1 year to 10 years (in multiples of 3 months).

    Procedure for opening CBI FD account

    Currently, the Central Bank of India provides the option of opening a new savings bank account online. For fixed deposits, you will have to carry all the relevant documents as requested by the bank (CBI follows KYC norms), along with the duly filled and signed application form and 2 photographs. On submitting all documents, the bank will initiate processing and get back to you in a few days at most.

    Interest rates on various Central Bank of India FD products

    For deposits up to ₹ 1 crore (rates per annum) the interest rate offered can vary from 5% to 9.00%. For deposits of fixed tenures of 555 days and 777 days, applicable interest rates are 9.00% p.a. and 9.05% p.a. respectively. For deposits above ₹ 1 crore and below ₹ 10 crores (rates per annum), rates offered vary from 5% to 8.50% for deposits held up to 10 years and for deposit amounts over Rs.10 crores the rates can go up to 8.75%.

    Tax saver deposit scheme from CBI

    The Central Bank of India has a special Tax Saving Deposit scheme as explained in the section titled ‘Different FD schemes from CBI’.

    TDS on fixed deposits

    TDS (Tax Deduction at Source) is applied on interests earned from Central Bank of India fixed deposits. There are two main categories of tax payers here – PAN holders, and non-PAN holders. Customers who have duly submitted their PAN details to the bank are levied 10% interest on all earnings above ₹ 10,000 made through interest payment on the FD. Non-PAN holders are charged 20% interest p.a. on the same criteria.

    Loan availability against FD accounts

    Yes, loans can be availed against Central Bank of India fixed deposits up to a maximum of 90% of the deposit amount.

    Credit card availability against FD accounts

    Platinum micro-chip embedded credit cards are available for all customers falling under Cent Aspire scheme as described in above sections.

    Special rates and schemes for senior citizens

    Senior citizen are provided additional 0.50% p.a. interest rate on top of the standard rates applicable for non-senior citizens. Cent Benefit customers are not eligible for senior citizen rates.

    What are the terms for NRI fixed deposits?

    NRIs and PIOs can open term deposits under three accounts – NRO, NRE and FCNR B. NRO and NRE accounts are to be maintained in INR, while FCNR B account can be held in USD, GBP, EURO, AUD and CAD. Accounts can be opened singly or jointly with a resident Indian. Interest rates on NRO accounts are the same as domestic term deposit rates.

    NRE and FCNR B balances are fully repatriable and are not taxed as per income and wealth tax laws. Loans can be availed in INR against the deposit value. Premature withdrawal is allowed and nominees can be resident Indians or NRIs for the NRI accounts.

    What are the terms for premature withdrawal?

    Premature withdrawal is allowed on term deposits subject to penal rates. A penal rate of interest of 1% is applicable on premature withdrawal of deposits exceeding Rs.5 lakhs. No penalty is levied if deposits are renewed for a term longer than the period remaining in the original contract.

    News About Central Bank of India Fixed Deposit

    • Central Bank of India Offer-Free Credit Card against Fixed Deposit

      Central Bank of India has taken centre-stage with the launch of its new ‘Cent Aspire’ scheme. Under this, any person who holds/opens a fixed deposit of Rs.20,000 and above under the ‘Cent Aspire Term Deposit’ scheme can avail of a free credit card (issued against the FD). This offer is aimed at customers of tier-two cities in semi-urban and rural areas, where a majority of the bank’s branches are located.

      The credit card has a lower interest rate compared to other cards and the maximum credit limit offered is 80% of the fixed deposit amount (subject to an overall credit limit of Rs.4 lakhs). This scheme not only encourages savings but also provides secured credit to customers. It is a low-risk credit option extended by the bank since payment defaults are recovered from the amounts held as deposit.

      Another attraction of this scheme is that it comes with a personal accident insurance of Rs.1 lakh, against death only.

      This new plan comes on the back of the bank’s newly launched home loan called ‘Cent Home Double Plus’

      19th November 2014

     Loading your search... Loading your search...
  • Central Bank of India Fixed Deposit Reviews

    • Central Bank of India Fixed Deposit
      "deposite cash"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 08, 2016
    • Central Bank of India Fixed Deposit
      "CENTRAL BANK OF INDIA FD"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 14
      , bikaner
      Reviewed on Aug 09, 2016
    • Central Bank of India Fixed Deposit
      "Good rate "
      0.5 3.0/5 "Satisfactory"
      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. .
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Feb 22, 2016
    • Central Bank of India Fixed Deposit
      "Best"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 12
      , coimbatore
      Reviewed on Feb 04, 2016
    • Central Bank of India Fixed Deposit
      "Moderate.."
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Jan 30, 2016
    • Central Bank of India Fixed Deposit
      "better..."
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 7
      , ghaziabad
      Reviewed on Jan 22, 2016
    • Central Bank of India Fixed Deposit
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 11
      , sagar
      Reviewed on Oct 27, 2015
    • Central Bank of India Fixed Deposit
      "Good Bank"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 8
      , vijayawada
      Reviewed on Sep 08, 2015
    • Central Bank of India Fixed Deposit
      "Give Good Offers..."
      0.5 1.0/5 "Really Bad"
      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.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 26, 2015
    • Central Bank of India Fixed Deposit
      "Better"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Jul 22, 2015
    • Central Bank of India Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 3
      , faridabad
      Reviewed on Jul 08, 2015
    • Central Bank of India Fixed Deposit
      "Worst Service & Worst bank"
      0.5 0.5/5 "Unacceptable"
      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.
      Was this review helpful? 11
      , ahmedabad
      Reviewed on Jun 03, 2015
    • Central Bank of India Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , madurai
      Reviewed on May 09, 2015
    • Central Bank of India Fixed Deposit
      "best customer service"
      0.5 5.0/5 "Blown Away!"
      I am dealing with CBI cheeka from last 1 year. Customer service is very good as compared to other bank and interest rate is at par with other bank. Net bankig is very good. I can make fd through net banking and can close it through net banking also. No need to visit branch always.
      Was this review helpful? 25
      , cheeka
      Reviewed on Feb 17, 2015
    • Central Bank of India Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      I took fixed deposit from Central Bank of India two years ago and they are giving very good benefits for FD holders but not I could not recall all the things. The rate of interest is around 9.2% so it is reasonable and good in customer service. For tenure of five years I opened FD and they are giving good offers.
      Was this review helpful? 12
      , kolkata
      Reviewed on Nov 26, 2014
    • Central Bank of India Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am holding a FD account with Central Bank of India which offers an interest rate of 9% for one year. If I had plan of closing that, they would deduct 1% interest and then calculate interest and credit that amount back to my account. The only document required for opening this account is pan card and nothing much and overall its been great.
      Was this review helpful? 6
      , new delhi
      Reviewed on Nov 20, 2014
    • Central Bank of India Fixed Deposit
      "Needs to be improved"
      0.5 2.5/5 "Just OK"
      Central bank of India provided good customer service . They need to improve on their online banking . Whenever I used to check my fixed deposit in online it was slow. Rate of interest was quite competitive . We cant expect too much from them since it was the nationalized bank however they need to improve better customer service
      Was this review helpful? 7
      , noida
      Reviewed on Oct 27, 2014
    • Central Bank of India Fixed Deposit
      "Nice experience"
      0.5 3.5/5 "Pretty good"
      Two years ago I have opened a fixed deposit with Central Bank and I am still maintaining them. It was very easy for me to create a new FD by submitting very minimal documents and I feel comfortable transferring the funds online. Rate of interest is quite good compared to other banks however the customer service needs improvement.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 16, 2014
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.