• Overview of 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.

    Types of Central Bank Time Deposit Schemes

    • Fixed Deposit scheme
    • Money Multiplier Deposit Certificate
    • Monthly Interest Deposit
    • Quarterly Interest Deposit
    • Cent Double scheme
    • Cent-555 scheme
    • Cent-777 scheme
    • Cent Uttam scheme
    • Cent Tax Saving Deposit scheme
    • Cent Aspire Deposit scheme
    • Cent Suraksha Deposit scheme

    Features of Fixed Deposit scheme

    • Minimum deposit amount: Rs.100
    • Range of maturity: 7 days to 10 years
    • Interest calculated as Simple Interest
    • Half-yearly interest payout in March and September
    • Option for cumulative interest payment also available
    • Tax Deducted at Source (TDS) will be deducted from the interest income
    • Facility for nomination available
    • If the FD returns are more than Rs.20,000, the amount is transferred to the savings account linked to your FD account or given as a Demand Deposit (DD).
    • If the returns are up to Rs.20,000, the returns can be received in cash.
    • On the date of maturity, the deposits can be renewed automatically.
    • Loans can be secured for against the deposit for up to 90% of the FD value.
    • Joint account with two adults or one minor with another adult
    • Maximum deposit amount for a minor: Rs.50,000

    Features of Money Multiplier Deposit Certificate (MMDC)

    • The interest income gets added to the principal amount which gets reinvested
    • Minimum investment: Rs.100
    • Maturity period: 6 months to 10 years
    • You can apply for loan against the deposit.

    Features of Monthly Interest Deposit (MIDR)

    • Minimum amount of deposit: Rs.5,000
    • Maturity period: 1 year to 10 years
    • Loans can be availed against the deposit
    • Monthly interest payout

    Features of Quarterly Interest Deposit (QIDR)

    • Quarterly interest payment
    • Lower limit of deposit: Rs.5,000
    • Facility to secure loans against the deposit: Available

    Features of Cent Double scheme

    • Minimum amount of deposit:
      • Rs.10,000 (Urban regions)
      • Rs.5,000 (Rural and Semi-Urbank regions)
    • Maximum amount of deposit: Under Rs.1 crore
    • Rate of interest: 6.50% p.a.

    Features of Cent-555 scheme

    • Maturity period: 555 days
    • Interest rate: 6.50% p.a.
    • Interest is compounded on a quarterly basis
    • Lower limit of deposit: Rs.1,000
    • Upper limit of deposit: Below Rs.1 crore
    • If a loan is secured against the deposit, you can prematurely withdraw from the FD account.

    Features of Cent-777 scheme

    • Interest payout: Monthly/Quarterly/Half-yearly
    • Tenure: 777 days
    • Deposit range: Rs.1,000 to Rs.1 crore
    • FD rate: 6.50% p.a.
    • Provision for premature withdrawals

    Features of Cent Uttam scheme

    • High liquidity
    • Flexibility to partially withdraw funds
    • Minimum deposit: Rs.5,000
    • Maturity period: 1 month to 10 days
    • A ‘Pass Book’ will be given to the depositor
    • Loans can be pledged against the Term Deposit.

    Features of Cent Tax Saving Deposit scheme

    • Joint accounts allowed
    • You get tax benefits as per Section 80C of the Income Tax Act, 1961.
    • Lock-in tenure: 5 years
    • Deposit range: Rs.100 to Rs.1.50 lakh
    • Interest rate: 6.50% p.a.

    Features of Cent Aspire Deposit scheme

    • This scheme is available in:
      • QIDR
      • MIDR
      • MMDC
    • Minimum investment: Rs.20,000
    • Tenure range: 1 year to 10 years (in multiples of 3 years)
    • Option of auto renewal available
    • You have the option of nominating a beneficiary.

    Features of Cent Suraksha Deposit scheme

    • The scheme has two variants:
      • Cent Suraksha Deposit (PMSBY)- Rs.177
      • Cent Suraksha Deposit Yojana (PMSBY/PMJJBY)- Rs.4,317
    • Yearly interest payout
    • Interest is compounded at quarterly intervals
    • Maturity period range: 5 years to 10 years
    • TDS is applied to the interest income
    • Interest rate: 6.50% p.a.
    • Special interest rates:
      • Senior Citizens: 0.50%
      • Senior Citizens who is a former employee of the bank: 1.50% p.a.
      • Current employee/ Former employee/ Spouse of a deceased employee: 1.00%
    • You can withdraw from the deposit prior to the maturity date.

    Premature withdrawal of the Central Bank Fixed Deposit

    • No penalty is levied for premature withdrawal of deposits under Rs.5 lakh
    • 1% penal interest is charged on premature encashment of FDs of Rs.5 lakh and above.

    Interest rates of Central Bank FD scheme: Under Rs.1 crore

    Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)

    7 days to 14 days

    4.75%

    6.25%

    15 days to 1 month

    5.50%

    6.00%

    Above 1 month-45 days

    5.50%

    6.00%

    Above 45 days to 2 months

    5.50%

    6.00%

    2 months to 3 months

    5.50%

    6.00%

    Above 3 months to 6 months

    6.50%

    7.00%

    6 months to 9 months

    6.50%

    7.00%

    Above 9 months to 12 months

    6.50%

    7.00%

    12 months to 24 months

    6.60%

    7.10%

    24 months to 36 months

    6.50%

    7.00%

    36 months to 60 months

    6.50%

    7.00%

    60 months to 120 months

    6.50%

    7.00%

    555 days

    6.50%

    7.00%

    777 days

    6.50%

    7.00%

    Cent double scheme

    6.50%

    7.00%

    *The Central Bank FD rates are subject to change as per the discretion of the bank. The rates given in the table are valid as of 31 December 2018.

    Central Bank’s eligibility criteria to open an FD account

    • Indian Citizens
    • Hindu Undivided Family (HUF) member
    • Individuals who are visually impaired
    • Individuals who do have formal education
    • Charity organizations
    • Educational institutes
    • Firms in partnership
    • Traders and agents
    • Societies and clubs
    • Corporates

    Documents needed to open a Central Bank FD account

    • ID proof (any one)
      • Aadhaar Card
      • Driver’s license
      • Permanent Account Number (PAN) card
      • Voter ID
      • ID card from an authorized employer
    • Residential proof (any one)
      • Electricity or Telephone bill
      • Salary receipt
      • Bonafide letter attested by your employer or government body
      • Aadhaar Card
    • Proof to determine age (only for senior citizens and minors)
      • Senior citizens (any one)
        • Voter ID
        • Pension slip
        • Driver’s license
        • Permanent Account Number (PAN) card
        • Document stating retirement from a company
      • Minors
        • Government-validated birth certificate
    • 2 color passport-size photographs of the applicant, if you are not an existing customer of the bank.

    FAQs on Central Bank Time Deposit schemes

    1. What is the tenure range of Central Bank FD scheme?
    2. You can choose a maturity period between 7 days and 10 years.
    3. How to apply for a Central Bank Time Deposit scheme?
      You can either visit the nearest branch of Central Bank to submit your application along with the necessary documents or apply online.
    4. What is the minimum that I need to invest for a Central Bank FD/MID/MMDC/ QID scheme?
    5. You must deposit at least Rs.100 for a Central Bank FD/MMDC account and Rs.5,000 for MID/QID scheme.
    6. Are premature withdrawals allowed on Cent Tax Saving Deposit scheme?
    7. No, you can withdraw funds from Tax Saving FD account before completing the 5-year lock-in period.
    8. Will TDS be applicable on Central FD schemes?
    9. Yes, if your net interest income is above Rs.10,000 p.a., TDS will be deducted. However, if the interest income is below the taxable limit, you can submit Form 15G/15H to the bank.

    News About Central Bank of India Fixed Deposit

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Central Bank of India Fixed Deposit Reviews

    • Central Bank of India Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Apr 15, 2019
    • Central Bank of India
      Central Bank of India Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 11
      , chennai
      Reviewed on Jun 25, 2018
    • Central Bank of India Fixed Deposit
      "Good Returns"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Nov 28, 2017
    • Central Bank of India Fixed Deposit
      "Good returns"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 25, 2017
    • Central Bank of India Fixed Deposit
      "CBI is the best bank for Fixed Deposit"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 18, 2017
    • Central Bank of India Fixed Deposit
      "Fund transfer"
      0.5 0.5/5 "Unacceptable"
      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...
      Was this review helpful? 5
      , kolkata
      Reviewed on Jun 01, 2017
    • 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? 3
      , 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? 16
      , 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? 10
      , 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? 6
      , 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? 14
      , 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? 27
      , cheeka
      Reviewed on Feb 17, 2015
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.