Central Bank of Indian is a owned and run by the government. It is said to be one of the oldest and a leading commercial bank in India. The Bank is headquartered in Mumbai. Central Bank of India has approximately 4100 branches along with 0 extension counters all over the Indian subcontinent, including three Union territories. The bank has taken several initiatives to innovate the Indian banking experience throughout the recent years. Central Bank of India offers deposit schemes serving various needs of different individuals. Central Flexi Yield Deposit Scheme is one of them, and read on to know more about this simple scheme. This scheme allows the depositors to avail floating rate of interest which is generally higher than the regular rate of interest for normal Term Deposits.
Eligibility Criteria for Central’s Flexi Yield Deposit Scheme
The company has not specified details in terms of eligibility. However, there are certain eligibility criteria which are generally common among fixed deposit applicants:
The individual should be an Indian citizen.
The individual should be ideally over the legal Indian age which is either over 18 years or over 21 years of age.
The individual should have the minimum required income to be able to pay the deposit amount.
Features for Central’s Flexi Yield Deposit Scheme
Here are the basic features of this product:
Account Type
Joint/Single
Amount
Minimum: Rs. 50,000/- and thereafter in multiple of Rs. 5,000/-
Maximum: No limits
Rate of Interest
Rate of interest shall be the appropriate rate prevailing on the date of deposit.
Period
A minimum one year and above and up to a maximum of 10 years.
TDS
Not specified
Loan against Central’s Flexi Yield Deposit Scheme
Loans and advances against deposit is available in the scheme as per prevailing rules.
Nomination (if any)
NA
Premature Payment
Payment before maturity is available. However, in such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates applicable to normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered.
FAQs on Central’s Flexi Yield Deposit Scheme
Is there any option for loan against this scheme?
Loans and advances against this deposit scheme is available based on the prevailing rules.
What is the time period for this term deposit?
A minimum of 1 year and above and up to a maximum of 10 years.
How is the interest rate for this deposit scheme calculated?
Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits.
What is the minimum and maximum amount required for this deposit scheme?
Rs. 50,000/- and thereafter in multiples of Rs. 5,000.
What are the basic requirements for premature payments?
In such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates applicable to normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered.
Useful Information on Central Bank of India Fixed Deposit
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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
