Central Bank of India offers its customers 4 recurring deposit schemes. One can enjoy the benefits of Central Bank of India RD interest rates by opening an RD account by choosing any one of the schemes. The minimum deposit required to open an RD account in this bank starts from as low as Rs. 100.
The Central Bank of India RD calculator helps to calculate exactly how much your maturity amount will be for the different deposit periods based on the prevailing interest rate and your deposit amount. This can help you choose the right deposit period that will maximize your savings.
The rate of interest for recurring deposits for Resident Indians for amounts up to Rs.3 crore per month is given in the table below:
Maturity Period | Interest Rates for General Public(p.a.) |
180 to 270 days | 5.50% |
271 to 364 days | 5.50% |
1 year to less than 2 years | 6.70% |
2 years to less than 3 years | 7.00% |
2 years to less than 5 years | 6.75% |
More than 5 years and up to 10 years | 6.50% |
Note: The interest rates mentioned in the table above 10 June 2025. Rates are subject to change at the sole discretion of the bank.
Senior citizens (60 years to 80 years) are given 0.50% additional interest.
There are several benefits to using the Central Bank of India RD calculator:
The rate of interest on your Central Bank of India RD is influenced by a variety of factors some of which are:
Central Bank of India recurring deposits accumulate interest which is on a compounding basis every quarter. This means that when you open an RD account on 1 May, the interest will compound on 1 August, 1 November, 1 February, and 1 May. This cycle will repeat till the maturity period is reached.
The formula for calculating the compounding interest is given below:
M = R x {(1 + n) x n - 1} / 1- (1 + i) (-1/3)
Where:
M = Maturity value
R = Deposit amount
n = Maturity period (in quarters)
i = Rate of interest divided by (4×100).
The Central Bank of India online calculator is based on this formula. So, using the calculator, you can find out how much you will earn. To take the example given below:
If you open a Central Bank of India RD account with an initial deposit of Rs.1,000 for a period of 1 year, the interest rate is 4.30% p.a., so your maturity amount at the end of 1 year will be Rs.12,283.
However, if you use the Central Bank of India RD online calculator instead, you will get an error-free calculation that is quicker and error-free when compared to a manual calculation.
If you are using any other calculator, you will have to know and input the formula that is used to calculate the maturity amount of an RD. But if you use the Central Bank RD calculator, all you have to do is enter the required information in the relevant fields (such as the deposit amount, tenure, interest rate, etc.) and the calculator will instantly generate the result on the same page.
You can use the RD calculator of the Central Bank of India completely free of charge any number of times a day.
You only have to pay tax on your RD if the interest component exceeds Rs.40,000 (Rs.50,000 for senior citizens). There is no tax if the interest is less than this amount. The RD calculator cannot be used to calculator tax. It will only tell you what the maturity amount will be, based on the interest rate and deposit tenure, so that you can take the best decision for your RD account.
No, the RD calculator does not have the interest rates given. You will have to provide the interest rates based on the information provided by the bank or that which is given for your reference here on this page.
No, the Central Bank of India's RD calculator is not a mobile app. It is an online tool on the bank's official website.
No, there are no hidden charges involved while using the RD calculator, but it's important to be aware of any additional charges or taxes that might affect the actual returns. Check with the bank or refer to the terms and conditions.
Missing a monthly RD installment might attract penalties or affect the interest calculation, thereby affecting the RD maturity amount. It's crucial to understand the bank's policy on missed payments before you make an investment.
The RD calculator is generally designed to work for individual accounts and standard RD schemes. For joint accounts or specialized schemes, it's recommended to check with the bank for specific calculations.
Once you have an estimate using the RD calculator, you can visit the nearest Central Bank of India branch or use the online banking platform to open an RD account. Follow the bank's procedures for account opening and provide the necessary documents.
Yes, the Central Bank of India RD Calculator for 2024 typically allows you to calculate maturity amounts for various tenure options ranging from a few months to several years.
Some banks offer preferential interest rates for senior citizens. Check if the 2024 RD Calculator considers this or if there's a separate calculator for senior citizens.
The RD interest is compounded annually, quarterly, and even monthly in Central Bank of India in 2024 and it is crucial to know the compounding frequency for accurate calculations. The RD Calculator for 2024 should provide information on how often interest is compounded.
Yes, there is a certain amount deducted as penalty for premature withdrawal. Find out if the RD Calculator for 2024 includes penalties or adjustments for premature withdrawals and how it affects the maturity amount.
If you have a joint RD account, check if the RD Calculator for 2024 accommodates such accounts and how the calculations are done.
Yes, the RD calculators are simple and easy to use that only requires you to fill in the input fields, such as entering deposit amount, tenure, and other details, to get the accurate maturity amount.
RD calculators ensure high accuracy as they eliminate human error, but the accuracy of the RD Calculator depends on the algorithms and data it uses, and hence, any changes in data or the algorithm may affect the final value.
No, the RD calculator does not consider the TDS, though some banks deduct TDS on interest income. Verify if the RD Calculator for 2024 considers TDS, and if so, how it affects the calculated maturity amount.
You can access the RD Calculator on the official website, mobile app, or through other channels if provided by Central Bank of India in 2024.
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