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Central Bank of India Recurring Deposit Interest Rates 2020

Central Bank of India offers four recurring deposit (RD) schemes under its wing. The interest offered by the bank on recurring deposits range between 5.75% to 6.65% per annum. You can opt for any tenure that has an investment period between 6 months and 10 years. The minimum monthly installment in the RD account is Rs.100. Senior citizens are offered an additional interest of 0.50% of all tenures.

Central Bank of India Recurring Deposit Interest Rates

Tenure Rate of Interest (p.a.) for general citizens Rate of Interest (p.a.) for senior citizens
180 days to 270 days 5.75% 6.25%
271 days to 364 days 6.0% 6.50%
1 year to 10 years 6.20% 6.70%

Note: The mentioned interest rates are for deposits below Rs.2 crore.

Interest rates offered on Cent Lakhpati Scheme

The interest paid by Central Bank of India on the Cent Lakhpati scheme are listed below:

Tenure Interest Rate p.a. for General Citizens Interest Rate p.a. for Senior Citizens
1 year 6.65% p.a. 7.15%
2 years 6.45% p.a. 6.95%
3 years 6.45% p.a. 6.95%
4 years 6.45% p.a. 6.95%
5 years 6.45% p.a. 6.95%
6 years 6.45% p.a. 6.95%
7 years 6.45% p.a. 6.95%
8 years 6.45% p.a. 6.95%
9 years 6.45% p.a. 6.95%
10 years 6.45% p.a. 6.95%

Types of Central Bank of India Recurring Deposit Schemes

  • Recurring Deposit: This scheme is designed for people with regular income. One of the major benefits of this RD scheme is that any minor above 10 years of age who can read and write can operate this account. However, the monthly instalment is limited to Rs.500 and the maximum maturity value should not exceed Rs.50,000. Senior citizens, staff or ex-staff widow, and ex-staff plus senior citizen can enjoy additional rates of 0.5%, 1%, and 1.5% respectively on the deposits.
  • Cent Swa-Shakti Flexi Recurring Deposit Scheme: You can open this RD account with an amount of Rs.100. Minors below 10 years can apply jointly with their guardians for this scheme. The best part of this scheme is that other than the core amount you can also deposit additional funds. The tenure ranges from 6 months to 10 years. No penalty is charged for delayed instalment or premature withdrawal.
  • Cent Lakhpati: It is a new scheme that lets you earn an interest in the range of 6.45% to 6.65% p.a. on the deposited amount. The tenure ranges between 1 year and 10 years.
  • Cent Millionaire: This RD scheme lets you enjoy attractive interest rate of 6.45% p.a. for the amount deposited for a period of 10 years.

Benefits of Central Bank of India Recurring Deposits

  • Attractive interest rates
  • Additional rates for senior citizens
  • Nomination facility available
  • Minors below 10 years of age can apply jointly with their guardians
  • Loan against deposit facility available

Central Bank of India RD Calculator

You can take the help of online RD calculator to calculate the interest on your RD. The process is simple and hassle-free. All you need to do is enter all the details pertaining to your RD account, including the amount, tenure, and rate of interest. Put your money in RD schemes offered by Central Bank of India and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.

Central Bank of India RD Interest Rates Frequently Asked Questions :

  • Can Hindu Undivided Families (HUFs) open an RD account with the bank?
  • Yes, Hindu Undivided Families can open a recurring deposit account.

  • What is the maximum ceiling under the Cent Swa-Shakti Flexi Recurring Deposit scheme?
  • The maximum ceiling is Rs.1 lakh under the Cent Swa-Shakti Flexi Recurring Deposit scheme.

  • Can I avail loan, overdraft and advances under the Cent Swa-Shakti Flexi Recurring Deposit scheme?
  • Yes, you can avail a loan, overdraft and advances of up to 90% under the Cent Swa-Shakti Flexi Recurring Deposit scheme.

  • Is TDS applicable on the interest earned when you deposit money under the Cent Millionaire Recurring Deposit Scheme?
  • Yes, TDS is applicable on the interest earned.

  • What is the maturity value under the Cent Lakhpati RD scheme?
  • The maturity value is above Rs.1 lakh.

News About CBI Recurring Deposit Interest Rates

  • Revised Recurring Deposit Interest Rates Offered by The Central Bank of India

    CENT Swa-ShaktiI Flexi RDs offered by Central Bank of India is one of the most popular Recurring Deposits Schemes available in India which has recently changed its RD interest rates. As per the revised interest rates, the interest rate for recurring Deposit amounts of less than Rs 1 crore, stands at 7.25% per annum for 6 months which was previously 7.35% p.a. For tenures ranging from from 2 years up to 10 years with a deposit amount less than Rs 1 crore, the interest rate ranges from 7.25% to 7.50% per annum which was 7.75% p.a previously. For senior citizens, the interest rate for 6 months and 9 months has changed to 7.75% p.a from 7.85% p.a. For tenures of 2 years and 3 years, the interest rate has been changed to 8% and 7.75% which previously stood at 8.25% from 8.5% per annum. The interest rates has been revised to 7.75% per annum for tenures of 4, 5 and 10 years instead 8% per annum.

    1 July 2016

  • Central Bank of India updates Recurring Deposit Interest Rates

    Central Bank of India CENT Swa-Shaktil Flexi Recurring Deposit Scheme is one of the most popular RD schemes offered by banks in India. Recently, Central Bank of India has changed the interest rates for recurring deposit pertaining to select tenures. For Recurring deposit amounts less than Rs. 1 crore, the interest rate for 6 months and 9 months has been changed to 7.35% per annum and 7.25% per annum from previous interest rate of 7.75%. For tenures from 2 years to up to 10 years and a deposit amount less than Rs. 1 crore, the interest rate has been revised to 7.75% per annum in place of the previous 8% per annum. The interest rate for tenure of 1 year has been changed to 7.5% per annum from 8%.

    For senior citizens, the interest rate for 6 months and 9 months has been changed to 7.85% and 7.75% respectively from the previous 8.25%. For a tenure of 1 year under senior citizens scheme, the interest rate is set at 8% instead of 8.5% which was being offered previously. For tenures of 2 years and 3 years, the interest rate has been changed to 8.25% from 8.5% per annum. The interest rates has been revised to 8% instead of 8.5% per annum for tenures of 4 years, 5 years and 10 years respectively.

    24 March 2016

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