Central Bank of India offers four recurring deposit (RD) schemes under its wing. The interest offered by the bank on recurring deposits range between 5.10% p.a. and 5.65% p.a. to general citizens. 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
Recurring Deposit Interest Rates offered by Central Bank of India when it comes to Recurring Deposit Scheme (RDS) and CENT Swa-Shakti Flexi Recurring Deposit Schemes are listed below:
|Tenure||Rate of Interest (p.a.) for general citizens||Rate of Interest (p.a.) for senior citizens|
|180 days to less than 1 year||5.10%||5.60%|
|1 year to less than 3 years||5.65%||6.15%|
|3 years to 10 years||5.65%||6.15%|
Note: The mentioned interest rates are for deposits below Rs.2 crore are effective 28th April 2020.
Know more about Recurring Deposit
Interest rates offered on Cent Lakhpati Recurring Deposit 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.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes