Central Bank of India offers 4 recurring deposit (RD) schemes under its wing. You can get an interest rate of 6.65% p.a. on the deposited amount. You can open an RD account with a minimum deposit of Rs.100. The tenure ranges from 6 months to 10 years. Senior citizens can get an additional interest rate of 0.50% on the existing rate.
Central Bank of India Recurring Deposit Interest Rates
|Tenure||Rate of Interest (for amount less than Rs.2 crore)||Rate of Interest for Senior Citizens (for amount less than Rs.2 crore)|
|180 days to 270 days||6.45% p.a.||6.95% p.a.|
|271 days to 364 days||6.45% p.a.||6.95% p.a.|
|1 year to less than 2 years||6.65% p.a.||7.15% p.a.|
|2 years to less than 3 years||6.45% p.a.||6.95% p.a.|
|3 years to less than 5 years||6.45% p.a.||6.95% p.a.|
|5 years to 10 years||6.45% p.a.||6.95% p.a.|
The bank introduced a new recurring deposit scheme called Cent Lakhpati. The interest rates offered under this scheme are as follows:
|Tenure||Interest Rate||Monthly Instalments||Maturity Amount|
|1 year||6.65% p.a.||Rs.8040||Over Rs.1 lakh|
|2 years||6.55% p.a.||Rs.3900|
|3 years||6.55% p.a.||Rs.2510|
|4 years||6.55% p.a.||Rs.1820|
|5 years||6.55% p.a.||Rs.1410|
|6 years||6.55% p.a.||Rs.1140|
|7 years||6.55% p.a.||Rs.940|
|8 years||6.55% p.a.||Rs.800|
|9 years||6.55% p.a.||Rs.680|
|10 years||6.55% p.a.||Rs.600|
Types of Central Bank of India Recurring Deposit Schemes
- Recurring Deposit Scheme: 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% p.a., 1% p.a., and 1.5% p.a., respectively.
- 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 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’s a new scheme that lets you earn an interest of 6.55% p.a. on the deposited amount. The tenure ranges from 1 year to 10 years.
- Cent Millionaire: This RD scheme lets you enjoy attractive interest rates for a period of up to 10 years. Note that TDS is applicable on whatever you earn as interest.
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 calculators 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.
More you need to know about Recurring Deposit
- Central Bank of India Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Rates of Central Bank of India with Other Banks and Institutions