Whoever said wishes don’t come true hasn’t explored our offers!
  • Central Bank of India Recurring Deposit

     4.5 / 5.0   by 11 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Overview of Central Bank of India

    Central Bank of India, founded in 1911, is one of the largest commercial banks in the country. It was the first bank in the country that was wholly owned and controlled by Indians. It is a public sector bank that has a pan-India presence and operates around 4336 branches in 3 Union territories and 27 states of the country. The banking and financial products & services offered by the bank include credit cards, recurring and fixed deposits, agri banking, loans, NRI banking, MSME etc.

    Central Bank of India Recurring Deposit

    Central Bank of India offers multiple recurring deposit schemes to the customers. The different features of these deposit schemes from Central Bank of India include low instalment amount, flexible tenures, higher interest rates and so on. The process of opening a recurring deposit account with the bank is very simple and the documentation requirement is minimal as well. The different recurring deposit schemes offered by Central Bank of India are as follows:

    1. CENT Swa-Shaktil Flexi RDS – This deposit scheme from Central Bank of India offers customers with the flexibility to deposit an amount of their choice every month and earn higher interest rate on the amount. The customers have the flexibility to make the deposit multiple times in a month and apart from the monthly deposit amount, additional funds can also be deposited by the customers.

    Features and Benefits

    • The tenure of the deposit ranges from 6 months to 10 years.
    • The minimum amount that has to be invested on a monthly basis is Rs 100 and after that, the customers can invest in multiples of Rs 100.
    • The instalment payment can be made through cash, netbanking, transfer from a branch, ECS and through standing instruction (SWEEP) facility.
    • There are no Tax Deduction at Source (TDS) for the amount deposited through this scheme.
    • The recurring deposit scheme offers liquidity in the form of loans, overdraft and advances.

    2. CENT Lakhpati – This deposit scheme, also known as the ‘Jab Chaho Lakhpati Bano’ scheme, provides the customers with an opportunity to earn Rs 1 Lakh Plus in a period of 10 years.

    Features and Benefits

    • The initial monthly instalment is Rs 7940 and the monthly instalment amount decreases gradually as the instalments are paid.
    • The interest rate for this scheme can be as high as 9.05% depending on the deposit tenure.
    • The scheme offers additional benefits to senior citizens above the age of 60.

    3. CENT Millionaire – This Central Bank of India recurring deposit scheme offers customers with the opportunity to earn Rs 1 million (10 lakhs) within a period of 10 years.

    Features and Benefits

    • The customers can opt for this recurring deposit scheme with a monthly instalment of Rs 5250.
    • There will be no Tax Deduction at Source (TDS) for the amount deposited through this scheme.
    • The interest rate for this scheme can be as high as 9.05% for the 2nd, 3rd and 4th years of the tenure.

    4. Recurring Deposit with Personal Accident Cover – apart from the regular schemes, Central Bank of India offers this recurring deposit scheme which comes with Personal Accident Cover for account holders below 65 years of age.

    Features and Benefits

    • This scheme offers minimum coverage of Rs 25,000 and a maximum coverage of Rs 5,00,000 for each Recurring Deposit account.
    • For joint accounts, only the first named account holder will be covered by this policy.
    • The minimum monthly instalment for this policy is Rs 500.

    Eligibility and Documents Required For Central Bank of India Recurring Deposit

    Recurring Deposit accounts with Central Bank of India can be opened by:

    • An individual
    • Two individuals (in case of a joint account)
    • Minors above the age of 10 through their guardian(s)
    • HUFs
    • Sole proprietorships
    • Partnerships
    • Corporations
    • Trust, societies, clubs etc.

    The documents required for opening a Bank of India Recurring Deposit Account are as follows:

    • Duly filled and signed application form
    • 2 copy of photographs
    • KYC documents
    • Other documents as requested by the bank

    Interest Rates Offered On Bank of India Recurring Deposit

    For CENT Swa-ShaktiI Flexi RDS, the interest rate offered is 8.00 - 8.5%; for the Cent Millionaire scheme, the interest rate offered is 8.75%; for the Cent Lakhpati scheme and for the interest rate offered is 8.75 - 9.05%. Senior citizens above the age of 60 earn additional interest of 0.50% per annum.

    Penalties for Premature Withdrawals

    For CENT Swa-ShaktiI Flexi RDS, there is no penalty for premature withdrawals or late payment of instalments. However, penalties for premature withdrawals and late payment of instalments might be applicable to other Bank of India recurring deposit schemes.

    Recurring Deposit - Sitemap
    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

    Central Bank of India RD Reviews

  • Page 1 of 1
    • Central Bank of India Recurring Deposit
      "Recurring deposit is fine"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Central bank provides very good service and support . I am holding this RD for the past 3 years. Here I got the best rate of interest and I also get some tax benefit here. Interest what I earn is on a monthly basis. I have not experienced any thing negative with them.
      Was this review helpful? 10
      , coimbatore
      Reviewed on Jan 13, 2017
    • Central Bank of India Recurring Deposit
      "Good bank"
      CENTRAL BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I had the recurring deposit account with the Central bank of India and the interest rate was around 8.75%. The minimum lock in period is around one year of time and the services are good with the Central bank of India.
      Was this review helpful? 7
      , thane
      Reviewed on Mar 23, 2016
    • Central Bank of India Recurring Deposit
      "Best"
      CENTRAL BANK OF INDIA
      0.5 4.0/5 "Great!"
      I do have the recurring deposit with the Central bank of India. Interest rate is around 7.75% as of now and the interest will be compounded with the capital deposit. Minimum lock in period is around one year of time and the nomination is a flexible one with them.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Feb 04, 2016
    • Central Bank of India Recurring Deposit
      "Excellent"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Central bank of India is giving the recurring deposit depend upon the tenure . In which the maximum tenure is one year to 10 year. No activation charges. Minimum amount to start the plan is rs.100 .
      Was this review helpful? 5
      , sagar
      Reviewed on Oct 27, 2015
    • Central Bank of India Recurring Deposit
      "Less time period "
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      CENTRAL BANK OF INDIA was offering good interest rates for the Recurring deposit account. Yearly the rate of interest will be increased. Monthly I will paying rupees 500 for this account. I felt it will be useful in my emergency time.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Oct 26, 2015
    • Central Bank of India Recurring Deposit
      "Good"
      CENTRAL BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      Central Bank of India offers 9% interest rate for the recurring deposit plan with the minimum lock in period of one year. The minimum amount to be deposit is Rs.500 . The customer service is not cooperative and the online service is also not good.
      Was this review helpful? 7
      , mumbai
      Reviewed on Sep 07, 2015
    • Central Bank of India Recurring Deposit
      "Very Good"
      CENTRAL BANK OF INDIA
      0.5 4.0/5 "Great!"
      I am having the recurring deposit with the central bank of india. The rate of interest is around 9.85% for the 6 years of time. The services should be improve in the aspects of internet banking and the customer assistance. For time being I am okay with them.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 05, 2015
    • Central Bank of India Recurring Deposit
      "Only for Savings"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The rate of interest is not a constraint for me and the main reason that I took the recurring deposit with the central bank of India for saving the money. 5 years of time is the minimum lock in period.I guess that there are some of the money will be penalize if we broken the deposit before the minimum lock in period. Services are good with them.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on Jul 28, 2015
    • Central Bank of India Recurring Deposit
      "Cent 1 year RD"
      CENTRAL BANK OF INDIA
      0.5 4.0/5 "Great!"
      Good product , Felxible payment option above the minimum amount and it s return also better compared to other backs . easy to manage with Cent Savings account and can easily liquid it online . ECS can be done . Also we can see the closure balance any time.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 22, 2015
    • Central Bank of India Recurring Deposit
      "Excellent"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am holding a RD with Central bank. they have a scheme called CENT Milliner scheme where a customer has to deposit about 5250 for a period of 10 years and after 10 years it will become 10 lakhs. Interest rate offered by them was 10.25% flat in case if they are going to withdraw the amount in between they would refund the remaining amount with the interest and Principle.
      Was this review helpful? 4
      , madurai
      Reviewed on May 09, 2015
    • Central Bank of India Recurring Deposit
      "amazing facility"
      CENTRAL BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      Trusted for almost more than 20 years, My parents have both their accounts in the same bank, and its gives us so much facilities that even me and my siblings have opted to choose the same bank for our future use, Any new offers or new deposits schemes, we have always been kept informed which gives us amazing benefits :)
      Was this review helpful? 11
      , dombivli
      Reviewed on Sep 08, 2014
    Common Loader Icon
    Page 1 of 1
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.