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Central Bank of India Recurring Deposit

Central Bank of India offers attractive rates on Recurring Deposits (RD). The bank offers regular RD scheme, Cent Swashakti (Flexi RDS), Cent Lakhpati, and Cent Millionaire. You can get interest rates ranging from 6.45% to 6.65%. Senior Citizens get an additional 0.50% interest rate. The tenures for RDs range from 6 months to 10 years.

Recurring Deposit Scheme

Key Highlights

Minimum Amount Deposit Min: Rs.100 per month (for any higher amount, deposit in multiples of Rs.50)Max: No limit
Tenure Min: 6 monthsMax: 10 years
Eligibility Individuals (Single and Jointly), Minors, HUF, traders, merchants, partnership firms, societies and corporates
TDS on RD Applicable
Premature Withdrawal Allowed
Loan/Overdraft Up to 90% of the RD amount
Nomination Facility Available
Late Penalty
  • Tenures of 5 years or less: Rs.2 per Rs.100 per month
  • Tenures higher than 5 years: Rs.1.50 per Rs.100 per month

Things to Know

  • The RD scheme is aimed at salaried individuals with regular income.
  • Passbooks are issued to customers who open RD accounts.
  • Auto-renewal is applicable.
  • You can give standing instructions to transfer the money every month to your RD account.

Cent Swashakti (Flexi RDS)

Key Highlights

Minimum Amount Deposit Min: Rs.100 per month (for any higher amount, deposit in multiples of Rs.100)
Max: Rs.10 lakh
Tenure Min: 6 months
Max: 10 years
Eligibility Individuals (Single and Jointly), Minors, HUF, proprietorship, traders, merchants, partnership firms, societies and corporates.
TDS on RD Not Applicable
Premature Withdrawal Allowed
Loan/Overdraft Up to 90% of outstanding balance
Nomination Facility Available
Late Penalty No penalty

Things to Know

  • You can make multiple deposits in a month apart from the monthly deposit amount.
  • The total monthly deposit should not exceed 10 times of the core amount.
  • The monthly installment can be reduced in any month however, it should not be lesser than the core amount.
  • The instalment payment can be made through cash, netbanking, transfer from a branch, ECS and through standing instruction (SWEEP) facility.

Cent Lakhpati

Key Highlights

Minimum Amount Deposit Min: Rs.8,040
Tenure Min: 1 year Max: 10 years
Eligibility Individuals (Single and Jointly), Minors, HUF, traders, merchants, partnership firms, societies and corporates
Rate of Interest 6.55%
Tenure (years) Interest Rate Monthly Installments (Rs.) Maturity Value (Rs.)
1 6.55% 8040 1 lakh
2 6.55% 3900
3 6.55% 2510
4 6.55% 1820
5 6.55% 1410
6 6.55% 1140
7 6.55% 940
8 6.55% 800
9 6.55% 680
10 6.55% 600

Things to Know

  • The initial monthly instalment is Rs.8,040 and the monthly instalment amount decreases gradually as the instalments are paid.
  • The scheme offers additional interest rates to senior citizens.

Cent Millionaire

Key Highlights

Minimum Amount Deposit Rs.5,910
Tenure 10 years
Eligibility Individuals (Single and Jointly), Minors, HUF, traders, merchants, partnership firms, societies and corporates
Rate of Interest 6.55%
TDS on RD Applicable
Maturity Amount More than Rs.10 lakh after 10 years

The Cent Millionaire RD scheme offers customers with the opportunity to earn Rs.10 lakh (1 million) within a period of 10 years.

How to Open an RD Account with Central Bank of India

You can open a recurring deposit account with Central Bank of India in three ways:

  • By visiting the branch
  • Through net banking
  • Through mobile banking

If you are an existing Central Bank of India account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not a Central Bank of India account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD. You will need to download the Central Bank of India mobile app to open an RD via mobile banking.

Central Bank of India RD Calculator

You can try out online RD calculators to calculate the interest on your RD. There are many websites that offer recurring deposit calculators. 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.

You can invest 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.

News About Central Bank of India Recurring Deposit Interest Rates

  • CBI Bhopal Successfully Completes 136 years

    Many gathered together to pay floral tribute to Sorabji Pochkhanawala, the founder of The Central Bank of India on the 136th establishment year at the office. Many officials had gathered at the statue of Sorabji Pochkhanawala in the regional Office to pay their tribute.

    Balaji Rao narrated the difficulties that are faced in the bank industry during the British rule.

    He also asked the employees to follow the glorious tradition that they once followed when they introduced excellent savings schemes, recurring deposits, credit cards, and locker facilities. To celebrate the 136th establishment day an eye checkup camp was organised. The camp was organized with the support of their channel partner Chola MS.

    18 August 2017

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