Central Bank of India Recurring Deposit (RD)
Central Bank of India offers its customers 4 recurring deposit schemes. One can enjoy the benefits of Central Bank of India RD interest rates by opening an RD account by choosing any one of the schemes.
Central Bank of India offers attractive rates on Recurring Deposit (RD). The bank offers regular RD scheme, Cent Swashakti (Flexi RDS), Cent Lakhpati, and Cent Millionaire.
You can get interest rates ranging from 6.75% to 7.25%. Senior Citizens get an additional 0.50% interest rate. The tenures for RDs range from 6 months to 10 years.
Recurring Deposit (RD) Scheme
Key Highlights
Minimum Amount Deposit | Min: Rs.100 per month (for any higher amount, deposit in multiples of Rs.100) Max: No limit |
Tenure | Min: 6 months Max: 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 |
|
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.1 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
Tenure | Min: 1 year Max: 10 years |
Eligibility | Individuals (Single and Jointly), Minors, HUF, traders, merchants, partnership firms, societies and corporates |
Rate of Interest | 6.75%-7.25% |
Tenure (years) | Rate of Interest | Monthly Installments (Rs.) | Maturity Value (Rs.) |
1 | 6.85% | 8,050 | Rs.1 LAKH & PLUS |
2 | 7.25% | 3,890 | |
3 | 7.00% | 2,510 | |
4 | 6.75% | 1,820 | |
5 | 6.75% | 1,410 | |
6 | 6.75% | 1,140 | |
7 | 6.75% | 940 | |
8 | 6.75% | 800 | |
9 | 6.75% | 690 | |
10 | 6.75% | 600 |
Note: The interest rates mentioned above are in effect from 10 January 2025 and are subject to change at the bank’s discretion.
Things to Know
- The initial monthly instalment is Rs.8,050 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.5,840 |
Tenure | 10 years |
Eligibility | Individuals (Single and Jointly), Minors, HUF, traders, merchants, partnership firms, societies and corporates |
Rate of Interest | Contact the Bank |
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 RD calculator 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.
FAQs on Central Bank of India RD
- Can I get a bankbook to track my RD in Central Bank?
Yes, you can use your passbook to track the amount you deposit in your Recurring Deposit account in Central Bank.
- How do I open a recurring deposit in Central Bank?
You need a savings account in Central Bank to open a recurring deposit in Central Bank. So, for existing customers of the Central bank, you just need to link your RD account to your savings account. New customers need to open a new savings account to invest in an RD.
- Can I renew my RD at the central bank?
There is no option to auto-renewal after the maturity period but you can reinvest the money from your RD tenure is over.
- Does TDS apply to RD?
The interest earnings are subject to TDS at a rate of 10%. Tax is withheld at a rate of 20% of the total earnings in the event that a person fails to provide his or her PAN information.
- Can I redeem my RD before the term is up?
Yes, you can withdraw before your RD term is over but comes with a penalty. This is based on the rate in effect from the deposit date through the time it was in the bank.
- Can I use internet banking for investing in RD in Central Bank?
Yes, you can use net banking for investing in recurring deposits in Central Bank.
- Is RD a worthwhile investment in Central Bank?
Yes, if the interest rates offered by Central Bank are competitive. Recurring deposits are a good way to save a sizable sum of money while only setting aside a small portion of your monthly income.
- How can I get the amount of the RD after maturity?
If the RD maturity amount is less than Rs.20,000, you will receive payment in cash. If the maturity amount is more than Rs.20,000, a demand draught will be issued or it will be transferred to your savings account.
- Do minors need to meet any requirements to open an RD account?
For minors to open an RD account, the maturity value cannot be greater than Rs.50,000, and the maximum monthly instalment is Rs.500.
- Do senior citizens and bank employees receive higher interest rates on their RD accounts?
Yes. The bank offers higher interest rates to senior citizens, bank employees, former employees, widows and widowers of employees, and former employees who are also senior citizens.
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