Fixed Deposits (FDs) remain one of the most secure and reliable investment options in India, offering guaranteed returns with minimal risk. The Central Bank of India, one of the oldest and largest commercial banks in the country, provides competitive interest rates on its FD schemes. This comprehensive guide explores the details of the Central Bank of India FD interest rates, including current rates, benefits, special schemes, and more.
Fixed Deposits (FDs) are a type of investment where you deposit a lump sum amount with a bank for a fixed period at a predetermined interest rate. Upon maturity, the bank returns the principal amount along with the accrued interest. FDs are favored by investors for their safety, guaranteed returns, and higher interest rates compared to regular savings accounts.
The Central Bank of India offers a range of interest rates on its Fixed Deposit schemes, varying based on the tenure of the deposit and the type of FD account.
Here is a breakdown of the current FD interest rates offered by the Central Bank of India:
| Tenure | Interest Rate (per annum) |
| 7 days to 14 days | 3.00% |
| 15 days to 45 days | 3.00% |
| 46 days to 90 days | 4.50% |
| 91 days to 179 days | 4.75% |
| 180 days to 270 days | 5.25% |
| 271 days to less than 1 year | 5.50% |
| 1 year to less than 2 years | 6.00% |
| 2 years to less than 3 years | 6.25% |
| 3 years to less than 5 years | 6.50% |
| 5 years and above | 6.75% |
Central Bank of India Fixed Deposits offer assured returns at fixed interest rates, providing a secure investment option unaffected by market volatility.
You can choose from a wide range of tenures, from 7 days to 10 years, allowing you to align your investment period with your financial objectives.
The bank provides a loan or overdraft facility against your fixed deposit, typically up to 90% of the deposit amount, giving you access to liquidity without breaking your FD.
Senior citizens enjoy preferential interest rates on fixed deposits, making it a beneficial investment option for retirement planning.
The Central Bank of India offers an auto-renewal option, ensuring that your FD continues to earn interest automatically if you do not withdraw it upon maturity.
The bank allows premature withdrawal of fixed deposits, subject to a nominal penalty, providing flexibility in case of financial emergencies.
The bank offers a 5-year tax-saving fixed deposit scheme that qualifies for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakh per financial year.
The Central Bank of India provides a nomination facility, ensuring that your deposit is transferred to a nominee without hassle in case of any unforeseen circumstances.
The bank offers a variety of fixed deposit schemes, including regular FDs, tax-saving FDs, and special FDs with higher interest rates for specific tenures.
For select FD schemes, the bank offers a quarterly interest payout option, providing a steady stream of income, especially useful for retirees or those seeking regular income.
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The Central Bank of India offers special fixed deposit interest rates for senior citizens (aged 60 years and above). Senior citizens typically receive an additional 0.50% interest rate over and above the regular rates. This makes FDs an attractive investment option for retirees looking for stable and enhanced returns.
Here are the current interest rates for senior citizens:
| Tenure | Interest Rate (per annum) |
| 7 days to 14 days | 3.50% |
| 15 days to 45 days | 3.50% |
| 46 days to 90 days | 5.00% |
| 91 days to 179 days | 5.25% |
| 180 days to 270 days | 5.75% |
| 271 days to less than 1 year | 6.00% |
| 1 year to less than 2 years | 6.50% |
| 2 years to less than 3 years | 6.75% |
| 3 years to less than 5 years | 7.00% |
| 5 years and above | 7.25% |
Opening a Fixed Deposit with the Central Bank of India is a straightforward process. You can open an FD account online through the bank’s internet banking portal or visit the nearest branch. Here are the steps to open an FD account online:
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The Central Bank of India offers a Tax Saver FD scheme, allowing individuals to save on taxes under Section 80C of the Income Tax Act. The scheme comes with a lock-in period of 5 years, during which the deposit cannot be withdrawn.
The interest rates for the Central Bank of India Tax Saver FD are as follows:
Before investing in a Fixed Deposit, consider the following factors to ensure it aligns with your financial goals:
The Central Bank of India’s Fixed Deposits are a reliable and secure investment option offering attractive interest rates and various benefits tailored to meet the needs of different customer segments. Whether you are a regular investor, a senior citizen, or looking to save on taxes, the Central Bank of India has an FD scheme that suits your requirements.
Central Bank of India Fixed Deposit accounts can be opened to have a secured financial future to match up with the inflation rate.
The minimum deposit amount for a Central Bank of India FD is typically ₹1,000, but it may vary based on the type of FD and the tenure.
Yes, the Central Bank of India allows premature withdrawal of FDs, subject to certain terms and conditions. However, a penalty may be levied on the interest rate.
Yes, the Central Bank of India offers special FD schemes for senior citizens with higher interest rates.
The lock-in period for the Central Bank of India Tax Saver FD is 5 years.
Yes, you can avail of a loan against your FD up to 90% of the deposit amount.
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