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Central Bank of India Fixed Deposit Rate
What is a fixed deposit?
A fixed deposit is a tool for financial investment that is used by many people wherein, one can deposit a certain lump of money for a specific span of time and earn an interest on the amount deposited. Fixed deposits are given to people by many banks and Non-Banking Financial Companies (NBFCs). The tenures for fixed deposits begin at just 7 days and can extend up to 10 years or more in some cases. The money deposited for this duration earns an interest and is given back to the individual after the tenure has ended. This is a very advantageous financial tool.
One can deposit his/her money in the Central Bank of India’s fixed deposit account for a certain period that typically ranges from 7 days to 120 months (10 years). The minimum amount that can be deposited in the Central Bank of India fixed deposit is Rs.100. The bank offers competitive interest rate on fixed deposits. Nomination facility is available for the customers.
Apart from the ordinary fixed deposit scheme, the Central Bank of India provides various other schemes for its customers. One can opt for Money Multiplier Deposit Certificate (MMDC), Monthly Interest Deposit receipt (MIDR), Quarterly Interest Deposit Receipt (QIDR), Cent Double, Cent 555, Cent 777, Cent Uttam, Cent Tax Saving Deposit, Cent Aspire scheme or Cent Suraksha Deposit.
About Central Bank of India Fixed Deposit Rate
- Central Bank of India’s fixed deposit
- Monthly Multiplier Deposit Certificate (MMDC)
- Monthly Interest Deposit Rate (MIDR)
- Quarterly Interest Deposit Rate (QIDR)
- Interest Rate on Central Bank of India’s Fixed Deposit
- Central Bank of India Fixed Deposit rates
- How to Calculate Central Bank of India Fixed Deposit Interest?
- Central Bank of India FD – FAQS
Central Bank of India’s fixed deposit
Central Bank of India’s fixed deposit scheme allows on to deposit a minimum of Rs.100/- and thereafter, in multiples of Rs.100/-. The period of deposit starts at 7 days and can go up to 10 years. Simple interest is credited in the account at half yearly intervals in March & September every year or on maturity of the deposit, whichever is earlier. Nomination facility is available to the customer.
Monthly Multiplier Deposit Certificate (MMDC)
One can deposit a minimum amount of Rs. 100/- and thereafter, in multiples of Rs. 100/-. The deposit period ranges from 6 months to 10 years. The interest accrued gets added back to the principal giving you an effective interest rate that is higher than the contracted interest rate. This is an ideal scheme to increase your deposits exponentially.
Monthly Interest Deposit Rate (MIDR)
One can deposit a minimum amount of Rs. 5,000/- and thereafter, in multiples of Rs. 1000/-. The period of deposit ranges from 1 year to 10 years. The MIDR scheme provides you with monthly interest earnings, without affecting the principal amount.
Quarterly Interest Deposit Rate (QIDR)
One can deposit a minimum amount of Rs. 5,000/- and thereafter, in multiples of Rs. 1000/-. The period of deposit ranges from 1 year to 10 years. QIDR provides you quarterly interest without affecting the principal amount.
Cent Double
This product is in similar nature of the MMDC. The minimum amount for people in metro and urban centers can deposit is Rs.10,000/-, whereas it is Rs.5,000 in semi-urban and rural centers. The maximum amount one can deposit is less than one crore. It earns an interest of 6.50%
Cent 555
Here, the tenure of deposit is a fixed 555 days. The interest earned is 6.50%. The interest is compounded quarterly. The minimum deposit amount is Rs. 1,000 and maximum amount less than 1 crore. Additional benefit of interest is not allowed to senior citizens and ex-staff/staff.
Cent 777
Here, the tenure of deposit is a fixed 777 days. The interest earned is 6.50%. The minimum amount to deposit is Rs.1,000 and the maximum amount is less than 1 crore. Additional interest is allowed for Senior Citizens & Staff as per existing norms.
Cent Uttam
Cent Uttam scheme offers you the double benefits of easy liquidity and high returns. It is also a flexible scheme that allows you to withdraw a part of the deposit amount as and when required. One can deposit a minimum of Rs.5,000/- and thereafter, in multiples of Rs.1,000. The tenure ranges from 30 days to 10 years.
Cent Tax Saving Deposit
This is for an individual or a Hindu Undivided Family (HUF) who is an Income Tax assessee with a Permanent Account Number. It can be a single of joint holder type deposit. It is for a fixed period of 5 years. The minimum amount to be deposited is Rs.100 and thereafter, in multiples of Rs.100. The maximum amount is Rs.1,50,000/-
Cent Aspire scheme
This scheme has three variants, namely, MMDC, MIDR and QIDR. Minimum Rs.20,000/- can be deposited and thereafter, in multiples of Rs.1000/-. There is no maximum amount. Nomination facility is available.
Interest Rate on Central Bank of India’s Fixed Deposit
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Central Bank of India’s Interest Rates typically ranges from 4.75% to 6.50% per annum.
Central Bank of India Fixed Deposit rates
Following is an overview of Central Bank of India’s Fixed Deposit Rates
Domestic term deposit
| S.No. | Maturity Period | Less than 1 Cr (w.e.f 26/04/17) | 1 Cr to 10 Cr (Single deposit) (w.e.f 23/08/18) |
|---|---|---|---|
| 1 | 7 -14 days | 4.75 | 4.25 |
| 2 | 15 - 30 days | 5.50 | 5.25 |
| 3 | 31 - 45 days | 5.50 | 5.25 |
| 4 | 46 - 59 days | 5.50 | 5.25 |
| 5 | 60 - 90 days | 5.50 | 5.25 |
| 6 | 91 - 179 days | 6.50 | 5.75 |
| 7 | 180 - 270 days | 6.50 | 5.75 |
| 8 | 271 - 364 days | 6.50 | 5.75 |
| 9 | 1 yr to less than 2 yrs | 6.60 | 5.75 |
| 10 | 2 yr to less than 3 years | 6.50 | 5.50 |
| 11 | 3 yr to less than 5 years | 6.50 | 5.50 |
| 12 | 5 years upto 10 years | 6.50 | 5.50 |
| 13 | 555 days | 6.50 | NA |
| 14 | 777 days | 6.50 | NA |
| 15 | Cent Double | 6.50 | NA |
High Cost Bulk Deposit
| Period | Revised rate for above Rs. 10 Crore (w.e.f 27.08.2018) |
|---|---|
| 7 -14 days | 4.25 |
| 15 -30 days | 5.25 |
| 31 - 45 days | 5.25 |
| 46 - 59 days | 5.25 |
| 60 -90 days | 5.25 |
| 91 - 179 days | 5.75 |
| 180 - 270 days | 5.75 |
| 271 - 364 days | 5.75 |
| 12 months to 13 months | 5.75 |
How to Calculate Central Bank of India Fixed Deposit Interest?
You can use online resources to calculate the interest accrued on your Central Bank of India FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Central Bank of India FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Central Bank Of India Fixed Deposit Rate FAQ
1. What are the schemes offered by Central Bank of India?
One can opt for Money Multiplier Deposit Certificate (MMDC), Monthly Interest Deposit receipt (MIDR), Quarterly Interest Deposit Receipt (QIDR), Cent Double, Cent 555, Cent 777, Cent Uttam, Cent Tax Saving Deposit, Cent Aspire scheme or Cent Suraksha Deposit.
2. For how long can I keep my deposit?
You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.
3. What is the rate of interest earned on a Central Bank of India fixed deposit?
Central Bank of India’s Interest Rates typically range from 4.75% to 6.50% per annum.
Latest & Update Central Bank Of India Fixed Deposit Rate News
Got Vaccinated? You are Eligible for Higher FD Interest Rates16 Apr 2021
In a first-of-its-kind initiative, the Central Bank of India has announced special interest rates for customers who are vaccinated against Covid-19. Called the “Immune India Deposit Scheme,” investors in this FD scheme enjoy 25bps above existing rate...
Read moreIn a first-of-its-kind initiative, the Central Bank of India has announced special interest rates for customers who are vaccinated against Covid-19. Called the “Immune India Deposit Scheme,” investors in this FD scheme enjoy 25bps above existing rates. Currently, the bank offers interest rates of 5.1% on FDs over three years. Under this special scheme, the interest rate offered is 5.35%. This scheme aims to promote awareness among citizens regarding the Covid-19 vaccine and to incentivise them to vaccinate. This scheme is available even to citizens who have received only one dose of the vaccine. Senior citizens are eligible for additional interests under this special scheme.
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