Central Bank Of India Recurring Deposit Rate

Introduction

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account. It is ideal for those who are not capable of investing a huge amount at one go. It is often recommended for starters to invest in a Recurring Deposit Scheme.

Advantages to opening an RD account

• Interest Rate earned is generally equal to that of an FD
• Safe and secure form of investment
• Secure from fluctuations and volatility
• Ideal for starters
• Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
• Can be opened with small minimum amount.
• Lump sum received at maturity, including the interest
• The rate of interest is higher as compared to an ordinary saving bank account
• Flexible tenures to suit the budget of the individual
• Loan / overdraft facility available with some banks.

Central Bank of India Recurring Deposit

An RD in Central Bank of India instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Central Bank of India Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance. The RD scheme is much recommended to those who are salaried and regular income people.

Key Features of Central Bank of India RD Account

• Similar to other term deposit opened for a fixed period with monthly installments.
• Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
• Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
• Attractive interest rates: Offers a higher rate of interest than a savings bank account.
• Is a safe, low-risk form of investment.
• Quick liquidity options and access to your funds when you need it at nominal penal charges.

Types of Recurring Deposits Offered by Central Bank of India

Central Bank of India Recurring Deposit Interest Rates

Central Bank of India Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Central Bank of India Recurring Deposit by investing in any of its RD schemes. Following is an overview of Central Bank of India RD interest rates including Central Bank of India Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Central Bank, it is advisable to check with the bank directly.

Central Bank of India recurring deposit interest rates 2015 – 2016

The interest rate will be as per prevailing term deposit card rate. It is calculated on a daily basis and credited every half year in June / December. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis

Central Bank of India Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.

Central Bank of India Bank RD FAQs