Central Bank of India FD Interest Rates

Central Bank of India FD Interest Rates Today – Nov 18, 2024

Central Bank of India (CBI) offers fixed deposit interest rates ranging from 3.50% to 7.25% annually for the general public and 4.00% to 7.75% annually for senior citizens, with tenure periods spanning from 7 days to 10 years. CBI Tax Saving FDs provide an interest rate of 6.25% annually for the general public and 6.75% annually for senior citizen depositors.

Features of CBI FD Interest Rates

Feature	Description
Interest Rates (%p.a.)	3.50% – 7.25%
Minimum Deposit	Rs. 100/-
Period	7 Days – 10 Years
Senior Citizen (Age Above 60 Year)	Extra 0.5% p.a.
Compounding	Quarterly
Calculate FD Returns	CBI FD Calculator

Central Bank of India FD Interest Rates [Below Rs.2 Crore]

All interest rates shown below are annual (% p.a.) with effect from 10 January 2024.

Period	General Public	Senior Citizens
7 days to 14 days	3.50	4.00
15 days to 30 days	3.75	4.25
31 days to 45 days	3.75	4.25
46 days to 59 days	4.50	5.00
60 days to 90 days	4.75	5.25
91 days to 179 days	5.00	5.50
180 days to 270 days	6.00	6.50
271 days to 364 days	6.25	6.75
1 year to less than 2 years	6.75	7.25
2 years to less than 3 years [Highest]	7.00	7.50
3 years to less than 5 years	6.50	7.00
5 years to 10 years	6.25	6.75

Central Bank of India FD Interest Rates [Rs. 2 Crore To 10 Crore]

All interest rates shown below are annual (% p.a.) with effect from 10 January 2024.

Period	General Public	Senior Citizens
7 days to 14 days	5.00	5.50
15 days to 30 days	5.00	5.50
31 days to 45 days	5.50	6.00
46 days to 59 days	5.75	6.25
60 days to 90 days	5.00	5.50
91 days to 179 days	6.00	6.50
180 days to 270 days	6.50	7.00
271 days to 364 days	6.75	7.25
1 year to less than 2 years [Highest]	6.85	7.35
2 years to less than 3 years	6.25	6.75
3 years to less than 5 years	5.75	6.25
5 years & above up to 10 years	5.50	6.00

Central Bank of India TAX Saver Fixed Deposit (Cent Tax Saving Deposit)

Central Bank of India offers Tax Saver Deposit under Cent Tax Saving Deposit with a minimum deposit amount of Rs.100/- or multiples thereof and the maximum deposit amount is Rs. 1,50,000/- annually.

Tenure	Regular Citizens	Senior Citizen
5 years	6.25%	6.75%

Benefits of Fixed Deposit in Central Bank of India

Investing in Central Bank of India Fixed Deposits comes with several advantages:

• Assured Returns: Fixed Deposits provide a guaranteed return on your investment, ensuring that your principal amount remains safe and earns interest over the specified period.
• Stable Returns: FDs in Central Bank of India typically offer fixed interest rates, providing stability and predictability in returns, especially in comparison to other investment options that may be subject to market fluctuations.
• Flexible Tenure Options: Central Bank of India offers various tenure options for FDs, allowing you to choose a duration that suits your financial goals and liquidity needs, ranging from short-term to long-term deposits.
• Competitive Interest Rates: The bank offers competitive interest rates on FDs, which are often higher than savings account interest rates, thereby helping you maximize your returns on your savings.
• Loan Facility: In case of urgent financial requirements, you can avail of loan facilities against your FD with Central Bank of India, ensuring liquidity without having to break your deposit prematurely.
• Tax Benefits: Investments in tax-saving Fixed Deposits with a lock-in period of five years are eligible for tax deductions under Section 80C of the Income Tax Act, providing additional savings on your taxable income.
• Safety and Security: Central Bank of India is a government-owned bank with a long-standing reputation for financial stability and trustworthiness, offering security and peace of mind to investors.
• Senior Citizen Benefits: The bank often provides higher interest rates on FDs for senior citizens, offering additional financial benefits to this demographic.

How to Apply for Central Bank of India Fixed Deposit

There are two main ways to open a Fixed Deposit (FD) with Central Bank of India (CBI):

1. Online:

• If you have an existing NetBanking account with CBI, you can conveniently open an FD online:
  • Log in to your NetBanking account.
  • Select “Online Term Deposit” from the menu.
  • Choose the desired FD type from the available options (e.g., Regular FD, Tax Saving FD, Senior Citizen FD).
  • Provide the required details, including deposit amount, tenure, and nomination details.
  • Review and confirm the transaction.
  • Upon successful completion, you’ll receive an e-receipt for your FD.

2. Offline:

• Visit any CBI branch with the required documents:
  • Valid photo ID proof (e.g., PAN card, Aadhaar card, passport).
  • Address proof (e.g., utility bill, bank statement).
  • Completed FD application form (available at the branch).
  • Deposit amount in cash or cheque.
  • Nomination form (optional).

Who can open the Fixed Deposit Account

• A person in his individual capacity.
• More than one person in their joint names
• A minor jointly with a major
• A minor over the age of 10 years who can read and write and operate the account personally.(Maturity value should not exceed Rs.50000/-)
• Charitable and educational institutions.
• HUF
• Blind Persons
• Illiterate persons
• Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.

Documents Required

• Photo ID proof
  • Passport
  • Aadhaar card
  • PAN card
  • Voter ID card
  • Driving licence
  • Government ID card
  • Photo ration card
  • Senior citizen ID card
• Address proof
  • Electricity Bill
  • UID ( Adhar Card )
  • Telephone Bill
  • Ration Card
  • Salary Slip
  • Bank account statement
  • Letter from a reputed employer
  • Letter from any recognized public authority /local body Income tax / wealth tax Assessment order
• Completed FD application form
• Deposit amount
• Nomination form (optional)

Eligibility

• Individuals
• Joint account holders
• Minors can hold an account along with an adult. Please note that any person above 12, with the ability to read and write, can operate an account on his/her own basis
• Hindu Undivided Family, illiterates, those suffering from blindness
• Businessmen and traders

Important Tips:

• Ensure you have all required documents, including KYC (Know Your Customer) details, to facilitate a smooth application process.
• Double-check the terms and conditions of the Fixed Deposit scheme you choose, including interest rates and maturity details.
• Keep a copy of the Fixed Deposit receipt (FDR) for your records.
• If applying online or through mobile banking, use secure and trusted internet connections to protect your personal information.

By following these steps through your preferred channel, you can easily open a Bank of India Fixed Deposit, enjoying the benefits of a secure and rewarding investment.

About Central Bank of India (CBI)

The Central Bank of India (CBI) is a public sector bank headquartered in Mumbai, Maharashtra, India. It is one of the oldest and largest commercial banks in India, with a network of over 11,700 branches and 16,000 ATMs across the country.

• Founded: 21 December 1911
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Matam Venkata Rao
• Number of branches: 4493 Branches
• Website: https://www.centralbankofindia.co.in/

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