The Central Bank of India provides attractive interest rates, especially for senior citizens, making it a reliable option for investing in FDs. Unlike regular savings accounts, the Central Bank of India FD rates are higher, making it an appealing choice for individuals seeking better returns. Individuals can avail attractive interest rates on CBI FD starting from 3.50% to 7.25% on tenures ranging from 7 days to 10 years.
Central Bank of India FD Rates for Deposits Less Than ₹2 Crore
Below is a comprehensive analysis of the Central Bank of India FD Interest Rates 2023 w.e.f. 10th May, 2023.
|FD Tenure||Regular Citizens (%)||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||4.00||4.50|
|60 days to 90 days||4.25||4.75|
|91 days to 179 days||4.50||5.00|
|180 days to 270 days||5.50||6.00|
|271 days to 364 days||5.50||6.00|
|1 year to less than 2 years||6.75||7.25|
|2 years to less than 3 years||6.50||7.00|
|3 years to less than 5 years||6.25||6.75|
|5 years & above up to 10 years||6.25%||6.75%|
Fixed Deposit Interest Rates on Domestic Single Deposits of ₹2 Crore to ₹10 Crore w.e.f. 10 May 2023
Here is a detailed analysis of the Central Bank of India’s single deposit rates.
|Maturity Period||Rates for General Citizens (p.a.)||Rates for Senior Citizens (p.a.)|
|7 – 14 days||5.00%||5.50%|
|15 – 30 days||5.00%||5.50%|
|31 – 45 days||5.50%||6.00%|
|46 – 59 days||5.50%||6.00%|
|60 – 90 days||4.50%||5.00%|
|91 – 179 days||5.50%||6.00%|
|180 – 270 days||6.00%||6.50%|
|271 – 364 days||6.25%||6.75%|
|1 year to < 2 years||6.75%||7.25%|
|2 years to < 3 years||6.00%||6.50%|
|3 years to < 5 years||5.50%||6.00%|
|5 years & above, up to 10 years||5.50%||6.00%|
Here is a detailed analysis of special term deposit interest rates.
|Callable Period (days)||General Public Rates||Senior Citizen Rates|
|Non-Callable Period (days)||General Public Rates||Senior Citizen Rates|
|Tenure||Interest Rates (% p.a.)|
|Regular Citizen||Senior Citizen|
Cent Green Deposit Scheme Interest Rates w.e.f. 10 April 2023
|Tenure||Interest Rates (% p.a.)|
|Regular Citizen||Senior Citizen*|
Central Bank of India Tax Saver Deposit (Cent Tax Saving Deposit)
|Tenure||Regular Citizens||Senior Citizen|
Central Bank of India’s Updated NRE Deposit Interest Rates for Investments Below ₹2 Crores Starting from 10th March 2023
Central Bank of India’s updated NRE deposit interest rates for investments below ₹2 crores is as follows:
|Maturity Period||Interest on Deposits Below ₹2 Crore||Interest on Deposits Above ₹2 Crore|
|1 year to less than 2 years||6.75%||6.5%|
|2 years to less than 3 years||6.5%||6%|
|3 years to less than 5 years||6.25%||5.5%|
|5 years to less than 10 years||6.25%||5.5%|
Central Bank of India FD Returns Based on Investment Amount
The following table shows the Central Bank of India’s FD returns based on the investment amount.
|Investment Amount||For 3 years with interest of 6.25%||For 5 years with interest of 6.25%|
|₹ 50,000||₹ 60,282||₹ 68,286|
|₹ 1 lakh||₹ 1,20,564||₹ 1,36,573|
|₹ 2 lakh||₹ 2,41,129||₹ 2,73,146|
|₹ 5 lakh||₹ 6,02,822||₹ 6,82,865|
|₹ 10 lakh||₹ 12,05,643||₹ 13,65,730|
Documentation Required for Central Bank of India Fixed Deposits
To initiate the process of opening a fixed deposit account at the Central Bank of India, you will need to collect the following documents:
- Identity Proof- PAN card, Aadhar card, voter ID, passport, Employment ID, Government ID, or driving licence, etc.
- Address Proof – Electricity bill, Aadhar Card, telephone bill, salary slip, bank account statement, or income tax returns (IT returns), etc.
- Age Proof – PAN card, passport, service discharge certificate, or voter ID card and minors (birth certificate), etc.
- Two recent passport-sized photographs.
Eligibility Criteria for Central Bank of India Fixed Deposit Accounts
You must fulfil specific eligibility criteria to open a fixed deposit account with the Central Bank of India. The requirements are:
- Individuals: Minors and joint account holders can open a fixed deposit account with the Central Bank of India.
- Partnerships firms: Partnerships firms are eligible to open FD accounts with CBI.
- Companies: Public or private companies can open FD accounts with the bank.
- Educational and charitable institutions: Educational institutions such as schools, colleges, universities, and charitable institutions can open FD accounts.
- HUFs (Hindu Undivided Families): HUFs can open FD accounts with the bank.
- Blind and illiterate persons: Central Bank of India allows blind and illiterate individuals to open FD accounts. Special assistance may be provided to facilitate the account opening process for these individuals.
- Private traders, agents, merchants, and professionals: Individuals engaged in private trading, agency business, mercantile activities, or professional services can open FD accounts.
- Clubs and societies: Clubs, associations, and societies can open FD accounts with the Central Bank of India.
Central Bank of India FD Calculator
To simplify the process of calculating returns from fixed deposit investments, the Central Bank of India provides an online FD calculator. This user-friendly tool requires input regarding the investment principal, interest rate, tenure, and interest payout frequency. By leveraging this calculator, investors can save time and effort on manual calculations.
The Central Bank of India offers a higher interest rate of 1% above the standard for super senior citizens. Ex-staff depositors also receive an additional 1% interest rate bonus. Accordingly, if you are a super senior citizen and an ex-staff member, you will enjoy a combined bonus of 2% interest rate on your FD.
Certainly! You have the flexibility to add or remove joint account holders’ names. It is important to note that all joint account holders must agree to the addition or removal. At least one of the original account holders’ name must be retained.
Yes, the Central Bank of India provides the option for automatic renewal of fixed deposits.
Central Bank of India exempts customers from paying penal interest on early withdrawals under certain circumstances. One such situation is when you choose to renew your deposit for longer than the remaining tenure of your previous deposit.
In such cases, the Central Bank of India grants a waiver on the premature withdrawal penalty. Another instance where the penalty is waived is during the settlement of claims following the unfortunate demise of one of the joint account holders.
Existing customers with active internet banking credentials can access internet banking services to open an FD account online.