The Central Bank of India provides attractive fixed deposit schemes for investors. These FD schemes offer various benefits, making them popular among individuals seeking secure and profitable investment options. This article delves into the intricacies of the Central Bank of India FD schemes.
Features of Fixed Deposits Offered by Central Bank of India
The specific features of Central Bank of India Fixed Deposits are as follows:
- Attractive Returns: Central Bank of India fixed deposit schemes offer higher returns than their savings bank accounts.
- Deposit Insurance: Deposits in the Central Bank of India are secured under the Deposit Insurance Scheme of RBI, with DICGC insuring all deposits up to INR 5,00,000.
- Premature Withdrawal: While premature withdrawal is allowed, specific rules apply. Deposits above INR 5 lakhs incur a penalty of 1% on the interest, whereas deposits below INR 5 lakhs do not attract any penalty.
- Nomination Facility: Depositors can nominate beneficiaries for their Central Bank of India fixed deposits.
- Auto-Renewal: Central Bank of India offers the convenience of auto-renewal for fixed deposits.
- Simplify Your FD Management: With the Central Bank of India’s user-friendly online portal, handling and initiating FDs has never been easier!
- PAN Card Requirement: While a PAN card isn’t mandatory to open an FD account, not disclosing PAN details may lead to consequences. TDS will be charged 20% instead of 10% under section 206AA, and the bank will not issue a TDS certificate. Additionally, exemption certificates like Form 15G and Form 15H will be invalid.
- No Need for Savings Account: It is not necessary to have a Central Bank of India savings account to open a fixed deposit account.
Eligibility Criteria for Central Bank of India FD
To benefit from the Central Bank of India FD rates, individuals must meet the prescribed eligibility criteria for opening a Fixed Deposit account.
- Joint account holders can start a Central Bank of India FD.
- Resident individuals who are Indian citizens can avail themselves of the FD facility.
- Minors, who wish to invest their savings and have a guardian or parent to manage the account on their behalf, are eligible.
- Trusts, including private or public trusts, can open an FD account with the bank.
- Panchayats and municipalities are eligible to invest their funds in the form of FDs for better returns and financial security.
- Sole proprietary concerns, such as self-employed individuals or small business owners operating without partners, can avail of this facility.
- Even illiterate individuals can open an FD account with a trusted representative who can read and comprehend the necessary documentation.
- Members of Joint Hindu Families can utilise the FD service to safeguard their funds and earn interest on their savings.
- Religious, charitable, and educational institutions can open FDs to manage surplus funds effectively.
- Partnership firms of two or more individuals engaged in a business venture are eligible for the Central Bank of India’s FD offering.
Central Bank of India Fixed Deposit Application Documents
To open a fixed deposit account with the Central Bank of India, interested customers are required to submit the following documents:
- Verification of Identity (choose any of the options below)
- Aadhaar card
- PAN card
- Defence ID card
- Voter ID card
- Proof of Address (any one of the following)
- Telephone bill
- Electricity bill
- Aadhaar card (if not already provided as proof of identity)
- Bank account statement with a cheque
- Letter from a reputed employer
- Additional Documents for Senior Citizens: To verify their age, senior citizens must furnish additional documentation. They can submit any one of the following documents as proof of age:
- Driving Licence
- PAN card
- Birth certificate
- Additional Documents for Minors: For minors, the following documents are necessary to prove their age:
- Birth certificate
Central Bank of India FD Schemes
Below is a table summarising the different types of the Central Bank of India FD schemes:
|Scheme Name||Tenure Range||Minimum Deposit Amount||Maximum Deposit Amount||Interest Payment Frequency||Loan Facility||Premature Withdrawal|
|Fixed Deposit Receipt||7 days – 10 years||INR 100||No limit||Half-yearly or at maturity||Up to 90% of deposit amount||Penalty for deposits above INR 5 lakhs|
|Money Multiplier Deposit Certificate (MMDC)||6 months – 120 months||INR 100||Not specified||As per bank rules||As per bank rules||As per bank rules|
|Cent Uttam Scheme||30 days – 120 months||INR 5,000||No limit||As per bank rules||As per bank rules||Available|
|Monthly Interest Deposit Receipt (MIDR)||12 months – 120 months||INR 5,000||Not specified||As per bank rules||As per bank rules||As per bank rules|
|Quarterly Interest Deposit Receipt (QIDR)||12 months – 120 months||INR 5,000||Not specified||As per bank rules||As per bank rules||As per bank rules|
|Cent 555 Term Deposit||555 days||INR 1,000||Less than INR 1 crore||Compounded quarterly||Available if no premature withdrawal||Penalty for withdrawal within one year|
|Cent 777 Deposit Scheme||777 days||INR 1,000||Less than INR 1 crore||As per bank rules||Available||As per bank rules|
|Cent Tax Saving Deposit||5 years (lock-in period)||INR 100||INR 1,50,000 per financial year||As per bank rules||Not available||As per bank rules|
|Cent Aspire Deposit Scheme||1 year – 10 years||INR 20,000||No limit||Auto-renewal available||Not available||As per bank rules|
|Cent Suraksha Deposit Scheme||2 years||INR 201 (gift cheque/DD) or INR 5,001 (gift cheque/DD)||Not specified||As per bank rules||Not available||As per bank rules|
|Central Flexi Yield Deposit Scheme||1 year – 10 years||INR 50,000||Not specified||As per bank rules||As per bank rules||Available|
|Immune India Deposit Scheme||1111 days||INR 1000||INR 2 crores||5.35% interest rate (subject to change)||Additional interest for senior citizens and employees||As per bank rules|
|Cent Super Callable Time Deposit for 444 Days||444 days||INR 10,000||INR 10 crores||As per bank rules||Available||Penalty applies|
|Cent Super Non-Callable Time Deposit for 444 Days||444 days||INR 15 lakhs||INR 10 crores||As per bank rules||Available||Penalty applies|
|Cent Non Callable 999 & 555 days||555 days and 999 days||INR 15 lakhs||INR 10 crores||As per bank rules||Available||Penalty applies|
|Cent Super 999 Days||999 days||INR 10,000||INR 10 crores||Monthly, quarterly, half-yearly or cumulative||Available||Penalty applies|
|Cent Green Time Deposit Scheme||1111, 2222, and 3333 days||INR 50,000||INR 1,99,99,999||Full or partial withdrawals allowed||Penalty applies||Not available|
In conclusion, the Central Bank of India offers diverse fixed deposit schemes that provide attractive returns and various benefits. With features like deposit insurance, premature withdrawal options, nomination facility, and easy online management, these FDs cater to the needs of different investors. Eligibility criteria allow individuals, trusts, firms, and institutions to avail themselves of this investment opportunity. By offering a wide array of FD schemes, the Central Bank of India continues to be a reliable choice for secure and profitable investments.
Yes, you can withdraw funds early from a Central Bank of India fixed deposit, but there is a penalty of 1% interest for deposits over Rs 5 lakhs. However, if you choose to renew the account for a longer period than the initial deposit, there won’t be any penalty charged.
The minimum investment required for a Central Bank of India Fixed Deposit is Rs. 5,000.
The Central Bank of India fd rates calculator inputs accurate investment amounts, interest rates, and tenure values. Once the values are correctly entered, the calculator displays the maturity value and the total central bank of India fd interest earned.
The Central Bank sets the minimum tenure for FD investments at 7 days. On the other hand, the maximum period allowed for such investments is 10 years.
Yes, minors can open an Fd account if accompanied by consenting adults willing to co-sign.