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| Tenure | For General Citizen (p.a) | For Senior Citizen (p.a) |
|---|---|---|
| 7 - l4 days | 3.5 % | 4 % |
| 15-30 days | 3.75 % | 4.25 % |
| 31 - 45 days | 3.75 % | 4.25 % |
| 46 -59 days | 4 % | 4.5 % |
| 60 - 90 days | 4.25 % | 4.75 % |
| 91 -179 days | 4.5 % | 5 % |
| 180 -270 days | 5.5 % | 6 % |
| 271-364 days | 5.5 % | 6 % |
 1 yr to less than 2 yrs | 6.75 % | 7.25 % |
| 2 yr to less than 3 years | 6.5 % | 7 % |
| 3 yr to less than 5 years | 6.25 % | 6.75 % |
| 5 years & above upto 10 years | 6.25 % | 6.75 % |
Over the past century, the Central Bank of India has launched many innovative banking activities and introduced a range of fixed deposit schemes for its investors. In this article, we provide detailed information about the Central Bank of India of India's FD schemes and their interest rates.
Fixed Deposit comes with the following features:
To open an FD account with the Central Bank of India, one would need the following documents:
1. Address proof
2. Identity proof
3. Date of Birth Proof
4. Two recent passport-size photographs of account holders
(The above requirements are waived if the customer is already an account holder of the Bank)
Following are the eligibility criteria to open FD in the Central Bank of India-
Fixed deposit accounts can be opened in both online and offline ways-
Offline way-
Step 1- Visit the bank branch.
Step 2- Take the FD application form.
Step 3- Fill in the required details and submit the necessary documents.
Step 4- Submit the form to the branch and deposit the money
Step 5- On successfully processing the application, the Central Bank of India will provide an FD receipt.
Through Internet banking-
Step 1- Login to the Central Bank of India NetBanking account.
Step 2- Select the ‘Online Term Deposit’ option and select the type of FD.
Step 3- enter all the information
Step 4- Verify all the details and click ‘confirm’
Step 5- On successful booking of the deposit you will get a confirmation message
Payment before maturity will be available as per the prevailing rules.
1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
2. As per section 80C of the I-T Act, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹ 50,000 is available and for non-senior citizens up to ₹ 40,000.
4. If the PAN is not provided then, in that case, 20% TDS is levied.
5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
A loan / Advance facility is available under the scheme for up to 90% of the deposit amount. ROI is charged as per Bank’s rules.
On maturity, Payment can be made in cash to the customer up to ₹20,000/- If the amount is more than ₹20,000/- either it is credited to the account of the customer or a Demand Draft is issued.
The Minimum amount of deposit is ₹ 100/- & thereafter in multiples of ₹ 100/-
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 l (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
