A fixed deposit is among the best ways to kickstart your investment portfolio. It is a risk-free and easy to understand option with guaranteed returns. And while there are multiple financial instruments out there, FDs remain superior. Selecting a reliable bank is vital to benefit from a good interest rate. One such name is the Central Bank of India. Scroll down to learn about the latest Central Bank of India FD rates, the eligibility criteria, benefits and other essential details.
Based in Mumbai, the Central Bank of India (CBI) is one of the country’s oldest and biggest nationalized commercial banks. It has a pan-India presence with a network of over 4,600 branches, 3,600+ ATMs, 10 satellite offices and an extension counter. Given its excellent reputation, it’s no surprise that people prefer CBI over other banks when opening a fixed deposit account.
Table of contents
- Central Bank of India Fixed Deposit Rates 2024
- Central Bank of India Fixed Deposit Rates Per Annum – Below ₹2 Crores
- Central Bank FD Ra tes of Interest – Tax Saving
- Central Bank of India Fixed Deposit Interest Rates on Domestic Single Deposits Between ₹2 Crore and ₹10 Crore P.A.
- Central Bank of India NRI FD Rates
- Interest Rate for NRE Deposits of Less than ₹2 crores
- Central Bank of India NRE FD Rates: ₹2 crore to ₹10 crore
- Central Bank of India FCNR (B) Interest Rates
- Central Bank of India RFC Deposit Rates
- How to Open a Central Bank of India FD Deposit Account?
- Steps to Open a CBI Fixed Deposit Account Online
- Steps for Opening a CBI Fixed Deposit Account Offline
- Features and Benefits of Central Bank of India Fixed Deposit
- Eligibility Criteria and Documents Required to Open an FD at Central Bank of India
- Central Bank of India FD Schemes
- Quarterly Interest Deposit Receipt (QIDR)
- Senior Citizen Savings Scheme
- Immune India Deposit Scheme
- Other Types of Central Bank of India Fixed Deposits
- How to Close the Central Bank of India Fixed Deposit?
- Closing your CBI FD account on maturity
- Closing your CBI FD account before maturity
- FAQ’s:-
Central Bank of India Fixed Deposit Rates 2024
The Central Bank of India provides fixed deposit (FD) interest rates to the general public ranging from 3.50% to 7.10% per annum, while senior citizens can avail rates between 4.00% and 7.60% per annum. These rates apply to FD tenures spanning from 7 days to 10 years. The bank also provides attractive FD rates for Non-Resident Indians like NRE, RFC and FCNR (B).
Central Bank of India Fixed Deposit Rates Per Annum – Below ₹2 Crores
| Tenure | Regular Citizen | Senior Citizen |
| 7 days – 14 days | 3.50 | 4.00 |
| 15 days – 30 days | 3.75 | 4.25 |
| 31 days – 45 days | 3.75 | 4.25 |
| 46 days – 59 days | 4.00 | 4.50 |
| 60 days – 90 days | 4.25 | 4.75 |
| 91 days – 179 days | 4.50 | 5.00 |
| 180 days – 270 days | 5.50 | 6.00 |
| 271 days – 364 days | 5.50 | 6.00 |
| 1 year – Less than 2 years | 6.75 | 7.25 |
| 2 years – Less than 3 years | 6.50 | 7.00 |
| 3 years – Less than 5 years | 6.25 | 6.75 |
| 5 years – 10 years | 6.25 | 6.75 |
NOTE: The Central Bank of India fixed deposit rates may vary. The above-mentioned became effective on 10th May 2023 as per the official website.
Central Bank FD Rates of Interest – Tax Saving
The Tax Saving Fixed Deposit enables you to claim tax deductions under Section 80C of the Income Tax Act, 1961. The Central Bank of India offers FD interest rates for the tax-saving scheme as follows:
| Tenure | Regular Citizen | Senior Citizen |
| 5 Years | 6.25% p.a | 6.75% p.a |
Central Bank of India Fixed Deposit Interest Rates on Domestic Single Deposits Between ₹2 Crore and ₹10 Crore P.A.
| Tenure | Regular Citizen | Senior Citizen |
| 7 days – 14 days | 4.75 | 5.25 |
| 15 days – 30 days | 4.75 | 5.25 |
| 31 days – 45 days | 5.25 | 5.75 |
| 46 days – 59 days | 5.25 | 5.75 |
| 60 days – 90 days | 4.50 | 5.00 |
| 91 days – 179 days | 5.50 | 6.00 |
| 180 days – 270 days | 6.00 | 6.50 |
| 271 days – 364 days | 6.25 | 6.75 |
| 1 year – Less than 2 years | 6.75 | 7.25 |
| 2 years – Less than 3 years | 6.00 | 6.50 |
| 3 years – Less than 5 years | 5.50 | 6.00 |
| 5 years – 10 years | 5.50 | 6.00 |
Central Bank of India NRI FD Rates
NRIs (Non-Resident Indians) can also open fixed deposit accounts in India. The two main fixed deposits for NRIs are NRE (Non-Residential External), and NRO (Non-Resident Ordinary) fixed deposits.
An NRO account is an account opened in the name of the NRI in India for managing funds earned within India. These funds include rent, salary, dividend, interest and so on.
Non-Residential External (NRE) is another of the major fixed deposit accounts available for NRIs. They can use this account to deposit funds that they earn abroad and convert that currency into rupees. The CBI FD interest rate for NRE deposits are as follows:
Interest Rate for NRE Deposits of Less than ₹2 crores
| Tenure | Interest Rate P.A. |
| 1 year – less than 2 years | 6.75% |
| 2 years – less than 3 years | 6.50 |
| 3 years – less than 5 years | 6.25 |
| 5 years – up to 10 years | 6.25 |
Central Bank of India NRE FD Rates: ₹2 crore to ₹10 crore
| Tenure | Interest Rate |
| 1 year – less than 2 years | 6.75 |
| 2 years – less than 3 years | 6.00 |
| 3 years – less than 5 years | 5.50 |
| 5 years – up to 10 years | 5.50 |
Central Bank of India FCNR (B) Interest Rates
| Tenure | GBP | AUD | USD | CAD | EUR |
| 1 year – less than 2 years | 3.63 | 3.70 | 5.77 | 4.63 | 2.00 |
| 2 years – less than 3 years | 4.03 | 4.20 | 5.62 | 5.36 | 2.20 |
| 3 years – less than 4 years | 4.13 | 4.55 | 5.50 | 5.61 | 2.40 |
| 4 years – less than 5 years | 4.13 | 4.80 | 5.60 | 5.66 | 2.40 |
| Only 5 years | 4.13 | 4.90 | 5.65 | 5.66 | 2.40 |
| Overdue Deposit | 2.63 | 2.70 | 4.77 | 5.36 | 1.00 |
Central Bank of India RFC Deposit Rates
| Tenure | USD |
| 6 months – less than 12 months | 0.33% p.a |
| Overdue Deposits | NIL |
How to Open a Central Bank of India FD Deposit Account?
There are two ways to open a fixed deposit account in the Central Bank of India:
Steps to Open a CBI Fixed Deposit Account Online
Step 1: Go to the official Central Bank of India website and sign in to the net banking portal using your username and password.
Step 2: Click on the ‘Online Term Deposit’ tab and choose the fixed deposit type you want.
Step 3: Fill out all the important fields
Step 4: Double-check all the details and click on ‘Confirm’
Step 5: You will receive a confirmation message when your fixed deposit booking is successful.
Steps for Opening a CBI Fixed Deposit Account Offline
Step 1: Visit your nearest branch of the Central Bank of India.
Step 2: Reach out to a banking officer and request a fixed deposit application form.
Step 3: Fill out all the essential fields on the application form. If you need any help, you can request a banking officer to assist you.
Step 4: Complete all the document submissions and deposit the money.
Step 5: Finally, collect the fixed deposit receipt.
Features and Benefits of Central Bank of India Fixed Deposit
● The tenure ranges from one week to a decade (7 days – 10 years)
● Loan and nomination facilities are available
● Easy and quick liquidity options for the customers
● Central Bank of India FD rates are at competitive prices only
● Senior citizens can avail of additional Central Bank FD rates
Eligibility Criteria and Documents Required to Open an FD at Central Bank of India
Opening a Fixed Deposit at the Central Bank of India requires an individual to meet certain eligibility criteria and submit necessary documents.
Eligibility
● More than one person in their joint names
● A minor jointly with a major
● A minor over the age of 12 years can read, write and operate the account personally.
● Charitable and educational institutions
● HUF, Blind Persons, illiterate persons
● Private Traders, Merchants, Agents, Professionals Partnership Firms, Companies Clubs, Societies and Corporates.
Essential Documents
● Identity Proof (any of the following)
○ Passport
○ Aadhar Card
○ Driving License
○ Voter ID Card
○ PAN Card
○ Government/Defense ID Card
○ ID Card issued by Reputed Employer
● Address Proof
○ Electricity Bill
○ Aadhar Card
○ Telephone Bill
○ Salary Slip
○ Bank Account Statement
○ Letter from Reputed Employer
○ Letter from well-known public Authority or Local Body
○ Income Tax or Wealth Tax Assessment Order
● DOB proof (For senior citizens)
○ Passport
○ Voter ID Card
○ PAN Card
○ Driving License
○ Service discharge certificate
○ PPO in case of pensioner
○ Voter ID Card
○ PAN Card
(For minors)
○ Birth Certificate issued by Gram Panchayat/NAC/Municipal Corporation
● The account holder’s 2 passport size photos (recent)
Central Bank of India FD Schemes
Central Bank of India, like any other bank, has multiple fixed deposit schemes to cater to the different needs of their customers. Three of the most popular schemes are :
Quarterly Interest Deposit Receipt (QIDR)
The Quarterly Interest Deposit Receipt (QIDR) is one of the most well known Central Bank of India FD schemes that aims to offer financial solutions to individuals. It allows depositors to earn an interest percentage for every query with no change or impact on the principal amount.
Its features include:-
● The minimum amount of deposit is ₹5,000 and in multiples of ₹1,000
● Individuals can open an account from a period of 12 months to 120 months
● The interest rate depends on the date of account opening and the fixed deposit period selected by the customer.
● The option of premature payment before maturity is available. However, the customer needs to follow certain rules for it.
● The option of loan against FD is also available under this scheme. But there is a set of guidelines or rules that the customers need to follow.
● The customer will receive a receipt upon successful opening of QIDR.
Senior Citizen Savings Scheme
CBI’s senior citizen fixed deposit is called the Senior Citizen Savings Scheme. It is different from regular fixed deposit schemes as the senior citizens get an additional interest above/over the normal CBI FD rates.
Its features are as follows:-
● Tenure – 5 years, it can be extended by 3 years
● The interest rate under this scheme is 8.2%, as per the Government of India notification.
● The interest is fully taxable
● The maximum amount of investment is ₹30 lakh, and the amount should be in the multiples of ₹1,000.
● The option of premature FD closure or withdrawal is available one year after opening the fixed deposit. The customer, however, has to pay the penalty.
● A nomination facility is available
● Transfer of account from one deposit office to another is allowed.
Immune India Deposit Scheme
The Immune India Deposit Scheme by the Central Bank of India was launched on 13th April 2021 and ended on 31st December 2021. Under this scheme, any CBI customer who had taken at least one COVID-19 vaccine jab was eligible to deposit. Moreover, each customer needed to provide proof of vaccination.
The features of the Immune India Deposit Scheme were:-
● There was a fixed period of 1111 Days. Customers were not permitted to make deposits for a shorter or longer period under this scheme.
● The maximum deposit amount was ₹2 crores, and the minimum amount was ₹1,000
● The Rate of Interest under the scheme was 5.35%
● Premature Withdrawal was allowed within prevailing rules
Other Types of Central Bank of India Fixed Deposits
Apart from the three fixed deposit schemes mentioned below, CBI offers other types of term deposit schemes too.
● Money Multiplier Deposit Certificate (MMDC)
● Monthly Interest Deposit Receipt (MIDR)
● Cent Tax Saving Deposit scheme
● Cent Aspire Deposit scheme
● Cent Suraksha Deposit scheme
● Central’s Flexi Yield Deposit Scheme
How to Close the Central Bank of India Fixed Deposit?
There are two methods to close your fixed deposit account at the Central Bank of India. You can either wait for maturity or close the FD before maturity.
Closing your CBI FD account on maturity
You can close your fixed deposit account online or offline.
Offline Method
● Fill out Central Bank of India’s FD Account Closure Form or Fixed Deposit Liquidation form
● Attach all of your essential documents and details such as FD, number, bank account number, your name and so on.
● Submit the FD Receipt or Certificate
Online Method
● Visit the official CBI website
● Sign in using your username and password and go to the service request section
● Select the ‘Premature closure of Fixed Deposit’ option.
● Enter your FD number and confirm the cancellation
Closing your CBI FD account before maturity
● To close your Central Bank of India’s fixed deposit account before maturity, you must pay the penalty. It is thus recommended that you check all the terms and conditions before opening a fixed deposit.
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FAQ’s:-
Q1. Do senior citizens get an additional interest rate at the Central Bank of India?
Ans: Yes, senior citizens are eligible for receiving extra Central Bank of India FD rates at the Central Bank of India.
Q2. What is the minimum amount that one needs to deposit for the CBI FD scheme?
Ans: The minimum deposit account for CBI Fixed deposit is ₹100 if you choose the Money Multiplier Deposit Certificate scheme account.
Q3. Can I renew a fixed deposit online?
Ans: Yes, you can renew a fixed deposit online.
Q4. What is the highest Central Bank of India FD interest rates?
Ans: The highest Central Bank of India FD interest rate is 6.25% p.a. for a tenure of 5 to 10 years.
Q5. Can I add nominees to my Fixed Deposit account at the Central Bank of India?
Ans: Yes, the Central Bank of India offers the nomination option for fixed deposit accounts.
Q6. Can all the customers open an online fixed deposit account at the Central Bank of India?
Ans: Yes, all the existing customers who have an active net banking username and password can open a fixed deposit account online.
Q7. What are the penalty charges on early FD withdrawal?
Ans: Penalty charges vary from bank to bank and are usually between 0.5% to 1%, depending on the interest amount and tenure.
