Central Bank of India (CENT) is one of India’s leading public sector banks and it offers multiple types of recurring deposits that promote systematic small savings among depositors. The following are some of the key features of a Central Bank of India Recurring Deposit*:
| Central Bank of India Recurring Deposit | |
| Deposit Amount | Minimum Rs. 100 per month
Higher amounts in multiples of Rs. 50 |
| Tenure | Minimum 6 months
Longer tenure in multiples of 3 months Maximum 10 years (120 months) |
| Special Interest Rates | Senior Citizens – 0.5% over general public rate
Staff/ex-staff/widow or widower of staff – 1% over general public rate Senior Citizen Ex staff – 1.50% over general public rate |
| Interest Payout | Calculated on RD account balance on daily basis Interest credited bi-annually in June and December |
| Cash Payout at Maturity | If maturity value of RD account is up to Rs. 20,000 then cash payment is allowed |
*The features of Central Bank of India recurring deposit are liable to change periodically.
Central Bank of India RD Rates
Central Bank of India has not separately set its recurring deposit interest rates. Central Bank of India FD rates for Public and Senior Citizens is applicable to Central Bank of India recurring deposit as well. The tenure for Central Bank of India RD is from 180 days to 120 months. Here are Central Bank of India recurring deposit interest rates 2023 over various tenures:
| Tenure | Interest Rates (% p.a.) | |
| General Public | Senior Citizens | |
| 180 days to 270 days | 5.25% | 5.65% |
| 271 days to 364 days | 5.25% | 5.65% |
| 1 year to less than 2 years | 6.15% | 6.25% |
| 2 years to less than 3 years | 6.00% | 5.75% |
| 3 years to less than 5 years | 5.75% | 5.50% |
| 5 years to 10 years | 5.75% | 5.50% |
Interest rates as of 23 February 2023.
Key Features of Additional Types of Central Bank of India RD
Central Bank of India offers three other types of recurring deposits in addition to the Central Bank of India RD. Key features of other types of recurring deposits on offer by Central Bank of India are as follows:
| CENT Swashakti Flexi Recurring Deposit Schemes | |
| Eligibility | Individuals (sole/joint holders), HUF, Proprietorship, Guardian/Parent on behalf minor less than 10 years, etc. |
| Core Deposit Amount | Minimum Rs. 100 and in multiples of Rs. 100 thereafter per month
Maximum Rs. 10 lakh per month |
| Variable Deposit Amount | Maximum variable amount allowed is less than 10X of core deposit amount. More than one deposit allowed in a month. |
| Tenure | Minimum 6 months
Maximum 120 months |
| Interest Payout | Interest calculated on daily balance and credited half yearly |
| Senior Citizen Benefit | Extra 0.5% interest over general public CENT RD account |
| Loan/OD Option | Max. allowed equal to 90% of deposit plus accrued interest |
| Premature Closure Penalty | Zero premature closure penalty |
CENT Lakhpati Recurring Deposit
CENT Lakhpati is a unique Central Bank of India recurring deposit that allows depositors to grow their wealth so that the RD maturity value is Rs. 1 lakh and plus. The monthly deposit amount in case of this CBI RD scheme will vary based on the tenure of the RD account. The following table provides key details regarding the CENT Lakhpati Recurring Deposit Account*:
| Account Tenure | Interest Rate | Monthly Deposit Required |
| 1 year | 5.35% | Rs. 8100 |
| 2 years | 5.40% | Rs. 3940 |
| 3 years | 5.40% | Rs. 2560 |
| 4 years | 5.40% | Rs. 1870 |
| 5 years | 5.60% | Rs. 1450 |
| 6 years | 5.60% | Rs. 1170 |
| 7 years | 5.60% | Rs. 980 |
| 8 years | 5.60% | Rs. 830 |
| 9 years | 5.60% | Rs. 720 |
| 10 years | 5.60% | Rs. 630 |
Interest rates as of 23 February 2023.
*The maturity value for all the tenures is Rs. 1 lakh and over. Interest rates are the same for 2 year to 10 year recurring deposits.
Cent Millionaire Recurring Deposit Account
The Cent Millionaire recurring deposit account is a special type of account that allows investors to make fixed monthly deposits for 10 years so that the maturity value exceeds Rs. 10 lakh i.e. Rs. 1 million. The following are key features of this Central Bank of India recurring deposit account:
| Cent Millionaire Recurring Deposit Account | |
| Account Tenure | 10 years |
| Interest Rate | 5.75% |
| Monthly Investment | Rs. 6250 (fixed deposit amount) |
| Maturity Value | More than Rs. 10 lakh |
Interest rates as of 23 February 2023.
Central Bank of India Recurring Deposit Eligibility Criteria
Various individuals and organisations/institutions can open a recurring deposit account with Central Bank of India, such as:
- Individuals
- Minors over 10 years / Parent or guardian in case of minor aged less than 10 years
- Joint Holders (Either or Survivor, Former or Survivor, Anyone or survivor, etc.)
- Registered Societies
- Registered Clubs
- Registered Partnerships
- Registered Associations, etc.
If a Central Bank of India RD account is opened for a non-individual, internal criteria of the bank as applicable at the time of account opening will have to be met.
Central Bank of India RD Application Form
Central Bank of India recurring deposit account opening application form can be obtained either by visiting the nearby branch of Central Bank of India in person or downloaded from the official bank website. After downloading the online form, it has to be filled out and submitted in person at any Central Bank of India branch along with all supporting documents required to open a Cent RD account.
Documents Required for Opening Central Bank of India RD
The following is a short list of the key documents that have to be submitted along with the applicable RD application form in order to open a Central Bank of India recurring deposit account:
- Address and identity proof documents like Voter ID, Aadhaar, etc.
- Birth certificate for minor applicant issued by Gram Panchayat, Municipal Corporation, etc.
- PAN Card Copy / Form 60 or Form 61 if primary depositor does not have PAN
- Additional documents such as certificate of registration/formation/ incorporation, etc. for societies, trust, etc.
Penalty for Foreclosure and Late Deposit into Central Bank of India RD
While premature withdrawal of RD balance is allowed by Central Bank of India, it may be subject to penalties as per prevailing rules of the bank. Central Bank of India recurring deposit account also features penalties in case deposits are not made into the RD account in a timely manner. The penalty charged in such cases equals Rs. 1.50 every month per Rs. 100 deposit amount shortfall if Cent RD tenure is up to 5 years (60 months). If tenure of the Cent RD is over 60 months, penalty charged is Rs. 2 every month per Rs. 100 shortfall in deposit amount.
Central Bank of India Loan against Recurring Deposit
Depositors have the option of applying for a loan/overdraft using their Central Bank of India recurring deposit as collateral. Disbursal of these loans is at the bank’s discretion and the maximum loan amount offered equals 90% of the RD account balance plus accrued interest in the account. The rate of interest charged in case of Cent loan against RD is 1% higher than the interest rate applicable to the RD used as security.