Latest FIXED DEPOSIT RATES - CENTRAL BANK OF INDIA

Central Bank of India is a public sector commercial bank. Headquartered in Mumbai, it has a large branch network of about 4,600 branches in about 27 states. It is among the oldest/largest commercial banks in India.

The Central Bank of India offers short and long term fixed deposits. Short- term fixed deposits are those term deposits where the term-to-maturity and interest rate are fixed for a short period of time i.e. less than one year. Long-term fixed deposits are those term deposits where the term-to-maturity and interest rate are fixed for a long period of time i.e. one year or more. The interest rates on fixed deposits are revised over time in accordance to market changes and bank requirements.

Fixed deposits are gaining ground as an investment avenue in 2014 given the government's positive outlook on controlling inflation. Lower inflation makes fixed return products like fixed deposits more attractive as the returns are guaranteed and not diminished by inflation.

The Central Bank of India's fixed deposit rates for 2014 are given below. It indicates both short-term and long-term fixed deposit rates in Central Bank of India.

Table 1 shows the rates that were existing and also the revised rates for fixed deposits that are less than Rs. 1 crore in value and those that range from Rs. 1 crore to Rs. 10 crore. Table 2 shows the existing and revised rates for aggregate bulk deposits for Rs.10 crore and above. (Footnotes appended for additional information).

Table 1

Domestic Term Deposits

Maturity Period	Rates for Deposits less than Rs.1 Crore		Rates For Deposits 1 Cr to Rs.10 Cr (Single Deposit)
	Existing rates	Revised rates	Existing rates	Revised rates
	02.04.14	17.06.14	03.02.14	17.06.14
7 -14 days	6.50	6.50	6.00	6.25
15 – 30 days	6.50	7.00	7.00	7.00
31 -45 days	6.50	7.00	7.00	7.00
46 – 59 days	7.50	7.50	7.25	7.25
60 – 90 days	7.50	7.50	7.75	7.75
91 – 179 days	8.20	8.20	8.00	8.00
180 – 270 days	8.75	8.75	8.50	8.50
271 – 364 days	8.75	8.75	8.50	8.50
1 yr to less than 2 yrs	9.00	9.00	9.00	9.00
2 yr to less than 3 years	9.05	9.05	8.75	8.75
3 yr to less than 5 years	9.05	9.05	8.75	8.75
5 years & above	8.75	8.75	8.75	8.75
555 days	9.05	9.05	NA	NA
777 days	9.15	9.15	NA	NA
Cent Double	8.75	8.75	NA	NA

Table 2

Aggregate bulk deposit above Rs.10 crore with effect from 07.07.2014:-

Period	Existing Rates (%)	Revised Rate (%)
7-14 days	6.00	6.00
15-30 days	7.00	7.00
31-45 days	8.25	8.25
46-59 days	8.50	8.25
60-90 days	8.60	8.25
91-179 days	8.60	8.50
180-270 days	8.85	8.85
271-364 days	8.85	8.85
12 months to 13 months	9.10	9.10

Prior approval of Treasury Central Office must be taken before accepting deposit of Rs.25 crore and above.

These interest rates are not applicable for Inter-Bank Deposits.

Source: https://www.centralbankofindia.co.in/Site/Interest.aspx

Senior citizen rates:

Senior citizens are given an additional 0.50% p.a. on the rates shown above. Senior citizen rates are considered for depositors above 60 yrs.

Penalty on premature withdrawals:

(As of 27.04.2013)

·         upto Rs. 5 lakhs - no penalty

·         above Rs.5 lakhs - 1%

·         renewal of the deposit for a longer term than the original period left after premature withdrawal - no penalty

Revised rates:

Deposit renewal and all new deposits will be as per the revised rates of interest on the term deposits as mentioned in the tables above.

Fixed Deposit Schemes at Central Bank of India

The fixed deposit rates in Central Bank of India for the various FD schemes on offer by the bank are given below:

1. Cent Benefit Deposit:  8.25% (No additional rate for seniors/staff)

2. Cent Millionaire:  8.75%

3. Cent Lakhpati:  8.75% - 9.05% (Additional rate for seniors/staff as per standards)

 4. CENT Swa-ShaktiI Flexi RDS:  As per prevailing term deposit rates (+ 0.5% for seniors/staff)   

 5. Cent Double Deposit Scheme:  8.75%

 6. Cent Super Plus term deposit:  9.30% (+.5% for seniors/+1% for staff)

 7.  CENT Uttam Scheme:  As per prevailing term deposit rates

 8.  Monthly Interest Deposit Receipt (MIDR):  As per prevailing term deposit rates (Monthly interest)

9. CENT Tax Saving Deposit:  As per prevailing term deposit rates for 5 yrs (upto Rs.15 lakhs)

10. Senior Citizen Deposit Scheme:  As per prevailing term deposit rates + 0.50% for seniors

11. Money Multiplier Deposit Certificate (MMDC):  As per prevailing term deposit rates (interest is added onto the principal for a higher effective interest rate)

12. Quarterly Interest Deposit Receipt (QIDR):  As per prevailing term deposit rates (Quarterly interest)

13. Central‘s Flexi Yield Deposit Scheme:  As per prevailing term deposit rates (Can avail a higher floating rate of interest)
Apart from the visiting banks or its website, Central Bank of India Fixed Deposit rates for 2014 can also be found online on financial sites.

BankBazaar.com is one such site that provides information not only on the fixed deposit rates in Central Bank of India but also lets you calculate the maturity values of the deposits by using a deposit rate calculator. Using this, the maturity value of the fixed deposit is returned on inputting the deposit amount for a particular tenure at a particular rate. You can also then apply for the product that suits you the best. 

Fixed deposit rates are different across banks because there are many factors that affect the rates set by each bank. Some key factors are: liquidity requirements, change in RBI's policy, profitability and also to build customer base and compete. These are some of the reasons why other banks may offer fixed deposits at more attractive rates but the features of the products have to be compared to best suit one's investing requirements.

The information provided above is as per information released by the bank and is subject to change. All information must be read in conjunction with the additional features, terms and conditions relating to the said products as outlined by the bank.

7 Banks offering Fixed Deposit rates above 9.00% in India

Whenever we think of doing savings, the first thing that comes into our mind is Fixed Deposits. Because of its overwhelming features like safety of funds, security of money, guaranteed interest on deposits made, it has become a star for every eyes. And, do we expect anything else from it?

Yes, we do expect higher FD interest rates. This will probably help us sticking to a safer type of investments like FD’s, otherwise with lower interest rates, we would definitely try to explore some new sort of investments. There are some of the banks who renders more than 9.00% of FD interest rates and those are mentioned below.

11. Saraswati CooperativeBank: It is a cooperative society bank founded in 1918, with an objective to serve the families and their dependents in case of need and contingencies like wedding, medical expenses, debt repayment etc. By fulfilling all its objectives successfully, it has been transformed into a full-fledged urban cooperative bank in 1933. It has marked a commendable growth since then, by providing all the facilities of a modern banking.

Fixed deposits offered by Saraswati cooperative bank marks for one among the highest rate of interest on it. It offers FD interest rate of 10.00% for 15 months for the investment of less than Rs 1 crore.

22. Shamrao Vithal CooperativeBank: This bank came into existence in 1906, in order to help the unfortunate members of the country at the time of need and to encourage the habit of savings among them. It has crossed number of milestones and now has flourished with almost all types of modern banking products and facilities.

Fixed deposit Interest rate offered by Shamrao Vithal cooperative bank is remarkably high i.e.9.50% for 500 days for investment of less than Rs 1 crore.

33.  Lakshmi vilas Bank: Founded in 1926, Lakshmi vilas Bank Ltd has got the license in 1958 from RBI to work as a commercial bank in the nation. Running over a platform of nearly 362 branches, it has spread its wings in almost all kinds of banking products and services, fostering a tremendous growth and excellence.

Fixed deposit interest rates offered by Lakshmi vilas Bank denotes Excellency for customer satisfaction and i.e. 9.50% for greater than a year and less than 2 years, for the investment of up to Rs 1 crore.

44.  South Indian Bank: With an objective of encouraging safe and secure system of savings and freeing the nation from the blood sucker money lenders, South Indian bank became a scheduled bank in 1946 and since then, crossing all its milestones with Excellency.

Fixed deposit interest rates offered by South Indian Bank is 9.50% for 400 days for the investment of less than Rs 1 crore.

55.   Development credit bank: Incorporated in 1930, Development credit bank has expanded a lot in terms of customer base, number of branches, no. of products and services and is successful in delivering state of art facilities to its customers.

Fixed deposit interest rates offered by Development credit bank is 9.40% ranging from 13 months to less than 24 months for the investment of less than Rs 1 crore.

66.  IDBI: IDBI was incorporated in 1964, under the Indian government. It was formed with an objective of providing financial services to the industrial sector and later on expanded its products and services for general public also.

Fixed deposit interest rates offered by IDBI is 9.30% for 500 days for the investment of less than Rs 1 crore.

77.   Central Bank of India: It was established in 1911 under Government of India, having a glorious 103 years of history, it has generated a remarkable growth and productivity for Indian Banking sector with new innovations in products and services.

     Fixed deposit interest rates offered by Central Bank of India  is 9.25% for 555 days for the investment of less than Rs 1 crore.