Central Bank of India FD Rates for Senior Citizens

The following table represents a general summary of the fixed deposit schemes of the Central Bank of India:

Central Bank of India Senior Citizen FD Rates

The Central Bank of India offers a variety of fixed deposit schemes. They come with a flexible investment period which the customer can choose from. Depending on the investment tenure of various investments, the interest rates range from 2.75% - 5.10%.

Let us look at the Central Bank of India FD rates for senior citizens for varying tenures:

Central Bank of India FD Scheme Features

Listed below are the features of the Central Bank of India FD scheme:

• The FD schemes of the Central Bank of India allow a minimum investment of INR 100, while there is no upper limit for investment.
• The interest rate for investments ranging between INR 2 crore – INR 10 crores is linked with the repo rate.
• The various FD schemes are designed to provide investment opportunities to the investors for varying terms. 
• The FD schemes yield promising returns in the long run of the investment.
• FD accounts can be held under one name or joint names.
• The interest is paid to the investor when the deposit matures.
• The Central Bank of India allows the investors to withdraw money from the FD account if they require it prematurely to maintain liquidity.
• The Central Bank of India also allows adding a nominee to the account.
• The facility of auto-renewal is also available for the customers.

Benefits of the FD Scheme of the Central Bank of India

Listed below are the benefits of the FD scheme offered by the Central Bank of India:

• Investment has been made possible for more and more people by keeping the minimum investment amount at INR 100.
• The FD schemes with minimum investment tenure of seven days provide an excellent opportunity to people who want to park their surplus and earn returns for a short time.
• Investment in these FD schemes is risk-free, which is one of the best benefits of the FD schemes.
• The Central Bank of India provides the loan facility against the deposit for up to 90% of the invested amount.
• A free credit card against the deposited amount is offered to the investors with a credit limit of a minimum of INR 20,000 in one of the FD schemes of the Central Bank of India.
• One FD scheme is specially designed for senior citizens, which yields better benefits than other schemes, and it also offers the investor to choose payout options.

About Central Bank of India Fixed Deposit Interest Rate Calculator

Central Bank of India Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

• The amount that is invested

• The Rate of Interest offered

• The tenure of the Fixed Deposit Account

• The compounding period, that is, yearly, half-yearly, quarterly, or monthly

• The FD Amount

Once entered the following details, an investor will come to know:

• The maturity value of the FD

• The total interest earned during the complete tenure

Eligibility Criteria 

The investors need to fulfil the following criteria for availing of the senior citizen benefits of the FD schemes of the Central Bank of India:

• The depositors have to be residents of India.
• The depositors should be 60 years of age or above. Exceptionally, individuals of 55 years of age can also be considered.
• Depositors who can furnish all the necessary documents are eligible.
• Charitable or educational institutions, other corporations are also eligible to invest.

Documents required to be submitted

The investor has to submit the following documents for investing in the FD schemes of the Central Bank of India:

• Proof of identity
• Prove of address
• Proof of age
• Recent photographs
• Duly filled application form
• Bank account details

Factors Affecting Central Bank of India FD Rates for Senior Citizens

Some factors are responsible for the changing FD interest rates. Some of these are listed below:

• The amount of deposited money by the depositor directly affects the FD interest rates. Therefore, a higher amount of investment would yield higher returns. 
• The investment term chosen is the next important factor. A more extended investment period yields higher returns.
• The payment option decided also affects the interest rate. If a depositor chooses a payout option, they will earn lower interest than someone who doesn't choose a payout option.

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