Central Bank of India NRI FD Interest Rates

The Central Bank of India launched many fixed deposit schemes with various tenures and at a specified interest rate. Among such schemes is the NRI FD scheme for NRIs (Non- Resident Indian)/ PIO (Person of Indian Residence). The FD interest rates for NRIs are subject to change according to the market situations.

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An Overview- Central Bank of India NRI Accounts

The depositor has to open the account of NRO (Non- Resident Ordinary)/ NRE (Non- Indian External)/ FCNR to avail of the services of the Central Bank of India NRI FD account. 

The Central Bank of India allows NRIs and PIOs to open the fixed deposit accounts to transfer the amount from overseas to India. There are three types of FD accounts for NRIs: NRE FD account, NRO FD account, and FCNR (B) account. 

Features of Central Bank of India NRI Account 

Some of the features of the Central Bank of India's NRI's account are listed below:

  1. Joint Accounts

    NRI open FD joint accounts, where they can have the joint holder ship with other NRI's or their Indian relatives (either former or survivor) who can maintain the performance actively by holding the power of Attorney. 

  2. Nominee

    NRI can mention the nominee for his/her account; the nominee can either be NRI or an Indian resident.

  3. Repatriable

    The investments of the account holder will be repatriable. This repatriation can be the currency of the account holder's choice.

  4. Tax Benefit

    Account-holders can avail the tax benefit, i.e., income tax and wealth tax benefit.

    Note: The tax benefits are subject to change as per the existing laws.

Benefits Available Under these NRI Accounts

Let us take a look over the following benefits:

  • Some of the insurance policies such as for home, health, personal accidents offered by the Central Bank of India can also be availed by the NRIs. 
  • A loan facility is offered to the NRI against the Fixed Deposit accounts in foreign currency. 
  • Premature withdrawal is allowed in the Central Bank of India with the penalty imposed.
  • NRI accounts are credited with remittances from overseas by tendering the foreign currency/ Cheques of travellers at the time of his/her visit to India. 
  • Concerning the NRO account, an NRI in Nepal or Bhutan cannot open an NRO account; the NRI in Pakistan must take permission from the RBI (Reserve Bank of India) to open the NRI account. 
  • Sale proceedings of the assets (either acquired or inherited), repatriation of the amount in the account is allowed by the Central Bank of India. The NRIs who are having the NRO account can transfer the amount to the NRE account. One million USD in a financial year is the total limit for the repatriation and transfer, to do the same form 15 CA and 15 CB is compulsory. To transfer from NRO to NRE account, tax is levied to 30% deduction and education and higher education. 
  • Other facilities like internet banking, SMS alerts, statement of the FD account by emails and SMS, Debit card and Credit card facility, safe deposit locker, etc. 

How Can Customers Benefit from Central Bank of India NRI Accounts?

NRI customers of the Central Bank of India can avail the benefits such as:

  • Offering available liquidity options to the NRI account holders,
  • Providing the facilities for the Indians who are returning to India.
  • Investment option is made available to the customers on the repatriable basis.
  • Simplified procedure for account opening.
  • Many Cent deposit schemes offer the NRIs/ PIOs. One among such is the Cent Millionaire Recurring Deposit Scheme.

An Overview- Central Bank of India NRI FD Rates

The Central Bank of India NRI Fixed Deposit Interest Rates for NRE/ NRO/ FCNR account is given below:

  1. NRE FD Interest Rates of Central Bank of India

    Central Bank of India NRE FD Interest Rates for Deposits Less than Rs 2 crore (w.e.f. 10th July 2021)

    Maturity Term 

    Existing Interest Rates (w.e.f. 1st January 2021) (% p.a.)

    Revised Interest Rates (w.e.f. 10th July 2021) (% p.a.)

    1 year - less than 2 years

    4.90%

    4.90%

    2 years - less than 3 years

    5.00%

    5.00%

    3 years - less than 5 years

    5.10%

    5.00%

    5 years - up to or more than 10 years

    5.10%

    5.00%

    Disclaimer: The interest rates of the Central Bank of India NRE FD account mentioned above will change from time to time according to the bank's discretion or market situations.

    Central Bank of India NRE FD interest rates for the deposits of Rs 2 crore to Rs 10 crore (w.e.f. 10th July 2021) (single deposit)

    Maturity Term 

    Existing Interest Rates (w.e.f. 1st January 2021) (% p.a.)

    Revised Interest Rates (w.e.f. 10th July 2021) (% p.a.)

    1 year - less than 2 years

    3.50%

    3.25%

    2 years - less than 3 years

    3.50%

    3.25%

    3 years - less than 5 years

    3.50%

    3.25%

    5 years - up to or more than 10 years

    3.50%

    3.25%

    Disclaimer: The interest rates of the Central Bank of India NRE FD account mentioned above will change from time to time according to the bank's discretion or market situations.

    The existing interest rates and the revised interest rates of the Central Bank of India NRE FD account are linked to the REPO rate.

  2. FCNR FD Interest Rates of the Central Bank of India

    Central Bank of India FCNR (B) FD interest rates (w.e.f. 1st July 2021 till 31st July 2021)

    Deposit Period

    USD

    GBP

    EUR

    CAD

    AUD

    1 year - less than 2 years

    1.10

    0.67

    0.01

    1.08

    0.63

    2 years - less than 3 years

    1.14

    0.87

    0.05

    1.34

    0.79

    3 years - less than 4 years

    1.32

    1.01

    0.12

    1.59

    1.00

    4 years - less than 5 years

    1.54

    1.12

    0.19

    1.81

    1.23

    5 years only

    1.70

    1.20

    0.26

    1.96

    1.44

    Total deposit

    0.00

    0.00

    0.00

    0.08

    0.00

     

    Central Bank of India Interest Rates for RFC (USD) deposit (w.e.f. 1st July 2021 till 31st July 2021)

    Tenure of USD deposit 

    % Per Annum

    6 months- less than 12 months 

    0.00%

    Total deposits 

    Nil 

Wrapping it Up

Central Bank of India NRI FD rates provides reasonable returns to NRIs and PIOs who wish to open NRI accounts with the Bank. There are many features and benefits available. Interested customers must check with the Bank to know all details before going ahead with any investments.

Written By: PolicyBazaar - Updated: 01 September 2021
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