Fixed Deposit or FD is a good interest rate investment option. Central Bank of India offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. you can also check the latest rate on the official website of Central Bank of India.
Benefits of Central Bank of India Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Central Bank of India also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Central Bank of India Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Central Bank of India will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Central Bank.
Central Bank of India Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Central Bank of India Fixed Deposit Interest Rate
|Sr.No.||Maturity Period||Less than 2 cr w.e.f 10.02.2020||2 Cr to 10 Cr (Single deposit) w.e.f 10.02.2020 (Linked with REPO Rate)|
|1||7 -14 days||4.50||3.95|
|2||15 – 30 days||4.50||4.25|
|3||31 – 45 days||4.50||4.25|
|4||46 – 59 days||5.25||4.50|
|5||60 – 90 days||5.35||4.50|
|6||91 – 179 days||5.75||4.75|
|7||180 – 270 days||5.75||4.75|
|8||271 – 364 days||6.00||4.75|
|9||1 yr to less than 2 yrs||6.20||5.10|
|10||2 yr to less than 3 years||6.20||4.90|
|11||3 yr to less than 5 years||6.20||4.90|
|12||5 years & above upto 10 years||6.20||4.90|
High-Cost Bulk Deposit
|Revised rate for above Rs. 10 Crore w.e.f 10.10.2019|
7 -14 days
15 -30 days
31 – 45 days
46 – 59 days
60 -90 days
91 – 179 days
180 – 270 days
271 – 364 days
12 months to 13 months