Please tell me about the new interest rates for Fixed deposit scheme of Central Bank of India because I want to do invest money in fixed deposit scheme of t his bank so want to know about this so please tell me about this

Can you tell me about Different Fixed Deposit Schemes offered by CBI (Central Bank of India) as I want to invest in one of the Schemes?

[Vishal Kotkar]

The Central Bank of India is a major public sector bank with operations throughout the country. Established in 1911, it was the first bank to be wholly owned and operated by Indians.

Fixed Deposits from Bank are offered to investors looking for safe and guaranteed returns that also offers capital protection.

At pre-determined interest rates and tenures, these deposits earn returns that can be reinvested for higher effective rates or paid out to create a steady income stream, depending on an accountholder’s liquidity needs.

Different Fixed Deposit Schemes from Central Bank of India

• Cent Benefit Deposit:
It is an exclusive scheme from the Bank wherein an interest rate of 6.50% is applicable on amounts exceeding ₹ 1 crore, and for tenures ranging from 28 days to 179 days.
Premature withdrawal after 28 days is allowed at no penal interests. Senior citizens are not given additional interest rate for this plan.

• Money Multiplier Deposit Certificate (MMDC):
It is cumulative (compounded) interest scheme where the interests earn are automatically credited to the fixed deposit amount so that one can earn more interest in the next cycle.
Tenures are available from 6 months to 120 months, and deposits start from ₹ 100 (in multiples of ₹ 100 thereon).

• Double Deposit Scheme:
It comes under the MMDC plans, and provides 8.75% interest rate on deposits below ₹ 1 crore.

• Monthly/Quarterly Interest Deposit Receipt (MIDR/QIDR):
MIDR provides cumulative monthly interests on fixed deposit, without affecting the base amount deposited. QIDR is similar to MIDR except that interests are paid out at every 3 months interval.

• Cent Tax Saving Deposit:
It is applicable for individuals or an HUF who are tax payees with Permanent Account Numbers (PAN). Deposits are accepted up to ₹ 1.5 lakhs per year, and tax savings may be availed for the same amount.
It is to be noted that TDS will still be applicable on interests earned from the Tax Saving Deposit account.

• Cent Uttam Scheme:
It has been designed to provide high interest rates as well as liquidity to customers. In this scheme, one is allowed to withdraw ‘units’ of their deposit when they need liquidity.
This withdrawal does not affect the remaining amount, which will continue to attract the same interest rate till maturity. A total of 10 such ‘unit withdrawals’ are allowed throughout the fixed deposit tenure.

• Cent Aspire:
It is available under MMDC, MIDR, and QIDR schemes as described above. Cent Aspire fixed deposit holders are given an Aspire Platinum credit card against the account.
This credit card is valid for 3 years and is made available to customers without any documentation or background verification. The limit of this card is ₹ 4 lakhs or 80% of deposit amount, whichever is lower.