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Central Bank of India Recurring Deposit Rates 2024

Updated on July 16, 2024 , 21122 views

A Recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.


A user willing to open an RD account with Central Bank of India can choose any amount and term according to your convenience.

Central Bank of India RD Interest Rates 2024

The RD Interest Rates offered by Central Bank of India are listed below-

Tenure RD Rates for General Citizens RD Rates for Senior Citizens
180 - 270 days 4.25% 4.75%
271 - 364 days 4.25% 4.75%
1 year to less than 2 years 5.00% 5.50%
2 years to less than 3 years 5.00% 5.50%
3 years to less than 5 years 5.00% 5.50%
5 years & above up to 10 years 5.00% 5.50%

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Central Bank of India RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.


RD Calculator INR
Monthly Deposit Amount 500
RD in month 60
Rate of Interest 7%
RD Maturity Amount INR 35,966
Interest Earned INR 5,966

RD Calculator

Monthly Deposit:
Rate of Interest (ROI):

Investment Amount:₹180,000

Interest Earned:₹18,190

Maturity Amount: ₹198,190

Types of RD Scheme by Central Bank of India

1. CENT Swa-Shakti Flexi Recurring Deposit Scheme

In this scheme, users have a freedom to deposit the amount of their choice every month. Some of features of the scheme are-


Individuals (singly & jointly), minors above 10 years singly, minors below 10 years jointly with Guardian(s), HUF, proprietorship, partnerships, Institutions clubs/trust/societies, corporates etc., are eligible to hold CENT Swa-Shakti Flexi Recurring Deposit Scheme

Rate of Interest

Interest rate will be as per prevailing term deposit card rate. It will be calculated on daily Basis and will be credited every half yearly. An additional 0.5 percent interest is for Senior Citizen

Core Installments

The depositor has to choose monthly core instalment. A minimum monthly core instalment will be INR 100 in the multiples of 100 and a maximum ceiling of INR 1,00,000

Variable portion

In this RD scheme, beside monthly core amount the depositor can also deposit additional fund. The installment can be deposited one or more times during a month, but the total monthly deposit should not exceed 10 times of the core amount. The monthly instalment can be reduced in any month, but it should not be lesser then core amount

Payment Method of Instalment

  • Transfer from any Branch
  • Cash/Clearing
  • ECS
  • Internet
  • SWEEP (Standing instruction) Facility

2. Cent Millionaire Recurring Deposit Scheme

This RD scheme offered by Central Bank of India is termed as - Cent Millionaire. Some of the features of the scheme are:

  • Tenure: 10 years
  • Rate of Interest: 6.50%
  • Monthly amount to be invested: INR 5920
  • Maturity Amount after 10 years over INR 10 lakh
  • TDS is applicable on interest earned

3. Cent Lakhpati

"Jab Chaho Lakhpati Bano" is a deposit product introduced in 2016. It lets you earn an interest in the Range of 5.35% to 6.60% p.a. on the deposited amount. Cent Lakhpati scheme is for all citizen, however senior citizens and bank staffs will get additional benefit as per the existing norms.

Periods in Years Rate of Interest Monthly Investment
1 5.35% 8100*
2 5.40% 3940*
3 5.40% 2560*
4 5.40% 1870*
5 5.60% 1450*
6 5.60% 1170*
7 5.60% 980*
8 5.60% 830*
9 5.60% 720*
10 5.60% 630*

Note - The maturity value of the above figures are Rs. 1 Lakh and above.

Documents for Opening of Central Bank of India RD Accounts

1. For identifications Proof

(any one of the following)

  • Passport
  • UID / Adhar Card
  • Driving License
  • Voter ID Card
  • PAN Card
  • Govt. / Defense ID card
  • ID Card issued by Reputed employer

2. For Address Proofs

(any one of the following)

  • Electricity Bill
  • UID / Adhar Card
  • Telephone Bill
  • Salary Slip
  • Bank account statement
  • Letter from a reputed employer
  • Letter from any recognized public authority /local body
  • income tax / wealth tax Assessment order

3. Proof of Date of Birth (For Senior Citizens & Minor)

For Senior Citizens (any one of the following)

  • Passport
  • Voter ID Card
  • Driving License
  • PAN Card
  • Service Discharge Certificate
  • PPO in case of Pensioner

For Minors

Birth Certificate issued by Gram Panchayat/NAC(Notified Area Committee)/Municipal Corporation

Central Bank of India RD Penal Interest

In case deposit tenure is over 60 months, and the installment is not paid in the same month, a penal interest of INR 2.00 per month per INR 100 will be charged. In case deposit period of up to 60 months, then a penal interest of INR 1.50 per month per INR 100 will be charged.

Loan/Advance Against RD Scheme

A Loan and Advance facility is available under Central Bank of India RD scheme up to 90 percent of the deposit amount and accrued interest. ROI is charged @ROI on deposit+1 percent.

Why Investing in SIP is Beneficial?

  • Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic basis - daily, weekly, monthly or quarterly
  • You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500
  • SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors
  • SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc
  • Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns
  • To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges

Best Performing SIPs to Invest 2024

Here's a list of best performing equity SIPs for an investment horizon of five years and above

FundNAVNet Assets (Cr)Min SIP Investment3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
IDFC Infrastructure Fund Growth ₹56.236
↓ -0.32
₹1,171 100 24.945.486.935.130.850.3
Franklin Build India Fund Growth ₹145.748
↓ -0.51
₹2,530 500 17.830.875.235.128.351.1
L&T India Value Fund Growth ₹109.71
↓ -0.08
₹12,373 500 18.926.958.627.825.439.4
DSP BlackRock Natural Resources and New Energy Fund Growth ₹96.291
↑ 0.14
₹1,173 500 11.927.255.223.22531.2
Motilal Oswal Multicap 35 Fund Growth ₹56.8484
↓ -0.17
₹10,013 500 15.925.854.918.517.131
Invesco India Growth Opportunities Fund Growth ₹89.83
↓ -0.27
₹5,280 100 18.326.953.421.921.931.6
L&T Emerging Businesses Fund Growth ₹85.7156
↓ -0.96
₹14,787 500 18.622.752.829.230.246.1
DSP BlackRock Equity Opportunities Fund Growth ₹615.499
↑ 0.60
₹11,991 500 2027.652.221.323.332.5
Tata Equity PE Fund Growth ₹361.017
↓ -1.69
₹7,905 150 16.825.449.926.322.337
Kotak Equity Opportunities Fund Growth ₹337.914
↓ -1.78
₹22,329 1,000 15.326.244.222.823.529.3
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 18 Jul 24

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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