Even after a 1.25% cut in the repo rate this year, many banks are still offering attractive interest rates on fixed deposits (FDs).
The Reserve Bank of India (RBI) adjusts the repo rate depending on economic needs.
When the repo rate goes up, FD interest rates increase, and when it goes down, FD returns decrease.
One of the best options right now is the Central Bank of India FD, where you can earn up to ₹21,341 by depositing just ₹1 lakh.
Central Bank of India FD: Interest Rates and Tenure
The Central Bank of India, a public sector bank, offers FD interest rates ranging from 3.00% to 6.80%.
You can open an FD for a minimum of 7 days and a maximum of 10 years.
For special FD schemes of 444 days and 555 days, the bank offers a maximum rate of 6.30% for general citizens and 6.80% for senior citizens.
For a 3-year FD, the interest rates are 6.00% for general citizens and 6.50% for senior citizens.
This makes it an excellent choice for both short-term and long-term investors looking for safe returns.
How Much Can You Earn?
If a general citizen deposits ₹1 lakh in a 3-year FD, the maturity amount will be ₹1,19,562, including ₹19,562 as interest.
For senior citizens, the same deposit will grow to ₹1,21,341, giving a fixed interest of ₹21,341.
Since the Central Bank of India is a government-owned bank, your investment is completely safe.
At maturity, you receive both your principal and guaranteed fixed interest, making this FD a secure and reliable option for investors.
This FD scheme is ideal for anyone looking for low-risk investments with assured returns.
