Central Bank of India Cent Super 333-Day FD: October 2026 Rates, Tax, Premature Closure and DICGC

Summary: Central Bank of India lists its Cent Super Callable Time Deposit as a fixed 333-day resident deposit with monthly, quarterly, half-yearly or cumulative interest options. The bank’s official scheme page and its published special-deposit schedule, reviewed on 13 October 2026, show a general depositor rate of 6.50% per annum and an eligible senior-citizen rate of 7.00% per annum for the 333-day callable scheme; the schedule identifies 10 June 2026 as the effective date of those special-tenure rates. The scheme page states a minimum deposit of ₹10,000 and maximum of ₹10 crore, while interest payout and early closure affect the amount ultimately received. A fixed deposit is not a tax-exempt investment merely because its rate is fixed: interest is generally taxable, and tax deduction at source is governed by the Income-tax Act, 2025, including section 393 for Tax Year 2026–27. Eligible deposits at the same insured bank share the Deposit Insurance and Credit Guarantee Corporation ceiling of ₹5 lakh per depositor in the same right and capacity, covering principal and interest together. This article explains verified terms, illustrations and compliance without recommending the product.

What is the Cent Super Callable Time Deposit for 333 days?

The Cent Super Callable Time Deposit is a specifically named term-deposit product of Central Bank of India. The bank describes a fixed maturity of 333 days, not a flexible band that can be shortened or extended while retaining the same product identity. The scheme is described as available to residents and allows a choice of interest payout at monthly, quarterly or half-yearly intervals or a cumulative arrangement. A callable deposit generally permits early closure subject to the bank’s terms and penalties. The word callable deposit distinguishes it from a non-callable deposit, where ordinary premature withdrawal is restricted.

The official product page specifies a minimum principal of ₹10,000 and a maximum of ₹10 crore, with digital opening through online, internet or mobile banking channels. These figures are scheme parameters, not a representation that every resident customer or deposit amount will be accepted without KYC, eligibility, operational or regulatory checks. The bank may apply additional documentation or transaction limits. The deposit receipt, rate applicable at booking, mode of interest payment and maturity instructions are the controlling transaction records for an individual deposit.

Official interest rates and their effective date

Central Bank of India’s official 333-day scheme page states 6.50% per annum for the general category and an additional 0.50 percentage point for eligible senior citizens. Its official special-term-deposit rate table independently shows 6.50% for general customers and 7.00% for senior citizens, with the 333-day callable rates effective from 10 June 2026. The rate table also publishes annualised yield figures of 6.66% and 7.19%, respectively, reflecting the stated yield methodology rather than a different headline contractual rate. These are the published rates reviewed on 13 October 2026, not a guarantee against later revision for new deposits.

Do not confuse the callable and non-callable 333-day rates

The bank also publishes a distinct non-callable 333-day rate schedule for deposits above ₹1 crore. That table shows different rates and liquidity conditions. The higher or lower number from a non-callable product should not be imported into an ordinary callable 333-day deposit article. Likewise, staff and retired-staff premiums shown on the product page apply only to eligible categories, and should not be presented as available to every customer. The bank’s latest branch or digital booking confirmation remains necessary because the published scheme expressly states that rates may change under its internal rate-setting process.

Interest payout, cumulative option and maturity illustration

A deposit paying interest monthly produces cash flow during the term, whereas a cumulative deposit ordinarily retains interest for payment with principal at maturity. A quoted annual rate is not necessarily the same as the cash received every month: monthly payout products can use a discounted payout calculation, and cumulative products may compound according to the contracted schedule. The actual day-count convention, compounding frequency and rounding must be obtained from the bank’s deposit advice. The bank’s separately published annualised yield is useful for understanding compounding but should not be multiplied mechanically by principal for a 333-day period.

For illustration only, take ₹1,00,000 deposited for 333 days and assume simple pro-rata interest on a 365-day year, with no compounding, charges, TDS or early closure. At 6.50%, the arithmetic interest is ₹1,00,000 × 6.50% × 333/365 = approximately ₹5,930.14. At 7.00%, the comparable senior-citizen illustration is approximately ₹6,386.30. These are not bank maturity quotes. Actual proceeds may differ because the selected payout option, compounding convention, rounding and deduction of tax alter the final cash credited.

Premature withdrawal and liquidity conditions

Central Bank of India’s official deposit-rate notes state that a one-percentage-point penal interest adjustment applies to premature withdrawal of time deposits, irrespective of amount. The product is callable, but callable does not mean that the depositor receives the full originally quoted 333-day interest rate on early closure. The bank may calculate interest for the actual completed period and apply the prescribed penalty and other product conditions. The precise proceeds must be confirmed for the specific deposit; a simple subtraction of 1% from the headline rate is not always an adequate full computation.

The bank also states that no penalty is levied on a qualifying premature renewal when the new deposit period exceeds the remaining period of the original contract. This is a specific bank condition, not a general right to break every deposit without adjustment. A depositor who anticipates a liquidity need should examine the contract’s early closure, loan or overdraft, nomination and maturity-instruction provisions before booking. The article does not assess whether any depositor should choose this product, and does not compare it with other banks or investments.

Income-tax treatment in Tax Year 2026–27

From 1 April 2026 the Income-tax Act, 2025 governs the new tax-year framework. Interest earned on a resident individual’s bank fixed deposit is generally taxable under the relevant income head, ordinarily income from other sources unless the deposit is demonstrably connected with taxable business activity and accounting classification requires otherwise. The fact that interest is retained within a cumulative deposit does not automatically make it tax-free until maturity. Recognition timing depends on the applicable law, accounting method and the particular depositor’s facts. The principal deposited is not itself income merely because it is placed in a bank account.

Section 393(1), table serial number 5(ii), provides the bank-interest withholding framework for qualifying payments to residents. The published threshold is ₹50,000 for a person other than a senior citizen and ₹1,00,000 for a senior citizen, subject to the statutory definitions, payer conditions and aggregation rules. These are thresholds for tax deduction at source, not exemptions from income tax. If the threshold is crossed, the bank generally examines deduction on the qualifying interest amount rather than merely the excess. The actual deduction rate is governed by the applicable rates-in-force and PAN-related provisions; it must be verified for the specific customer.

One deposit versus aggregate bank interest

A depositor with several FDs at the same bank should not test the withholding threshold separately for each receipt. The section 393 table includes aggregation mechanics and a specific branch-related note for payers that have not adopted core banking solutions. Bank statements, interest certificates and the annual information statement should be reconciled across accounts. A senior citizen is not automatically entitled to a zero-tax outcome because the higher withholding threshold applies. Final tax depends on total taxable income, deductions, rebate eligibility and the selected tax regime.

The 2026 rules provide a declaration mechanism, commonly discussed through Form 121, for qualifying persons who satisfy the prescribed conditions for non-deduction. This is not a blanket facility available to every depositor. A false or unsupported declaration may create legal consequences. If tax is deducted, it is a credit against final liability, subject to the taxpayer’s reporting and matching records; it does not settle the entire income-tax computation. The depositor should maintain the interest certificate, TDS details, deposit advice and any declaration acknowledgement.

GST position on deposit interest and separate charges

Interest earned on an ordinary bank deposit should not be confused with a taxable service fee. Entry 27 of Notification No. 12/2017-Central Tax (Rate) concerns exemption for specified services of extending deposits, loans or advances where consideration is represented by interest or discount. CBIC Circular No. 102/21/2019-GST explains the distinction between interest and service charges in this context. Thus the mere earning of qualifying deposit interest does not generally result in a separate GST charge on that interest. Distinct banking fees or taxable services, if charged, must be examined independently under the applicable GST provisions.

DICGC insurance: ₹5 lakh is a combined ceiling

The Deposit Insurance and Credit Guarantee Corporation insures eligible deposits with insured banks, including fixed and savings deposits, subject to exclusions and the statutory limit. The current ceiling is ₹5,00,000 per depositor per bank in the same right and capacity, covering principal and accrued interest together. For example, an eligible account holding ₹4,95,000 principal plus ₹4,000 accrued interest would have ₹4,99,000 within the ceiling. If the principal alone is ₹5 lakh, accrued interest above the ceiling is not additionally protected in that same ownership capacity.

Separate fixed deposits or separate branches of Central Bank of India do not by themselves create separate ₹5 lakh insurance limits for the same depositor in the same capacity. Deposits held at different insured banks are treated separately, and genuinely different legal ownership capacities can have different treatment under DICGC rules. The insurance protection is not a promise of immediate unrestricted liquidity and should not be described as government insurance of an entire ₹10 crore scheme maximum. Depositors should verify the bank’s insured status and DICGC’s current FAQ before relying on coverage.

Documentation and practical verification checklist

Before recording a new Cent Super deposit, verify the bank’s official 333-day callable scheme page, the effective-date rate table and the rate displayed in the actual booking journey. Record whether the depositor qualifies for senior or staff premiums, the interest payout option, principal, maturity date, nomination and any early-closure restriction. After booking, preserve the deposit advice and reconcile interest credits and withholding against the bank’s certificate and tax information statements. A business entity should additionally assess its accounting classification, liquidity presentation and interest accrual under the applicable accounting framework.

As reviewed on 13 October 2026, the official documents support a 333-day callable product, a 6.50% general rate, a 7.00% senior-citizen rate and the published 10 June 2026 effective date. The legally relevant tax and insurance rules apply separately from those bank terms. The product description is factual and educational; it does not rank the scheme, predict future rates or recommend making or breaking a deposit.

Frequently Asked Questions

1. What is the exact tenure of Cent Super Callable Time Deposit?

The bank specifies exactly 333 days. Its scheme page says the deposit is not accepted under this product for a shorter or longer period.

2. What rates did the bank publish for October 2026 review?

The official rate schedule reviewed on 13 October 2026 showed 6.50% per annum for general customers and 7.00% for eligible senior citizens, effective from 10 June 2026 for the 333-day callable scheme.

3. What are the minimum and maximum deposit amounts?

The product page states a minimum of ₹10,000 and a maximum of ₹10 crore, subject to eligibility, banking checks and product terms.

4. Can the 333-day callable FD be closed early without loss?

Not necessarily. The bank publishes a 1% premature-withdrawal penal-interest framework, and the rate for the actual period may also be relevant. The exact proceeds require a bank-specific calculation.

5. Is the interest tax-free because the FD lasts less than one year?

No. Interest is generally taxable under the applicable income-tax provisions, irrespective of the 333-day tenure or the absence of TDS.

6. What are the bank-interest TDS thresholds for Tax Year 2026–27?

Section 393(1), table serial number 5(ii), states ₹50,000 for non-senior persons and ₹1,00,000 for senior citizens, subject to the applicable conditions and aggregation rules.

7. Does DICGC insure the full ₹10 crore maximum scheme amount?

No. Eligible principal and interest are covered only up to ₹5 lakh per depositor per insured bank in the same right and capacity, aggregating accounts and branches.

Key Takeaways

• The specific Cent Super callable product has a fixed 333-day tenure; its official published rates are 6.50% general and 7.00% eligible senior citizen, effective 10 June 2026.
• The scheme page states ₹10,000 minimum and ₹10 crore maximum; actual payout depends on the interest option and contracted terms.
• Premature withdrawal may lead to recalculated interest and a 1% penal adjustment under the bank’s published notes.
• Interest is generally taxable; section 393 TDS thresholds do not exempt the interest from income tax.
• DICGC coverage aggregates eligible principal and interest and is capped at ₹5 lakh per depositor per bank in the same capacity.

Primary Sources and Further Reading

• Central Bank of India: Cent Super Callable Time Deposit for 333 days
• Central Bank of India: official special deposit rates and effective dates
• Income Tax Department: Income-tax Act 2025, section 393
• DICGC: official deposit-insurance FAQs
• Related TaxGuru coverage: Income-tax 2026 bank-interest TDS and Form 121 explanation
• Related TaxGuru coverage: Fixed deposit tax reporting and TDS limits explained
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Disclaimer: This article provides general educational information on the Central Bank of India Cent Super 333-day callable term deposit and related tax, GST and DICGC rules as checked on 13 October 2026. Rates, product availability, eligibility, compounding, charges, premature closure, withholding and legal provisions may change; the applicable bank contract and current official notices control each transaction. Illustrative interest amounts use simplified assumptions and are not bank maturity quotations. Nothing here is a recommendation, ranking, return prediction, solicitation or individual financial, tax or legal advice. Readers should independently confirm facts and consult qualified advisers where appropriate. TaxGuru accepts no responsibility for financial loss, interest shortfall, tax or GST liability, TDS mismatch, uninsured deposits or any other consequence of reliance on this material.