Central Bank of India Senior Citizen Deposit Scheme
Central Bank of India offers deposit schemes for senior citizens looking for safe and guaranteed returns that also offers capital protection.
The unique feature of this scheme is its rate of interest which is an incentive to senior citizens by way of additional interest over and above normal rate of interest on any of the bank’s existing term deposit schemes. This facility is available to fresh deposits and renewal of maturing deposits.
Eligibility Criteria for applying for CBI Senior Citizen Deposit Scheme
Given below is the eligibility criteria for the Senior Citizen Deposit Scheme offered by Central Bank of India:
- Must be an Indian resident
- Must be above the age of 60 years
- Should be able to maintain the minimum deposit
Features of Central Bank of India Senior Citizen Deposit Scheme
The features of the Senior Citizen Deposit Scheme offered by Central Bank of India are mentioned below:
Account Type | Single |
Amount | Depending on the deposit scheme opted by the customer |
Rate of Interest | An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of the Time Deposit Schemes will be given as incentive for deposits of Senior Citizens who are above 60 years of age. |
Period | Min- 15 daysMax- 120 months |
TDS | TDS is applicable on this deposit scheme |
Loan against Central Bank of India Senior Citizen Deposit Scheme | Loan against deposits is available as per prevailing rules. |
Nomination (if any) | There is no nomination available under this scheme |
Central Bank of India Senior Citizen Deposit Scheme Interest Rates
Senior citizen are provided additional 0.50% p.a. interest rate on top of the standard rates applicable for non-senior citizens. The rate of interest is applicable for any of the time deposit schemes and is given as incentive for deposits of Senior Citizens who are above 60 years of age.
*Interest rates are subject to change from time to time. It is advisable to contact bank officials for details regarding the recent interest rates. Mentioned rates are as of January 2016.
Other Fixed Deposit Schemes Offered by CBI
- Cent 777 Deposit Scheme
- Cent Aspire Deposit Scheme
- Cent 555 Deposit Scheme
- CBI Monthly Interest Deposit Receipt (MIDR)
- Central‘s Flexi Yield Deposit Scheme
- CBI Money Multiplier Deposit Certificate (MMDC)
- Central Bank of India Quarterly Interest Deposit Receipt
- Cent Suraksha Deposit
- CENT Tax Saving Deposit
- CENT Uttam Scheme
FAQs on Central Bank of India Senior Citizen Deposit
- What is the minimum principal outstanding amount that needs to be maintained in the account?
The principal standing amount that needs to be maintained depends on the deposit scheme chosen by the customer.
- Does the bank issue certificate or passbook?
Yes. Certificate or Passbook will be issued to the depositor according to the deposit scheme. 'Pass Book' will be issued for Khazaana and Certificate will be issued for MMDC, MIDR and QIDR.
- What are other add on facilities available for senior citizens?
The following additional incentives are available for senior citizens in savings bank accounts:
- There are no minimum balance requirements for Senior Citizens of 70 years and above.
- Service charges 20% below normal rate (For basic services only).
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