Cent 555 Deposit account is a term deposit account with a tenure period of 555 days. Interest is compounded quarterly under this scheme.
Given below are the features of Cent 555 Deposit Scheme
|Account Type||Single and joint account|
Max- Any amount less than Rs.1 crore
|Rate of Interest||6.65%|
|Period||The deposit will be accepted exactly for a period of 555 days and not for a longer or shorter term than that|
|Loan against Cent Deposit Benefit Scheme||Loan is available under this scheme.|
|Nomination (if any)||There is no nomination under the scheme|
|Auto Renewals||Not available|
Given below is the eligibility criteria for Cent 555 Deposit Scheme by Central Bank of India
Currently, the rate of interest offered under the scheme is 6.65%. The interest is compounded on a quarterly basis.
The minimum amount that needs to be deposited in the account is Rs.1,000
The investor has the option of making a pre mature withdrawal before the period of deposit which is 555 days. However, the interest paid at the time of pre mature withdrawal will be in accordance with the instruction of the bank.
The maximum amount that can be deposited is less than Rs.1 crore.
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