• Cent 555 Deposit Scheme

    Cent 555 Deposit account is a term deposit account with a tenure period of 555 days. Interest is compounded quarterly under this scheme.

    Features of Central Bank of India Cent 555 Deposit Scheme

    Given below are the features of Cent 555 Deposit Scheme

    Account Type Single and joint account
    Amount

    Min- Rs.1,000

    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
    TDS Not available
    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

    Eligibility Criteria for applying for Cent 555 Deposit Scheme

    Given below is the eligibility criteria for Cent 555 Deposit Scheme by Central Bank of India

    • Must be a resident of India
    • Senior citizens are eligible
    • Should be able to make a minimum deposit of Rs.1,000

    Cent 555 Deposit Scheme Interest Rates

    Currently, the rate of interest offered under the scheme is 6.65%. The interest is compounded on a quarterly basis.

    Cent 555 Deposit Scheme by Central Bank of India FAQs

    1. What is the minimum amount that needs to be deposited in Cent 555 Deposit account?

      The minimum amount that needs to be deposited in the account is Rs.1,000

    2. Is premature withdrawal allowed with Cent 555 deposit?

      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.

    3. What is the maximum amount that can be deposited?

      The maximum amount that can be deposited is less than Rs.1 crore.

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