Central Bank of India 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.
FAQs on Cent 555 Deposit Scheme by Central Bank of India
- 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
- What is the maximum amount that can be deposited?
The maximum amount that can be deposited is less than Rs.1 crore.
- 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.
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