Cent Benefit Deposit Scheme
Central Bank of India is a government owned bank and one of the oldest and largest banks in India. The bank is based in the financial capital of India, Mumbai.
The bank offers a wide range of financial products including deposit accounts.
Cent Benefit Deposit account is a fixed deposit account which was launched with the aim of mobilising short term deposits with a tenor of 14 days to 179 days.
The account offers an attractive rate of interest for its investors along with a wide range of other benefits.
Eligibility Criteria for applying for Cent Benefit Deposit Scheme
Given below is the eligibility criteria for Cent Benefit Deposit Scheme by Central Bank of India
- Must be a resident of India
- Senior citizens are eligible
- The individual should be capable enough to make a minimum deposit of Rs.1 crore
Features of Cent Benefit Deposit Scheme
Given below are the features of Cent Benefit Deposit Scheme
Account Type | Single |
Amount | Min- Rs.1 croreMax- There is no cap on the maximum amount that can be deposited in this account |
Rate of Interest | The rate of interest offered on the fixed deposit account is 6.50% |
Period | Min-78 daysMax-179 days |
TDS | Not available |
Loan against Cent Deposit Benefit Scheme | Not available |
Nomination (if any) | There is no nomination under the scheme |
Auto Renewals | Not available |
Cent Benefit Deposit Scheme Interest Rates
Central Bank of India offers a rate of interest of 6.40% on its Cent Benefit Deposit scheme for tenures ranging from 28 days to 179 days.
There are no special rates offered for senior citizens. The rate of interest offered is uniform.
FAQs on Cent Benefit Deposit Scheme
- What is the lock in period for Cent Benefit deposit account?
The lock in period for Cent Benefit deposit account is 28 days.
- What is the minimum amount that needs to be deposited in Cent Benefit Deposit account?
The minimum amount that needs to be deposited in the account is Rs.1 crore.
- Is there a penal interest charged on premature withdrawal after 28 days (lock in period)?
There is no penal interest charged on premature withdrawal after the lock in period.
- What are the consequences if one makes a withdrawal before 28 days?
There will be no interest paid whatsoever on premature withdrawals before the completion of 28 days from the date of initiation of the account.
- Does the bank offer special interest rates for senior citizens for Cent Benefit Deposit account?
The bank does not offer any special rates for senior citizens for Cent Benefit Deposit account.
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