Cent Suraksha Deposit
CENT Suraksha Deposit scheme is a fixed deposit scheme offered by Central Bank of India. The scheme is available in two variants, the CENT Suraksha Deposit (PMSBY- RS.177) and CENT Suraksha Deposit yojana (PMJJBY- Rs.4,317).
CENT Suraksha Deposit Variants
The two different variants that the scheme will be available in are mentioned below:
- CENT Suraksha Deposit - Will facilitate payment of premium towards Pradhan Mantri Suraksha Bima Yojana (PMSBY).
- CENT Suraksha Deposit Yojana - Will facilitate payment of premium for both Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Eligibility Criteria for applying for CENT Suraksha Deposit
As per Suraksha Deposit scheme, only individuals are eligible to avail of this scheme. Partnerships, Proprietorships, Institutions, Trust and Societies cannot avail the benefits of the scheme.
Features of CENT Suraksha Deposit
The following table shows the features of this scheme
Account Type | Single |
Amount |
|
Rate of Interest | Interest rate will be as per prevailing term deposit card rate. |
Period |
|
TDS | As applicable |
Loan against CENT Suraksha Deposit | N/A |
Nomination (if any) | Available |
Auto Renewals | N/A |
CENT Suraksha Interest Rates
Under this scheme, interest is compounded on a quarterly basis but paid on an annual basis by crediting the giftee's account. The interest credited in the savings account is premium towards PMSBY or PMJJBY. The following table shows additional rates
Category | Interest |
Senior citizen | 0.5% |
Ex-staffer-cum senior citizen | 1.5% |
Ex-staff/staff/widow/widower of staff | 1% |
FAQs on CENT Suraksha Deposit Scheme
- What are the variants of deposit schemes offered by Central Bank of India?
The deposit schemes are available in two variants, namely, CENT Suraksha Deposit and CENT Suraksha Deposit yojana.
- What is the minimum and maximum period of deposit?
The minimum period of deposit is 5 years while the maximum is 10 years.
- What kind of deposit scheme is CENT Suraksha?
CENT Suraksha is a deposit scheme with an insurance incentive.
- How is interest calculated for CENT Suraksha Deposit schemes?
Under the CENT Suraksha Deposit schemes, interest is compounded on a quarterly basis but paid on an annual basis.
- Is nomination facility available under this scheme?
Yes. Nomination facility is available under this scheme.
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