CENT Suraksha Deposit scheme is a fixed deposit scheme offered by Central Bank of India.
It is a deposit scheme with an insurance incentive. The said scheme offers several special features under two variants, namely, CENT Suraksha Deposit (PMSBY- RS.177) and CENT Suraksha Deposit yojana (PMJJBY- Rs.4317). CENT Suraksha Deposit will facilitate payment of premium towards Pradhan Mantri Suraksha Bima Yojana (PMSBY) while CENT Suraksha Deposit yojana will facilitate payment of premium for both Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). For instance, a giftee can deposit for Rs.201 or Rs.5001 in his or her savings account. (Rs.177 or Rs.4317 is transferred to Suraksha deposit scheme or Suraksha deposit yojana). In other words,
Rs.201 is used for premium in the first and second year of Suraksha Bima Yojana while the rest is used for term deposit. The annual income earned is used for PMSBY premium. It is important to note that Aadhaar is an important proof for KYC. This scheme was launched for the festival of Raksha Bandhan when gift cheques (of pre-fixed denomination) are commonly exchanged. A giftee can present the gift instrument to the bank and deposit it in her bank account. The bank will deposit the cheque in giftee’s saving account or open a BSBDA account, if required.
As per Suraksha Deposit scheme, only individuals are eligible to avail of this scheme while Partnerships, Proprietorships, Institutions, Trust and Societies are not eligible.
The following table shows the features of this scheme
|
Account Type |
J Single |
|
Amount |
CENT Suraksha Deposit Instrument: Rs.201 FD: Rs.177 CENT Suraksha Deposit yojana Instrument: Rs.5001 FD: Rs.4317 |
|
Rate of Interest |
8%* Interest rate will be as per prevailing term deposit card rate. |
|
Period |
Minimum: 5 years Maximum: 10 years |
|
TDS |
As applicable |
|
Loan against CENT Suraksha Deposit |
N/A |
|
Nomination (if any) |
Available |
|
Auto Renewals |
N/A |
*Interest Rates are subject to change. Please contact bank representatives for details. Rates are as of January, 2016
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% |
CENT Suraksha is a deposit scheme with an insurance incentive.
The deposit schemes are available in two variants, namely, CENT Suraksha Deposit and CENT Suraksha Deposit yojana.
The minimum period of deposit is 5 years while the maximum is 10 years.
Under the CENT Suraksha Deposit schemes, interest is compounded on a quarterly basis but paid on an annual basis.
Yes. Nomination facility is available under this scheme.
Useful Information on Central Bank of India Fixed Deposit
Other Fixed Deposit Schemes Offered by CBI
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