Central Bank of India, one of the public sector banks operating in the country offer a variety of term deposit schemes to its customers. One of them is Central’s Flexi Yield Deposit scheme. Under the scheme, depositors can avail floating rate of interest. The period of deposit ranges between 1 year to 10 years with the minimum investment amount being Rs.50,000. The rate of return offered by the lender on the deposits range between 4.90% p.a. to 5.00% p.a.
Below mentioned are the rate of return offered on deposits less than Rs.2 crore by the lender on its Flexi Yield deposit scheme depending on the tenure:
| Tenure | General Citizens (p.a.) |
|---|---|
| 1 year to less than 2 years | 4.90% |
| 2 years to less than 3 years | 5.00% |
| 3 years to less than 5 years | 5.00% |
| 5 years to 10 years | 5.00% |
Loans and advances against this deposit scheme is available based on the prevailing rules.
A minimum of 1 year and above and up to a maximum of 10 years.
Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits.
Rs. 50,000/- and thereafter in multiples of Rs. 5,000.
In such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates applicable to normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered.
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