Central‘s Flexi Yield Deposit Scheme

Central Bank of Indian is a owned and run by the government. It is said to be one of the oldest and a leading commercial bank in India. The Bank is headquartered in Mumbai. Central Bank of India has approximately 4100 branches along with 0 extension counters all over the Indian subcontinent, including three Union territories. The bank has taken several initiatives to innovate the Indian banking experience throughout the recent years. Central Bank of India offers deposit schemes serving various needs of different individuals. Central Flexi Yield Deposit Scheme is one of them, and read on to know more about this simple scheme. This scheme allows the depositors to avail floating rate of interest which is generally higher than the regular rate of interest for normal Term Deposits.

Eligibility Criteria for Central’s Flexi Yield Deposit Scheme

The company has not specified details in terms of eligibility. However, there are certain eligibility criteria which are generally common among fixed deposit applicants:

• The individual should be an Indian citizen.
• The individual should be ideally over the legal Indian age which is either over 18 years or over 21 years of age.
• The individual should have the minimum required income to be able to pay the deposit amount.

Features for Central’s Flexi Yield Deposit Scheme

Here are the basic features of this product:

FAQs on Central’s Flexi Yield Deposit Scheme

1. Is there any option for loan against this scheme?

   Loans and advances against this deposit scheme is available based on the prevailing rules.

2. What is the time period for this term deposit?

   A minimum of 1 year and above and up to a maximum of 10 years.

3. How is the interest rate for this deposit scheme calculated?

   Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits.

4. What is the minimum and maximum amount required for this deposit scheme?

   Rs. 50,000/- and thereafter in multiples of Rs. 5,000.

5. What are the basic requirements for premature payments?

   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.