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Cent Swashakti Flexi Recurring Deposit Scheme

Central Bank of India offers the Cent Swashakti Flexi Recurring Deposit Scheme to Indian residents and to NREs as well. This is a flexible scheme where the depositors can deposit any amount as monthly installment, as per their choice. If they have surplus money available at any point of time, they can deposit the same that month.

Features

  • An attractive rate of interest is offered on the RD, which is at par with the existing term deposit rates.
  • Interest is calculated on a daily basis and is credited to the RD account on a half yearly basis.
  • Senior citizens can enjoy an additional interest rate of 0.5% on the recurring deposit.
  • A monthly core installment amount has to be chosen by the depositor.
  • The minimum amount of core installment to be paid on a monthly basis is Rs. 100 and in multiples of Rs. 100.
  • The maximum amount of core installment to be paid on a monthly basis is Rs. 1, 00,000.
  • Apart from the fixed monthly core amount, the depositor can also deposit additional money into the RD account.
  • The overall deposit to be made every month to the RD account should not exceed 10X of the fixed core amount.
  • Installments can be made to the account one or more times within a given month.
  • The monthly amount can vary each month, as long as it does not fall below the fixed core amount.
  • The minimum tenure for which the recurring deposit account can be held is 6 months and the maximum tenure for which the recurring deposit account can be held is 120 months.
  • Nomination facility is available.
  • Loan against recurring deposit is available up to 90% of the amount deposited in the account as well as the interest accrued on the same.

Eligibility

  • This recurring deposit scheme can be opened by individuals either by themselves, or jointly.
  • Minors who are more than 10 years old can open this RD account singly
  • Minors who are less than 10 years old can open this RD account jointly, with their guardians
  • Hindu Undivided Families are eligible to open a Cent Swashakti Flexi Recurring Deposit
  • Partnerships, Proprietorships, Trusts, Clubs, Societies, Institutions, Corporates and so on are also eligible to hold a Cent Swashakti Flexi Recurring Deposit in Central Bank of India.

Cent Swashakti Flexi Recurring Deposit Scheme for NRI/ NRE

The Cent Swashakti Flexi Recurring Deposit scheme is also extended to NRIs, under the NRE Term Deposit Scheme. NRI customers can deposit any amount as monthly installment, as per their choice. Surplus money available at any pint of time, they can deposit the same that month.

Features

  • The minimum amount of core installment to be paid on a monthly basis is Rs. 100 and in multiples of Rs. 100.
  • The maximum amount of core installment to be paid on a monthly basis is Rs. 1, 00,000.
  • An attractive rate of interest is offered on the RD, which is at par with the existing term deposit rates applicable on NRE Term Deposits.
  • Interest is calculated on a daily basis and is credited to the RD account on a half yearly basis in June or in December.
  • Apart from the fixed monthly core amount, the depositor can also deposit additional money into the RD account.
  • The overall deposit to be made every month to the RD account should not exceed 10X of the fixed core amount.
  • Installments can be made to the account one or more times within a given month.
  • Nomination facility is available and the nominee can be either a NRI or a resident Indian.
  • There is no Tax Deductible at Source (TDS) applied since this is an NRE account.

Eligibility

This recurring deposit scheme can be opened by NRIs either by themselves, or jointly with other NRIs or close relatives who are residing in India.

Frequently Asked Questions (FAQs)

How can I pay the monthly installments to my recurring deposit account?

The methods by which you can make payments towards your recurring deposit account are:

  • Direct transfer from any branch of Central Bank of India
  • Cash/ Clearing
  • Internet
  • ECS
  • Standing Instruction or SWEEP Facility

Can I avail loan against the Cent Swashakti Flexi Recurring Deposit?

Yes, depositors can avail loan against RD for up to 90% of the amount deposited in the account as well as the interest accrued on the same.

Is there a penalty levied on premature closure?

No, there is no penalty levied on premature closure.

Is there a penalty levied on delayed payment?

No, there is no penalty levied on delayed payment.

Is the recurring deposit account transferable?

The Cent Swashakti Flexi Recurring Deposit is transferable across branches of Central Bank of Bank.

Read More Article on Recurring Deposit

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Recurring Deposit by Banks
Recurring Deposit by other Institutions

RD Reviews

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  • YES Bank Recurring Deposit
    "Excellent service"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I have opened Recurring deposit through YES Bank for a while, Response is also good one with the Yes bank. I don't have any issues with them till now, the tenure period is up to one years, there is no issue till now i have face in this bank, overall service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 11, 2018
  • Punjab National Bank Recurring Deposit
    "Good online option for RD with PNB"
    PUNJAB NATIONAL BANK
    0.5 3.0/5 "Satisfactory"
    The online facility is there for RD, they are providing moderate interest for recurring deposit. I can deposit minimum of Rs. 1000, they are providing the interest around 7.1% for per annum. I could deactivate the RD through online but it was not successful.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Dec 04, 2018
  • Kotak Recurring Deposit
    "Average service"
    KOTAK MAHINDRA BANK
    0.5 3.0/5 "Satisfactory"
    I have a Recurring deposit account with KMB from last 8 months, i invest an amount of Rs 500 every month. Customer support was average with this bank and i was not much satisfied with the terms and conditions. I am not aware of the returns on investment.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 29, 2018
  • Oriental Bank of Commerce Recurring Deposit
    "Very good banking"
    ORIENTAL BANK OF COMMERCE
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit account with Oriental bank of commerce. Last 20 years before i have opened the account. I have been depositing the minimum amount of Rs. 500 every month. I have chosen the tenure period of 1 year earlier and i have increased the same. Since the bank branch is nearby, i have selected my deposit with oriental bank.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 28, 2018
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a Recurring deposit account with HDFC Bank and it was taken before 1.5 years. I can maintain the account through net banking and it was easy. I have invested 50K for 2 years. I am getting 6.25% of interest rate which was okay. The customer service is average.
    Was this review helpful? 7
    , chennai
    Reviewed on Nov 23, 2018
  • ICICI Bank Recurring Deposit
    "Good Experience"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit in ICICI. Every month i have been depositing a particular amount and i will be getting good benefits. I don't use the customer care service. Online services always I'm using and i will look up on. Every 1 year i have been renewing the Recurring deposit when its coming to my account. Somewhere around 7.5% interest rate i will get from this recurring deposit.
    Was this review helpful? 4
    , faridabad
    Reviewed on Nov 22, 2018
  • HDFC Bank Recurring Deposit
    "Its Better"
    HDFC BANK
    0.5 4.0/5 "Great!"
    They are providing interest for the RD amount, when I done the preclosure they are taking 2% of interest. I have deposit Rs.2 ,25,000 . I took the RD for 4 years. I done the preclsoure in 3 years. They didn't provide much interest. Normally I make the ecs payment.
    Was this review helpful? 2
    , chennai
    Reviewed on Nov 19, 2018
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit account with HDFC Bank. It was taken 2 months back. I am maintaining a salary account with them and they suggested me for RD. In returns I get 7% as an interest rate. I have to deposit monthly 1,000 rupees and the locking period is one year.
    Was this review helpful? 5
    , tiruchirapalli
    Reviewed on Nov 16, 2018
  • andhra Bank Recurring Deposit
    "Average service"
    ANDHRA BANK
    0.5 3.0/5 "Satisfactory"
    The service provided was very good with Andhra bank based on the recurring deposit,Customer service offered by them was very good,. At the end of the term I will get one reminder from them confirming that the amount is going to get matured.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Nov 16, 2018
  • Karnataka Bank Recurring Deposit
    "Good service"
    KARNATAKA BANK
    0.5 3.5/5 "Pretty good"
    Karnataka bank is giving good service for the recurring deposit . There is no annual charges for the account They are going quiet good response . Am getting income tax benefits too . Overall its average investments plan . It has some nominal good returns.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 02, 2018
  • SBI Recurring Deposit
    "Overall good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The experience for a recurring deposit is good. There are no issues in the process. The customer support and response is fine too at State Bank of India as I had no issues to open this account. I am also happy with the interest earned. Till date no hassles.
    Was this review helpful? 11
    , bangalore
    Reviewed on Oct 27, 2018
  • Kotak Recurring Deposit
    "Not satisfied"
    KOTAK MAHINDRA BANK
    0.5 2.0/5 "Expected more"
    I have a Recurring Deposit account with Kotak Mahindra Bank from last 1 year, I deposit an amount of Rs 3000 every month and the returns are not that good. I have withdrawn the amount in 6-7 months and there was no penalty charged.
    Was this review helpful? 3
    , pune
    Reviewed on Oct 24, 2018
  • Axis Bank Recurring Deposit
    "Easy process"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    It was very convenient to open a recurring deposit with Axis Bank. I can do it online and I did not have to visit the bank for any formality. The lock in period for this account is for a year. I can also close the account online too. I am happy with the process too.
    Was this review helpful? 10
    , bangalore
    Reviewed on Sep 04, 2018
  • HDFC Bank Recurring Deposit
    "Good service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have opened a Recurring Deposit account in HDFC bank from last 1 year. I have to pay an amount of Rs 25000 every month and all the terms & conditions were explained by the customer support of HDFC bank. In returns i get 6% as an interest which is quite good.
    Was this review helpful? 21
    , new delhi
    Reviewed on Aug 30, 2018
  • IOB Recurring Deposit
    "Good Service"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I've a recurring deposit with the Indian bank. I am depositing 1000 rupees a month. There hasn't been any issues with the deposit so far. It is easy to start and make payments to the recurring deposit. Auto debit option is also there for the deposit.
    Was this review helpful? 14
    , ahmedabad
    Reviewed on Jul 28, 2018
  • IOB Recurring Deposit
    "Good Service"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I've two recurring deposit with the IOB, I am depositing 2000 every month. There is no additional benefits apart from the nominal interest they provide. It is easy to start a recurring deposit with the Indian bank.
    Was this review helpful? 11
    , ahmedabad
    Reviewed on Jul 28, 2018
  • Kotak Recurring Deposit
    "Excellent Service"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had opened this account a long time back and i had opened it online and the process in taking it has been easy, i had been depositing 2000 every month. There has been a very good service which they had been providing so far. I had been doing everything through their mobile application and it had been easy in using it.
    Was this review helpful? 13
    , chennai
    Reviewed on Jul 17, 2018
  • City Union Bank Recurring Deposit
    "Good Service"
    CITY UNION BANK
    0.5 5.0/5 "Blown Away!"
    I travel every year with my family for that purpose I deposit Monthly 5000 which gets auto debited from the account. They also offers 7.1 % interest rate. The deposit was started from the branch and it has been a very good experience with their services.
    Was this review helpful? 17
    , chennai
    Reviewed on Jul 13, 2018
  • ICICI Bank Recurring Deposit
    "Good Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I've a recurring deposit with the ICICI bank. It is so easy to start recurring deposit with the iMobile App. You need to give the reference number to the bank and the whole deposit process is automated. The monthly deposit amount gets auto debited from the account.
    Was this review helpful? 13
    , chennai
    Reviewed on Jun 27, 2018
  • Kotak Recurring Deposit
    "Best"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I am having the recurring deposit account with the Kotak mahindra bank and I was not aware of the rate of interest. I would like to say that the response is fine one for me with the Kotak mahindra bank.
    Was this review helpful? 7
    , bangalore
    Reviewed on Jun 23, 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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