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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

  • Page 1 of 47 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Reccure the deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      With HDFC bank i hold a Recurring deposit. As my salary account is with HDFC they directly deduct the recurring deposit amount. The amount which is deducting is 1000 rs. After one year we can withdraw that amount with a rate of interest 12 percentage.
      Was this review helpful? 0
      , krishnagiri
      Reviewed on Sep 18, 2017
    • Lakshmi Vilas Bank Recurring Deposit
      "Its Good"
      LAKSHMI VILAS BANK
      0.5 5.0/5 "Blown Away!"
      I have a RD with Lakshmi Vilas, I am investing Rs. 3000 on monthly basis it has minimum tenure of one year, more than a year, I am holding it. They giving 8% of interest for the same bank staff , for others 7.5% of RD Holder, now I hope they reduced around 7%.
      Was this review helpful? 0
      , rajapalayam
      Reviewed on Sep 13, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good. There is an option here, where one can transfer the funds on a monthly basis. Interest rate is one and the same as FD. I had given auto debit options where the funds would be transferred from my account to this RD. I dont get any tax benefit here and its a short term RD.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good, the reason for choosing HDFC RD was because I hold an account with the same bank. I heard of this bank RD has got good benefits. It was taken for a limited duration . We earn an interest of rs 500 it was for a short duration of time which is 15 months and I earn an interest of 15% approximately for RD.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • ICICI Bank Recurring Deposit
      "Easy process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Six months ago, I applied for a recurring deposit and I opened this account online. The process was simple and I am pleased with the interest rate I earn on it. There are no charges taken and when I close the account, I would get the funds in my account immediately.
      Was this review helpful? 0
      , delhi
      Reviewed on Aug 31, 2017
    • Federal Bank Recurring Deposit
      "Prompt Service"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I do have recurring deposit with Federal bank. I forgot the interest rate for this RD account. But this is a long time process. I felt more comfortable in opening recurring account with federal because all my financial accounts are in this bank only. Till date the bank service is very prompt.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • ICICI Bank Recurring Deposit
      "Good bank to go for RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have Recurring deposit with ICICI, I am investing monthly amount of Rs. 1000 for the period of six months. If I receive the good interest then I continue it.. I opened the RD through netbanking its easy and also I could view the RD summary in it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 19, 2017
    • Kotak Recurring Deposit
      "Veyr good RD very efficient"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      My salary account is with KOTAK therefore I had setup RD ,it is very easy to book RD using their mobile application or through their net banking. There is no need to visit the branch as all things are made online and it is very easy as even RD calculator is available online.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • HDFC Bank Recurring Deposit
      "My RD"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring Deposit is very good. I am holding this RD for a very short term period it was hardly for a period of 6 months. The amount is up to me to decide and I can deposit any amount starting from rs500 and I am not sure about the maximum limit and when it comes to closure it was auto closure and this request was initiated at the branch..
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 14, 2017
    • HDFC Bank Recurring Deposit
      "Banking services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I also have a recurring deposit with HDFC Bank. It was a easy process to get this account. I could do it online and the services are good. The interest rate is also to my satisfaction. I do not have hassles in closing the account too. The response is top always.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Recurring Deposit
      "Good RD account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding a RD With HDFC and it is really good . At the time of liquidation the funds would get transferred to my account automatically. through online i had placed a request for this RDI EVERY MONTH they would deduct around 2500 per month and its my choice when it comes to the amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2017
    • ICICI Bank Recurring Deposit
      "My RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      For ICICI Bank recurring deposit my feedback would be, I am a customer of ICICI therefore I decided to opt for RD through this bank it is very easy to make the payment and it is as good as my credit card. Interest rate is very much higher compartively, so therefore I had chosen ICICI for RD.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 10, 2017
    • IDBI Recurring Deposit
      "Satisfied with the services"
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit a number of times at IDBI and every process for this account was great. I had no hassles in getting the funds in to my account. The customer services has been excellent and they have been quick to complete their job on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 07, 2017
    • SBI Recurring Deposit
      "Good to plan anything"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Last 10 years I have a RD account with SBI, every month I pay the amount of Rs.10,000 for the tenure of one year, So far I got the interest rate of Rs.52,000 the current intrest of SBI for RD around 6.7% on yearly basic. I normally do auto debit from my account, I could view RD summary in SBI netbanking
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • ICICI Bank Recurring Deposit
      "Short term investment"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Initially ICICI gave me good interest rate for my recurring deposit, but for premature interest rate is not upto the mark and they not giving proper information. I am paying Rs. 2000 on monthly basis, they offered me the interest rate around 7.25% its good for short time investment.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 30, 2017
    • Corporation Bank Recurring Deposit
      "Better interest rate for recurring deposit"
      CORPORATION BANK
      0.5 3.0/5 "Satisfactory"
      I am having recurring deposit account with the Corporation bank and its the nationalized bank, so their services are not up to the mark, also they have to be get improved. Branch response is a better one with them and the online banking services are working up to the mark.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 24, 2017
    • Corporation Bank Recurring Deposit
      "Super"
      CORPORATION BANK
      0.5 5.0/5 "Blown Away!"
      I am having recurring deposit account with the Corporation bank for some long time. Online banking service is good one and I need to pay around 1000 Rupees per month for ten years of time, also it used to debit as ECS. Branch employee are providing good response to the customer.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2017
    • Indian Bank Recurring Deposit
      "Average "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      With the Indian bank , I do have the recurring deposit and the account got opened on immediate basis. Premature withdraw charges are applicable with them for the deposit. Online banking services are good one with the Indian bank.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Recurring Deposit
      "Good"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I got the Recurring deposit with the Axis bank and the interest rate is around 7.5% . Total tenure is for two years of time but I can withdraw it at anytime, also I am satisfied with their interest rate. Online services are working in good way and the response is also good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • ICICI Bank Recurring Deposit
      "Very Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have opened the Recurring deposit with ICICI bank around 2 months ago. The benefits are really good with the RD. I am receiving the interest rate of 7% but being an bank employee, I got 8% for my RD. I pay around Rs.5000 every month and this was for a period of 3 years. I would say it is good for safety purpose and I got sufficient finanical support from them too.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 20, 2017
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