• 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 50 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with the HDFC bank. The interest rate is nominal. The EMI is Monthly Debited from the salary account. Opening the deposit was very easy and it was done online. Never had any issues with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a recurring deposit with the SBI. I deposit 2500 every month, they offer a nominal interest rate of 6.5% per year. There no huge returns but it very good for savings purposes. I never faced any difficulty with their services. with respect to savings account.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 22, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have a recurring deposit with HDFC bank and the rate of interest which they provide for the account was around 6.75%. I have chosen the tenure for 30 months with a monthly EMI of 1500. I can withdraw the amount after 30 months or in between. The service was very easy and simple.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit with HDFC with a monthly EMI of 5000. The total tenure was for 2 years. The rate of interest which they were providing was 7.5%. We do withdraw the amount in between also there will not be any charges with them. The customer service and response with them is fine.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • HDFC Bank Recurring Deposit
      "Best Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have my ongoing Recurring Deposit with HDFC bank and i am investing from last 1 year, I pay an amount of Rs 1000 every month and the customer service of HDFC bank was very good, they gave all the right information and guided me well. The maturity period is after 1 year and i get a interest of 6.5% on returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 09, 2018
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I hold a recurring deposit with HDFC Bank and the process is good. I can open this account on the mobile application. There is a lock in period for a year and six month. The rate of interest is good and there are no hassles in the process. Overall good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2018
    • HDFC Bank Recurring Deposit
      "Good investment plan with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 1 years. The total rate of interest is which they provide for 1 year is 7%. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges as i did not tried that. The customer service and response is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good investment"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 2 years. The total rate of interest is 7%. After two years i can withdraw the amount. The customer service and response is fine. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had a Recurring Deposit in HDFC Bank and it was closed long back. I have paid 1000 rupees every month. After the maturity period I have received a minimal amount. It is useful for the saving purpose. The rate of interest was not good. I got a proper response.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 01, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had a Recurring deposit with HDFC bank and my experience was good so far, the services provided by this bank is very good when compared to other banks. I pay an amount of Rs 2000 every month which gets auto deducted from the salary account. I get a interest of 6.99% and happy with the returns.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2018
    • Axis Bank Recurring Deposit
      "Excellent"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have closed the recurring deposit with the Axis bank and I have good relationship with them. I would like to say that the rate of interest is a kind of tricky one and it was okay one for me with them. I am okay with their banking services.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2018
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The rate of interest is good at HDFC Bank for the recurring deposit. It is almost the same as other banks. The service online is good as I can open and close this account online without having to go to the banks. The overall process is fine and I am glad to bank with them
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • ICICI Bank Recurring Deposit
      "Wonderful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have the recurring deposit account with the ICICI bank and the interest rate is good. Online banking services are good one with the ICICI bank. I dont think about the interest rate and other aspects. Everything is better one with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • HDFC Bank Recurring Deposit
      "Hassle Free experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC recurring deposit interest rate is nominal, I opened account through online, their notification part is good. I make the monthly investment around Rs. 15000 for the tenure of 24 months. At last I got the return got credited in the account.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • ICICI Bank Recurring Deposit
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank. I am depositing rs 2,000 monthly. This policy I have takern for 25 years. The returns and policy benefits are very good. Customer service is very good.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      First time I opened RD in HDFC, but the return was less. They offered me the interest rate around 6.5%, Then I quite in amount, I activated this service through online and once cancel it the amount got credited in a month. The service is absolutely fine but interest rate is the concern.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • SBI Recurring Deposit
      "Good "
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      For more than five years of time, I am having the recurring deposit with the State bank of India and I have not found any loopholes with them. I would like to say that the online portal is good one for with the State bank of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 07, 2018
    • ICICI Bank Recurring Deposit
      "Best"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank and the customer service is good one. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any such issues with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have my salary account with State Bank of India. The customer service was okay. I am using this account for 20 years and It is a zero balance account. I use a domestic debit card. The daily withdrawal limit was happy. ATM services are convenient and good. They don't charge for IMPS and NEFT transfer.
      Was this review helpful? 0
      , raigarh
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Excellent"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the State bank of India and the customer service is good one. Response is fine one for me with them. I would like to say that the online portal is also really easy to access.
      Was this review helpful? 0
      , thane
      Reviewed on Feb 06, 2018
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