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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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RD Reviews

Page 1 of 1
  • Central Bank of India Recurring Deposit
    "Good service"
    CENTRAL BANK OF INDIA
    0.5 4.0/5 "Great!"
    I am having a Recurring Deposit account with Central Bank of India, i pay an amount of Rs 2000 every month and i have to pay this amount for 12 months. Customer support was very good and they explained the terms and conditions. I get an interest of Rs 800 after maturity period.
    Was this review helpful? 4
    , new delhi
    Reviewed on Jan 08, 2019
  • Central Bank of India
    Central Bank of India Recurring Deposit
    "Recurring deposit is fine"
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Central bank provides very good service and support . I am holding this RD for the past 3 years. Here I got the best rate of interest and I also get some tax benefit here. Interest what I earn is on a monthly basis. I have not experienced any thing negative with them.
    Was this review helpful? 14
    , coimbatore
    Reviewed on Jan 13, 2017
  • Central Bank of India Recurring Deposit
    "Good bank"
    CENTRAL BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    I had the recurring deposit account with the Central bank of India and the interest rate was around 8.75%. The minimum lock in period is around one year of time and the services are good with the Central bank of India.
    Was this review helpful? 8
    , thane
    Reviewed on Mar 23, 2016
  • Central Bank of India Recurring Deposit
    "Best"
    CENTRAL BANK OF INDIA
    0.5 4.0/5 "Great!"
    I do have the recurring deposit with the Central bank of India. Interest rate is around 7.75% as of now and the interest will be compounded with the capital deposit. Minimum lock in period is around one year of time and the nomination is a flexible one with them.
    Was this review helpful? 3
    , coimbatore
    Reviewed on Feb 04, 2016
  • Central Bank of India Recurring Deposit
    "Excellent"
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Central bank of India is giving the recurring deposit depend upon the tenure . In which the maximum tenure is one year to 10 year. No activation charges. Minimum amount to start the plan is rs.100 .
    Was this review helpful? 5
    , sagar
    Reviewed on Oct 27, 2015
  • Central Bank of India Recurring Deposit
    "Less time period "
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    CENTRAL BANK OF INDIA was offering good interest rates for the Recurring deposit account. Yearly the rate of interest will be increased. Monthly I will paying rupees 500 for this account. I felt it will be useful in my emergency time.
    Was this review helpful? 6
    , coimbatore
    Reviewed on Oct 26, 2015
  • Central Bank of India Recurring Deposit
    "Good"
    CENTRAL BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    Central Bank of India offers 9% interest rate for the recurring deposit plan with the minimum lock in period of one year. The minimum amount to be deposit is Rs.500 . The customer service is not cooperative and the online service is also not good.
    Was this review helpful? 8
    , mumbai
    Reviewed on Sep 07, 2015
  • Central Bank of India Recurring Deposit
    "Very Good"
    CENTRAL BANK OF INDIA
    0.5 4.0/5 "Great!"
    I am having the recurring deposit with the central bank of india. The rate of interest is around 9.85% for the 6 years of time. The services should be improve in the aspects of internet banking and the customer assistance. For time being I am okay with them.
    Was this review helpful? 4
    , mumbai
    Reviewed on Sep 05, 2015
  • Central Bank of India Recurring Deposit
    "Only for Savings"
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The rate of interest is not a constraint for me and the main reason that I took the recurring deposit with the central bank of India for saving the money. 5 years of time is the minimum lock in period.I guess that there are some of the money will be penalize if we broken the deposit before the minimum lock in period. Services are good with them.
    Was this review helpful? 3
    , visakhapatnam
    Reviewed on Jul 28, 2015
  • Central Bank of India Recurring Deposit
    "Cent 1 year RD"
    CENTRAL BANK OF INDIA
    0.5 4.0/5 "Great!"
    Good product , Felxible payment option above the minimum amount and it s return also better compared to other backs . easy to manage with Cent Savings account and can easily liquid it online . ECS can be done . Also we can see the closure balance any time.
    Was this review helpful? 7
    , bangalore
    Reviewed on Jul 22, 2015
  • Central Bank of India Recurring Deposit
    "Excellent"
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I am holding a RD with Central bank. they have a scheme called CENT Milliner scheme where a customer has to deposit about 5250 for a period of 10 years and after 10 years it will become 10 lakhs. Interest rate offered by them was 10.25% flat in case if they are going to withdraw the amount in between they would refund the remaining amount with the interest and Principle.
    Was this review helpful? 8
    , madurai
    Reviewed on May 09, 2015
  • Central Bank of India Recurring Deposit
    "amazing facility"
    CENTRAL BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    Trusted for almost more than 20 years, My parents have both their accounts in the same bank, and its gives us so much facilities that even me and my siblings have opted to choose the same bank for our future use, Any new offers or new deposits schemes, we have always been kept informed which gives us amazing benefits :)
    Was this review helpful? 11
    , dombivli
    Reviewed on Sep 08, 2014
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