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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

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RD Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Bank Recurring Deposit
    "Convenient and safe investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am happy with HDFC recurring deposit , I was opened through online, monthly I invested Rs. 5000 per month at last I got the money around Rs. 45,000 I got better profit. The support team is helpful and the interest rate is also genuine for the customer satisfaction.
    Was this review helpful? 0
    , haldwani
    Reviewed on Apr 15, 2019
  • HDFC Bank Recurring Deposit
    "Its Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have one Recurring deposit with HDFC, Monthly I invest the money around Rs.1000 it has the tenure of one year, if I want I can prolong the duration. The interest rate is good hence I opened the account. I can track my RD details through HDFC netbanking its very convenient.
    Was this review helpful? 1
    , kochi
    Reviewed on Apr 15, 2019
  • SBI Recurring Deposit
    "Satisfactory"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    It was a very easy process to open a recurring deposit with State Bank of India. The customer support is good. I get a good interest on my savings. The process to open to this account is online. It is easy and smooth. The lock in period starts off from three months onwards.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 13, 2019
  • Lakshmi Vilas Bank Recurring Deposit
    "Conveneint RD maintenace"
    LAKSHMI VILAS BANK
    0.5 5.0/5 "Blown Away!"
    I opened recurring deposit through Lakshmi Vills netbanking, best part the customer can invest minimum of Rs.100 to 1 lakh. They are also providing attractive interest rate of 7.6%, the customer service is very helpful in terms handling the queries. If in case I want to withdraw the RD amount there is no charges applicable . Automatically the amount credit to the account.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Apr 11, 2019
  • Federal Bank Recurring Deposit
    "Tactical investment plan"
    FEDERAL BANK
    0.5 5.0/5 "Blown Away!"
    I always Prefer Recurring Deposit instead of Fixed deposit, It is a tactical investment plan . So have invested for higher interest rates in Federal bank . Its a three years plan and going to complete by this year and hoping for better returns .
    Was this review helpful? 0
    , kochi
    Reviewed on Apr 10, 2019
  • ICICI Bank Recurring Deposit
    "Its Good"
    ICICI BANK
    0.5 4.0/5 "Great!"
    For opening recurring deposit in ICICI bank is that's simple. Using my I mobile app, I opened the account without visiting to the bank . I can deposit minimum amount of Rs. 500 for 15 months, the customer support is very good. Even the ICICI interest rate is very normal as per the government.
    Was this review helpful? 1
    , mumbai
    Reviewed on Apr 08, 2019
  • HDFC Bank Recurring Deposit
    "A good return back policy"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    In HDFC they offered me to take a recurring deposit . I need to pay an amount of Rs 2000 /- on a monthly basis . After 12 moths ,Certain amount will be credited to my amount . Executives were so helpful in explaining about the complete information .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 08, 2019
  • City Union Bank Recurring Deposit
    "Satisfactory"
    CITY UNION BANK
    0.5 5.0/5 "Blown Away!"
    I could open the recurring deposit online with City Union bank. The customer support is good and there are no hassles in the overall process. I earn a good interest on this account. The bank provides good services and the online banking is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 05, 2019
  • Citibank Recurring Deposit
    "Hassle free Recurring deposit expereince"
    CITIBANK
    0.5 5.0/5 "Blown Away!"
    I have Recurring deposit with CITI, the interest rate is not upto the mark, if its bulk amount its good. I don't consider the interest I just maintaining it. The process is easy through app I opened the account, the best part before the consumer change the mind, the process complete instantly.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 02, 2019
  • HDFC Bank Recurring Deposit
    "Trust worthy"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    I opened HDFC recurring deposit through online banking , the rate of interest is standard as per the RBI guideline. I can access the account any time by netbanking.It has the tenure of one year, even I have option to prolong the tenure period of my RD.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 30, 2019
  • HDFC Bank Recurring Deposit
    "Satisfactory"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I bank with HDFC Bank for a recurring deposit too. The process to open this account was easy and convenient. I can do it online. The interest they provide on the savings is also good. There are no charges related to the account. Overall it has been good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 29, 2019
  • HDFC Bank Recurring Deposit
    "Good Saving"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have RD with HDFC Bank, I think they are providing 7.2% for one year,its for five account . I have activated the account through online, they do give remain call for the up coming RD amount. Automatically ecs debit from my account, the banker is updated with all the information.
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 22, 2019
  • IDBI Recurring Deposit
    "satisfactory"
    IDBI BANK
    0.5 5.0/5 "Blown Away!"
    I have a savings account with IDBI BANK since the interest rate is good so have decided to open Recurring Deposit with them and its 5 years now. They offer 8.6% which was satisfactory. Its a monthly investment and have enabled ECS option. This account is manageable online.
    Was this review helpful? 3
    , bangalore
    Reviewed on Mar 19, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have recurring deposit with HDFC account, I went to the bank and opened the account , within 5 days it got activated. I used to get reminder messasge for monthly RD. Minimum I can deposit from Rs.500 to 1 lakh, the current interest with HDFC around 7.5% its really good.
    Was this review helpful? 1
    , pune
    Reviewed on Mar 17, 2019
  • SBI Recurring Deposit
    "Good Saving"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Based on SBI saving account, I have opened recurring deposit with SBI, I am depositing Rs. 20,000 in a month, the bank will provide the interest around 6.7% based on the current financial year. I could access RD account through mobile application.
    Was this review helpful? 6
    , hyderabad
    Reviewed on Mar 11, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have activated HDFC recurring deposit through online banking within 3 days of time, monthly I deposit Rs. 1000 it has the term of 12 years, the rate of interest is around 8.2%, the support is very good for the recurring queries, there is no charges for the prematures withdrawal.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Mar 11, 2019
  • ICICI Bank Recurring Deposit
    "Excellent feature"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have another recurring deposit account with ICICI Bank, but this one is opened through iwish. It is a flexible recurring deposit. I can choose a goal and deposit fund as and when I want too. I do not have to do it only on a monthly or quarterly basis.
    Was this review helpful? 2
    , chennai
    Reviewed on Mar 10, 2019
  • ICICI Bank Recurring Deposit
    "Good in all"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit at ICICI Bank as well. It was a easy process to open this account. I could do it online and I can make a investment every month. They provide a reasonable rate of interest too. I can even close this account online. I need not have to visit the bank.
    Was this review helpful? 2
    , chennai
    Reviewed on Mar 10, 2019
  • SBI Recurring Deposit
    "Good"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    The interest rate is nominal when compared with other banks. As my savings account is with SBI and it was easy to do transactions for me and convenient, I have no customer care experience with Recurring Deposit account. I do monthly investment through online net banking.
    Was this review helpful? 2
    , new delhi
    Reviewed on Mar 09, 2019
  • HDFC Bank Recurring Deposit
    "Good for saving"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    Every month I used deposit Rs. 5000 for one year of HDFC recurring deposit, the current interest is around 5 to 6% for recurring investment, I have option to take liquidity through online. The customer support is good on my queries regarding RD.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 07, 2019
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