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  • Central Bank of India Recurring Deposit

    CENTRAL BANK OF INDIA RECURRING DEPOSIT
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    Overview of Central Bank of India

    Central Bank of India, founded in 1911, is one of the largest commercial banks in the country. It was the first bank in the country that was wholly owned and controlled by Indians. It is a public sector bank that has a pan-India presence and operates around 4336 branches in 3 Union territories and 27 states of the country. The banking and financial products & services offered by the bank include credit cards, recurring and fixed deposits, agri banking, loans, NRI banking, MSME etc.

    Central Bank of India Recurring Deposit

    Central Bank of India offers multiple recurring deposit schemes to the customers. The different features of these deposit schemes from Central Bank of India include low instalment amount, flexible tenures, higher interest rates and so on. The process of opening a recurring deposit account with the bank is very simple and the documentation requirement is minimal as well. The different recurring deposit schemes offered by Central Bank of India are as follows:

    1. CENT Swa-Shaktil Flexi RDS – This deposit scheme from Central Bank of India offers customers with the flexibility to deposit an amount of their choice every month and earn higher interest rate on the amount. The customers have the flexibility to make the deposit multiple times in a month and apart from the monthly deposit amount, additional funds can also be deposited by the customers.

    Features and Benefits

    • The tenure of the deposit ranges from 6 months to 10 years.
    • The minimum amount that has to be invested on a monthly basis is Rs 100 and after that, the customers can invest in multiples of Rs 100.
    • The instalment payment can be made through cash, netbanking, transfer from a branch, ECS and through standing instruction (SWEEP) facility.
    • There are no Tax Deduction at Source (TDS) for the amount deposited through this scheme.
    • The recurring deposit scheme offers liquidity in the form of loans, overdraft and advances.

    2. CENT Lakhpati – This deposit scheme, also known as the ‘Jab Chaho Lakhpati Bano’ scheme, provides the customers with an opportunity to earn Rs 1 Lakh Plus in a period of 10 years.

    Features and Benefits

    • The initial monthly instalment is Rs 7940 and the monthly instalment amount decreases gradually as the instalments are paid.
    • The interest rate for this scheme can be as high as 9.05% depending on the deposit tenure.
    • The scheme offers additional benefits to senior citizens above the age of 60.

    3. CENT Millionaire – This Central Bank of India recurring deposit scheme offers customers with the opportunity to earn Rs 1 million (10 lakhs) within a period of 10 years.

    Features and Benefits

    • The customers can opt for this recurring deposit scheme with a monthly instalment of Rs 5250.
    • There will be no Tax Deduction at Source (TDS) for the amount deposited through this scheme.
    • The interest rate for this scheme can be as high as 9.05% for the 2nd, 3rd and 4th years of the tenure.

    4. Recurring Deposit with Personal Accident Cover – apart from the regular schemes, Central Bank of India offers this recurring deposit scheme which comes with Personal Accident Cover for account holders below 65 years of age.

    Features and Benefits

    • This scheme offers minimum coverage of Rs 25,000 and a maximum coverage of Rs 5,00,000 for each Recurring Deposit account.
    • For joint accounts, only the first named account holder will be covered by this policy.
    • The minimum monthly instalment for this policy is Rs 500.

    Eligibility and Documents Required For Central Bank of India Recurring Deposit

    Recurring Deposit accounts with Central Bank of India can be opened by:

    • An individual
    • Two individuals (in case of a joint account)
    • Minors above the age of 10 through their guardian(s)
    • HUFs
    • Sole proprietorships
    • Partnerships
    • Corporations
    • Trust, societies, clubs etc.

    The documents required for opening a Bank of India Recurring Deposit Account are as follows:

    • Duly filled and signed application form
    • 2 copy of photographs
    • KYC documents
    • Other documents as requested by the bank

    Interest Rates Offered On Bank of India Recurring Deposit

    For CENT Swa-ShaktiI Flexi RDS, the interest rate offered is 8.00 - 8.5%; for the Cent Millionaire scheme, the interest rate offered is 8.75%; for the Cent Lakhpati scheme and for the interest rate offered is 8.75 - 9.05%. Senior citizens above the age of 60 earn additional interest of 0.50% per annum.

    Penalties for Premature Withdrawals

    For CENT Swa-ShaktiI Flexi RDS, there is no penalty for premature withdrawals or late payment of instalments. However, penalties for premature withdrawals and late payment of instalments might be applicable to other Bank of India recurring deposit schemes.

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