Central Bank of India has introduced a new recurring deposit scheme ‘Centswashakti’ for retail depositors. Through this scheme, depositors will get flexibility to deposit up to 10 times the originally decided minimum amount every month.
The depositors can deposit the installments in the scheme, with tenures ranging from 6 months to 120 months, one or more times during a month. Interest rate on the recurring deposit will be as per prevailing term deposit card rate. It will be calculated on a daily basis and will be credited half-yearly.
