Central Bank of India has introduced a new limited period deposit scheme - Cent 101, to call up to Rs 3,000 crore, for a short-term requirement of the bank. In the initial days of launch, the bank managed to mobilize Rs 58 crore and aims to collect at least Rs 560 crore before the end of March 31, from the Tamil Nadu and Kerala markets alone.
Public sector lender will pay 8.55% interest, which is the highest in the industry and 9.05% for senior citizens. Minimum amount that can be deposited is Rs 1,000, thereafter in multiples of Rs 1,000 and the maximum limit is Rs 10 crore.
