Public-sector bank, Central Bank of India has launched a new Deposit Scheme, ‘Cent-Benefit Deposit’. The scheme aims to mobilize short term deposits with a tenor of 14 days to 179 days with attractive return on investment (ROI) of 9% per annum without any penalty for premature payment.
Further, the bank will pay interest at contracted rate i.e. 9% per annum for the actual period run by the deposit in case of pre-mature payment after 14 days, as against the usual practice of paying interest at the rate applicable for the period actually run.
The minimum amount acceptable under the scheme is Rs 1 crore and there is no maximum amount. It is targeted at High Net-worth Individuals (HNI), cash rich Corporates, Government Departments, etc. The scheme is unique and presently no other bank in the country is offering such attractive scheme as on date.
