Following are the key features of “Cent -Garima Term Deposit Scheme”
|1.||Name of the Product||Cent Garima Term Deposit Scheme.|
|2.||Eligibility for opening||All type of customers eligible for opening including NRE customers.|
|3.||Type of Deposit||Term Deposit in nature with an option of interest payment at monthly/ quarterly intervals or cumulative type|
|4.||Period of Deposit||
The Deposit will be accepted for a fixed period of 777 days.
|5.||Deposit Amount||Minimum deposit under this scheme will be Rs.10000.00(Rs. Ten Thousand) and Maximum Rs. 10,00,00,000.00 (Rs. Ten Crore)|
Rate of Interest
The deposits under the Scheme will attract interest at the rate of 7.55 %.( Annualised yield 7.77%)
|7.||Rate of Interest on NRE Deposit||The deposits under the Scheme will attract interest at the rate of 7.55%. Additional benefit of interest is not allowed to either Senior citizen or ex-staff/staff|
|8.||Premature Withdrawal allowed||Penal interest at the rate of 1% will be charged on premature withdrawal of time deposits irrespective of the amount.|
|9.||Premature Withdrawal of NRE Deposit||
In case of premature withdrawal No interest payable if closed before completion of 1 year.
|10.||Renewal||There will be no automatic roll-over provided for this time deposit scheme. Maturity proceeds will be transferred to SB/CD account of the depositor on the date of maturity|
|11.||Demand loan/Overdraft facility||
Loan/Overdraft facility would available up to 90% of deposit amount.
Interest rate would be 1.00 % p.a. above the applicable floating interest rate.
|12.||KYC Compliance||Required documents/formalities to be complied as per Bank norms|
The product can also be opened through online/Net Banking/Mobile Banking
1.The customer has to visit Cent Net Banking /Cent Mobile to open deposit online, If the customer do not have online banking facility, they can get it activated by visiting the Branch.
(i).Following Three Heads will be developed
a) Cent- Garima --Monthly Deposit (MIDR) for 777 Days.
|15.||Other terms and conditions||All other existing terms conditions applicable to time Deposit will continue.|