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Cent Garima sailent features

Following are the key features of “Cent -Garima Term Deposit Scheme

No Features Description
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.
No deposit will be accepted under the scheme for a longer or shorter period.

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%)
 Additional interest of 0.50% payable to Senior Citizens, 1% to Staff & 1.50% to Senior Citizen retired staff.

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.
1% penal interest to be applied (as applicable) if closed before maturity after completion of 1 year.
Premature withdrawal is not allowed if loan availed against the deposit

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.
*In case of MIDR, QIDR, FDR amount of interest will be credited to loan account.

12. KYC Compliance Required documents/formalities to be complied as per Bank norms
13. Digital Choice

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.
2.Facility for opening the account through Cent Net Banking is available, facility for opening the account through Cent Mobile banking is under process it will be available shortly.


Operational Guidelines

(i).Following Three Heads will be developed

a) Cent- Garima --Monthly Deposit (MIDR) for 777 Days.
b) Cent Garima -Quarterly Deposit(QIDR) for 777 Days
c) Cent Garima –Re invest(MMDC)  for 777 Days.
in case of Monthly Interest Deposit Scheme, the interest will be paid at discounted rate as per the extent guidelines.

The existing time deposit account opening forms, specimen signature card/ slip and deposit receipts will be utilized by affixing a stamp “ Special Term Deposit Scheme “Cent -Garima–Term Deposit Scheme for 777 Days..– MIDR/QIDR/MMDC”.

(iii).Nomination Facility will be available in this scheme.

(iv).Other Operational Guidelines including observance of KYC Norms, eligibility for demand loan/Over Draft, etc. will remain the same as in other time deposit schemes.

15. Other terms and conditions All other existing terms conditions applicable to time Deposit will continue.