Cent Floating Deposit Scheme

No

Features

Description

 

1

Name of the Product

Cent Floating Deposit Scheme.

 

2

Eligibility for  opening

  • Individuals ,Individuals jointly with other Individuals,
  • Guardian for Minor Individuals, HUF, Sole Proprietary concerns
  • Clubs/Associations, Firms, Joint stock companies

Any other entity not prohibited by RBI

 

3

Type of Deposit

MIDR/QIDR/FDR/MMDC

 

4

Period of Deposit

 

1 year to less than 2 year and 2 year to less than 3 years

 

5

Deposit Amount

Minimum deposit under this scheme will be Rs.10000.00 and Maximum –less than Rs. 2 Cr.

 

6

Rate of interest(Floating)

 

Tenure

Repo Rate(as on 10.02.2025)

Mark-up Rate*

Rate of Interest

1 yr to less than 2 yrs

6.25 %

0.30

6.55%

2yrs to less than 3 yrs

6.25 %

0.35

6.60%

 

*Mark-up Rate is additional rate of interest offered by the Bank over and above the base rate which is REPO rate in this case. Mark up rate may be revised by the Bank for new depositors based on liquidity position of the Bank.

 

7

Additional Rate of Interest to Senior Citizen/staff/ex staff

Additional interest of 0.50%  to Senior Citizens, 1% to staff /ex staff members and  1.50% will be paid to senior citizen staff. 

 

8

Premature Withdrawal

 

Premature withdrawal is allowed but attracts penalty of 1 % on the applicable rate of interest for the running period of the deposit.                                      

 

9

Demand loan/Overdraft facility

Loan/Overdraft facility would be 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 should be credited to loan account.

 

10

Maturity Value

Since the interest rate is floating and is not pre decided as in the case of normal fixed deposit, maturity value cannot be determined in the deposit.

 

11

Renewal

At the time of maturity the customers can give option to renew the deposit under cent floating deposit at the time of maturity if scheme is live otherwise deposit will be renewed under normal rate of interest for one year only.

 

12

 Digital Transaction

The product will be opened through Digital mode only. 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

 

13

Other terms and conditions

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