CENT GRREN TIME DEPOSIT SCHEME
To safeguard our environment from climate change Central bank introduced Cent Green deposits, a product that supports United Nations Sustainable development goals vide Instruction Circular No:3127 dated 09.05.2022 Initially the scheme was launched for three months only but now it has been extended up to 31.03.2025 with existing terms & conditions except following modifications,
Cent Green Deposit
Cent Green Deposits, a fixed deposit scheme for a specific tenure, where the amount deposited by customer will be used for lending to renewable energy projects, green building projects and projects in smart Agriculture, water or waste management projects etc.
The Product in the following Tenor and Rate of Interest and the quantum of Deposit.
|
Serial No |
TENOR |
RATE OF INTEREST |
|
01 |
1111 |
7.00 (Card Rate+0.50%)=7.50% |
|
02 |
2222 |
6.75 (Card Rate+0.50%)=7.25% |
|
03 |
3333 |
6.75 (Card Rate+0.75%)=7.50% |
Key features of Green Deposits
- The deposit is offered at special rates - An additional interest rate of 0.50 % to 0.75% over and above the ¬fixed deposit card rates is applicable for Green Fixed Deposits.
- (Additional interest rate over card rate subject to revision)
- For Senior Citizen: 0.50%
- For staff: 1.00% and Senior Citizen: 1.50%in line with existing deposit policy.
- Tenure of the deposit will be 1111 days, 2222 days and for 3333 days.
- Minimum amount Rs.50,000 and Maximum amount of Rs.1,99,99,999/-
- By investing in Green deposits, customer would become part of the ESG (Environment, Social and Governance) framework
- Deposit funds will be utilized for lending towards environment friendly projects.
- Customer can invest in Green Deposit via online only.
- The customer has to visit Cent Net Banking /Cent Mobile to open deposit online.
- If the customers do not have online banking facility, they can get it activated by visiting the Branch.
- In the event of withdrawal (full/part) of Green Fixed Deposits prior to maturity, such remaining portion of the deposits will cease to be Green Fixed Deposit and will be converted to a regular fi¬xed deposit
- Premature withdrawal is allowed and applicable rate of interest for the period of deposit will be paid .subject to prevailing rules on premature withdrawal .Penalty for premature closure as per existing norms.
- No auto renewal .On maturity deposit amount will be credited to the linked account.
- Bank reserves its rights to deploy the green and sustainable deposit proceeds to finance Bank’s regular assets in its normal course of business (i.e. other than such UNSDG themed assets).
- Deposits shall be utilized towards environmental friendly project/ products subject to availability of projects.
*For more information please contact our nearest Branch.