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Cent Floating Deposit Scheme

No. Features Description
1 Name of the Product Cent Floating Deposit Scheme
2 Eligibility for  opening All type of customers eligible for opening. (Eligibility as per prevailing guidelines of Bank applicable to time Deposit accounts)
3 Type of Deposit MMDC/MIDR/QIDR
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.1.00 lakh and Maximum –less than Rs. 2 Cr. (up to 1,99,99,999.00)

Rate of interest(Floating)


Present Repo Rate

Mark-up Rate*

Rate of Interest

1 year to less than 2 years




2year to less than 3 years




The deposits under the Scheme will attract floating interest subject to change in Repo Rate from time to time present rate is 6.50+0.30 to 6.50+0.35 i.e. 6.80% to 6.85% 

*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. The Mark up rate would be revised at the bank’s discretion based on liquidity position of the Bank and the revised mark-up rate would be applicable for fresh and renewal deposits. REPO rate reset will be executed on 10th April, 10th July, 10th October and 10th January or as decided by the bank. Account level interest reset will start on completion of 3 months from the date of account opening. A quarterly alert at the time of reset will be sent to customer on effective rate applicable for the month.
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 ex-staff.
8 Premature Withdrawal No premature closure shall be allowed up to 1 year. After 1 year premature closure will be allowed subject to penalty @ 1 % on the basis of rate of interest for the period of which the deposit remained.                                      
9 Demand loan/Overdraft facility

Demand 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, changing of interest rate of loan will be done according to interest rate on time Deposit.

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

Demand Loan facility will be available both at Branch and on line mode.

Overdraft facility will be available only at Branch mode.

If receipt print out has been taken at the branch, online mode demand loan facility will not be available to the account holder. In this case, demand loan facility will be available at Branch level only.

Set Off:

System will set off the deposit proceeds to the related demand loan or OD account if the loan outstanding along with accrued interest reaches 95% of the deposit balance. In this case, loan or OD account will be liquidated and balance if any, will be transferred to related CASA account.
Demand loan will be closed by way of set off. In case of Overdraft, drawing power will become zero once set off is effected, in such case the customer has to return remaining (unused) cheque leaves to the home Branch and  the Branch has to destroy the remaining cheque leaves issued to the account in the system and close the OD account.

11 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.
12 Renewal

Renewal will be allowed as per the instruction of the customer recorded at the time of opening of the deposit.
 If customer selects “Yes” under customer’s instruction for renewal, deposit will be renewed under the same product if scheme is live at the time of maturity  otherwise deposit will be renewed under MMDC product for 1 year”. 
If customer selects “No” under customer’s instruction for renewal, deposit will be credited to the related funding Saving/Current Bank account (while opening the deposit account) on the date of maturity.

13 Digital Transaction
  • The product will be opened through Digital mode (Cent Net Banking /Cent Mobile) 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.
  • 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.
  • The depositor type under Cent Floating Deposit Scheme in mobile banking will be only individuals.
If deposit receipt is printed at branch, online closure will not be allowed for the deposit. Deposit holder will approach the home branch for closure with the discharged deposit receipt.
14 Operational Guidelines
  • Nomination Facility is available
  • Other Operational Guidelines including observance of KYC Norms 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.