What is Central Bank of India’s Flexi Yield Deposit Scheme?
Central Bank of India, one of the public sector banks operating in the country offer a variety of term deposit schemes to its customers. One of them is Central's Flexi Yield Deposit scheme. Under the scheme, depositors can avail floating rate of interest.
The period of deposit ranges between 1 year to 10 years with the minimum investment amount being Rs.50,000. The rate of return offered by the lender on the deposits range between 6.25% p.a. to 6.75% p.a.
Interest Rate offered by Central Bank of India on its Flexi Yield Deposit scheme
Below mentioned are the rate of return offered on deposits less than Rs.2 crore by the lender on its Flexi Yield deposit scheme depending on the tenure:
Tenure | General Citizens Interest Rates (p.a.) |
1 year to less than 2 years | 6.75% |
2 years to less than 3 years | 6.50% |
3 years to less than 5 years | 6.25% |
5 years to 10 years | 6.25% |
Features and Benefits of Flexi Yield Deposit scheme
- Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits.
- Amount of deposit Rs. 50,000/- and thereafter in multiple of Rs. 5,000/-
- Period of deposit One year and above and upto a maximum of 10 years.
- Rate of interest shall be the appropriate rate prevailing on the date of deposit.
- Premature payment Payment before maturity is available. However, in such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates applicable to normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered.
- Loans and advances against deposit is available in the scheme as per prevailing rules.
FAQs on Central Bank of India’s Flexi Yield Deposit Scheme
- What is the time period for this term deposit?
A minimum of 1 year and above and up to a maximum of 10 years.
- What is the minimum and maximum amount required for this deposit scheme?
Rs. 50,000/- and thereafter in multiples of Rs. 5,000.
- What are the basic requirements for premature payments?
In such cases the deposit will be treated as normal deposit and interest will be paid as per our prevailing rates applicable to normal deposits. Further, the extra interest paid on Central's Flexi Yield Deposit will be recovered.
- Is there any option for loan against this scheme?
Loans and advances against this deposit scheme is available based on the prevailing rules.
- How is the interest rate for this deposit scheme calculated?
Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits.
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