Cent Double Deposit Scheme
The CENT Double Deposit scheme is offered by the Central Bank of India which is public sector bank running operations across the country. The Central Bank of India which was established in 1911, currently has around 5000 branches in addition to extension counters and Asset Recovery Branches (ARB) among others.
The CENT Double Deposit scheme is a special fixed deposit & FD scheme which doubles the amount (deposit) in around seven-and-a-half-years (at the time of original launch) for the benefit of customers.
Launched in 2001, Central Bank of India has since remodeled the Cent Double Deposit scheme. It is important to note that the minimum amount under the said scheme is Rs.10,000 for metro and urban cities and Rs.5000 for semi-urban and rural areas. The maximum amount which is permitted under the CENT Double Deposit scheme is Rs.1 crore.
Eligibility Criteria for applying to CENT Double Deposit
CENT Double Deposit can be availed by Indian citizens. Please contact bank representatives for details.
Features of Central Bank of India CENT Double Deposit
The features of CENT Double Deposit are listed in the table below:
Account Type | MMDC (Money Multiplier Deposit Certificate) |
Amount | Minimum: Rs.5000 (semi-urban and rural centers); Rs.10,000 (metro and urban centers)Maximum: Rs.1 crore |
Rate of Interest | 7.50%* |
Period | N/A |
TDS | N/A |
Loan against FD | Available according to prevailing rules |
Nomination (if any) | N/A |
Auto Renewals | N/A |
*Interest Rates are subject to change. Please contact Central Bank of India officials for specific details. Mentioned Rates are as of December 2015.
CENT Double Deposit interest rates
Depositors can avail of the Cent Double Deposit Scheme at 7.5%.
Other Fixed Deposit Schemes Offered by CBI
FAQs on CENT Double Deposit
- What is Cent Double Deposit Scheme?
It is one of the fixed deposits scheme launched in 2011 by the Central Bank of India.
- What is the interest rate offered under the Cent Double Deposit Scheme?
The Cent Double Deposit Scheme is currently (December 2015) offered at 7.5%.
- What is the minimum deposit amount for semi-urban and rural centers?
Under the Cent Double Deposit Scheme, the minimum deposit amount for semi-urban and rural centers is Rs.5000.
- What is the minimum deposit amount for metro and urban centers?
Under the Cent Double Deposit Scheme, the minimum deposit amount for metro and urban centers is Rs.10,000.
- What is the maximum deposit amount under the Cent Double Deposit Scheme?
The maximum deposit amount allowed under the Cent Double Deposit Scheme is Rs.1 crore.
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