A large section of Indians prefer fixed deposit (FD) schemes that offer fixed income and guaranteed returns. In the same series, Cent Garima Term Deposit Scheme is also a special fixed deposit (FD) scheme from Central Bank. In this FD scheme, you have to deposit the amount only for 777 days and you will get an interest rate of 7.55 per cent. Along with that, you also get tax benefits and loan facility. Know eligibility criteria, minimum amount required for investment, and other details.
Cent Garima Term Deposit Scheme: If you like to invest in a Fixed Deposit (FD) scheme, Central Bank has a special term fixed deposit scheme for you. In this, you will have to deposit the amount only for 777 days and you will get a guaranteed return of 7.55 per cent. The name of this term deposit scheme is Cent Garima Term Deposit Scheme. Let us tell you special features related to this scheme.
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Who can invest?
Any Indian citizen can invest in Cent Garima Fixed Deposit Scheme.
NRIs can also take advantage of this scheme.
The period of 777 days for deposit can neither be less nor more.
The main attraction of this scheme is the interest available at the rate of 7.55 per cent.
This interest is much better than the interest available on FDs of many banks.
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Better interest for senior citizens
On Cent Garima Fixed Deposit Scheme, senior citizens also get the benefit of extra interest rate of 0.50 per cent, like in many other fixed deposit schemes.
If you want to invest in this scheme, you can deposit a minimum of Rs 10,000 and a maximum of Rs 10,00,00,000.
If you withdraw the amount before maturity, you will have to pay a penalty of 1 per cent.
You also get the facility of loan on this Central Bank scheme.
You can take up to 90 per cent of your deposit as loan.
The interest rate on the loan amount will be 1.00 per cent more than the applicable floating interest rates.
In cases of MIDR, QIDR, FDR, the interest amount will be deposited in the loan account.
If you have taken a loan against the deposited amount, you will not get the facility of premature withdrawal.
You also get the facility of nomination in the scheme.
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How to get benefit?
If you want to avail the benefit of this scheme, you can avail it through online/net banking/mobile banking.
You can also open an account offline by visiting the bank branch.
All the necessary documents required during account opening will have to be submitted.
Apart from this, all other existing terms and conditions applicable to the scheme will remain unchanged.
