THE CENTRAL Bank of India’s new deposit scheme, to be launched on February 19 will have the highest interest rate of 9.25% in comparison to all other existing deposit schemes being offered by any public sector banks at present.
The new scheme ‘Cent Super’ will offer 9.25% interest rate (RoI) per annum for a fixed period of 555 days, with additional interest of 0.50% to senior citizens. The annualised yield will be 9.82 % for general public and 10.38% for senior citizens. The minimum deposit under the scheme is Rs 25,000 with no ceiling on maximum amount. The scheme will remain open till March 31.
Several other PSU banks, including State Bank of India have already floated respective schemes with rate of interest varying from 9% to 9.15%. While, majority of banks have offered 9% like the SBI, which has offered RoI of 9% with minimum deposit amount of Rs 1 lakh for three years. The United Bank of India offers 9.15 %, with minimum deposit of Rs 25,000. Bank of Baroda and Allahabad Bank have offered 9.10% RoI.
“But, our annualised yield will be 10.50%,” an SBI official remarked. However, the Central Bank likes to differ at this point, as both its deposit period and minimum amount are lower than others.
“Whereas, Central Bank’s scheme is for 555 days with higher RoI and thus proves beneficial for our customers to get the yield in a comparatively shorter period,” justified Central Bank’s zonal manager, RP Tripathi.