Central Bank launches three new schemes | india | Hindustan Times
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Central Bank launches three new schemes

india Updated: Dec 22, 2006 17:24 IST
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CELEBRATING ITS 96th Foundation Day on Thursday, Central Bank of India launched three new schemes. On this occasion, various functions were held at different centres where rich tributes were paid to the founder of the Bank, Sir Sorabji N Pochkhanawala.

Bank’s zonal manager, RP Tripathi addressed the staff and exhorted them to keep alive Sir Pochkhanawala’s legacy. The Bank has come out with three new schemes - ‘Cent Smart Deposit Scheme’, ‘Cent Home Loan Plus’ and ‘Cent Suvidha Scheme’.

Under the Cent Smart Deposit Scheme the bank will accept deposits at the rate of eight per cent per annum for a fixed maturity period of 15 months. Senior citizens will be entitled to an additional interest of 0.50 per cent over the above rate.

The minimum amount deposit is Rs 5,000 and in multiples thereof with no maximum limit. The scheme is open from 20.12.2006 to 31.03.2007.

The Cent Home Loan Plus scheme is aimed at existing borrowers under Bank’s Housing Finance Scheme with clean repayment record for three years.

Under the scheme, such borrowers can get further loan up to 90 per cent of the repaid principal amount, subject to maximum of Rs 2 lakh, for the purpose of refurbishment/renovation/furnishing of house or buying furniture or consumer electronics goods.

The rate of interest on this loan is one per cent above the rate of interest on housing loan availed. The Cent Suvidha Scheme offers overdraft facility up to Rs 20,000 or one month’s net salary, whichever is less, to salaried employees of Corporate clients, educational institutes and other organisations, whose salary is routed through savings accounts of the bank’s branches at least for one year. The rate of interest applicable on this facility is BPLR+ one per cent.

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