The public sector lender, Central Bank of India unveiled a new limited fixed deposit scheme named as Cent 101. It is launched to mobilize up to Rs 3000 crore for a short term requirement of the bank.
Mr. B Akbaraly, Zonal Manager (South Zone), Central bank of India, while announcing the launch said that while the soft launch in the last couple of days, the bank managed to mobilize Rs 58 crore. He said, "Our target is to collect at least Rs 560 crore before the end of March 31, from the Tamil Nadu and Kerala markets alone".
Mr. R Thiagarajan, Deputy General Manager of the bank said that the bank will pay 8.55 per cent interest, which is highest in the industry. The bank will offer 9.05 per cent to the senor citizens.
Minimum amount that can be deposited under this scheme is Rs 1,000, thereafter customers can deposit in multiples of Rs 1,000 and the maximum limit is Rs 10 crore.
Earlier, the bank came out with a similar plan for 555 days - Cent 555, which was a great success, said Mr. Akbaraly.