A recent press report said that State-run lender Central Bank of India has launched a special scheme offering to double depositors’ money in seven-and-a-half years. The scheme has been named as ‘Cent Double’, and will give an annualized yield of 13.33 per cent and is valid between September 1 and December 31.
Reports said that the annualized yield for senior citizens is fixed as 14.93 per cent and the money will double in seven years and three months.
For the metros and urban centres, a minimum deposit to be made under the scheme is Rs 10,000, while for semi-urban and rural centres it is Rs 5,000, it said, adding that the maximum sum which can be invested is less than Rs 1 crore.
Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. During the past 99 years of history the Bank has weathered many storms and faced many challenges. The Bank has successfully transformed every threat into business opportunity and excelled over its peers in the Banking industry. Central Bank has continued to introduce a number of innovative banking services. Its loan portfolio includes home loan, personal loan, education loan, business loan etc.