BUSINESS

New deposit scheme from Central Bank

Corporate Reporter

CHENNAI: The Central Bank of India has launched a new term deposit scheme, titled Cent Super Deposit Scheme, for the benefit of customers at large with effect from February 19, which will remain in force till March 31, 2007.

According to a release, deposits under the scheme will be accepted for a fixed period of 555 days and will attract an interest of 9.25 per cent annually (annualised yield of 9.82 per cent). An additional interest of 50 basis points will be payable to senior citizens.

The minimum deposit amount under the scheme will be Rs. 25,000.

Premature payment will be permitted as per existing rules, says the release issued here.