Central Bank of India offers RD scheme with life cover
Central Bank of India has introduced a unique Recurring Deposit (RD) scheme ‘Cent Surakshit Samriddhi’ exclusively for earning individuals in the age group of 18 - 50 years
Major central banks will continue to tighten policies in first half of 2023
Hyderabad: Central Bank of India has introduced a unique Recurring Deposit (RD) scheme ‘Cent Surakshit Samriddhi’ exclusively for earning individuals in the age group of 18 - 50 years with additional benefit of life insurance coverage of 100 times of principal installment amount till the maturity of the RD.
“The tenure of Cent Surakshit RDS will be 84 months, minimum principal installment amount will be 10,000 and in multiples of 10,000, maximum principal installment amount is Rs one lakh. The premium for Life Insurance Coverage of depositor will be borne by the bank,” Central Bank of India said in a statement. The bank provides loan facility to the RD account holders after six months. The premature withdrawal facility is also available with penalty clause. In case of death of the account holder, the nominee will be given life insurance coverage amount as well as RD closure amount.
