Central Bank of India Monthly Income Plan

Central Bank of India Monthly Income Plan

Central Bank of India or Cent offers monthly income plans as a part of fixed deposit schemes that customers can invest in. The term limit for these plans ranges from 12 months to 120 months. Your interest rate will differ depending on which plan you choose and how much you invest. The interest amount that you earn will not affect your principal invested amount in any manner. 

Scheme Features

Following are the features and benefits that you get after you avail Central Bank of India Monthly Income Plan: 

• As this plan is a fixed deposit scheme, it is immune to market fluctuations. The interest rate that you get on the principal amount will stay in motion irrespective of market performance. It will only be affected if The Reserve Bank of India changes its rate of interest. The interest rate when you avail of this policy will be the same till the maturity period. 

• The minimum investment amount is Rs. 5000 with Rs. 1000 multiplies. There is no maximum limit to the investment amount. 

• The interest rate you earn each month will not be subject to TDS.

• You can avail loan against the Central Bank of India Monthly Income Plan. This benefit is available only if you meet the criteria laid down by the lender and prevailing rules and regulations allow it. 

• This scheme cannot be auto-renewed. You will have to follow the procedure of availing of this scheme again every time you wish to invest in it. 

• For every month of the interest earned, customers get a receipt from the bank mentioning the deposit amount, term period, interest rate, and interest that is paid on the monthly basis. 

• Senior citizens earn more interest on all the invested principal amounts. 

• Under certain circumstances, customers are allowed premature withdrawal. 

Plan Eligibility

Following are the eligibility criteria that customers must adhere to invest in the Central Bank of India Monthly Income Plan: 

• The Central Bank of India offers this scheme only to the Indian citizens. 

• Any individual or joint account holder can avail of this scheme. 

• A minor account holder has a significant account holder, then he/she can invest in this scheme. 

• Minors over the age of 12 can invest in this scheme. The allowed maximum investment amount in such cases is Rs. 50,000. 

• Blind or illiterate people can invest in this scheme. 

How to Invest in Monthly Income Plans?

At the Central Bank of India, you can open a Monthly Income plan online and offline. It is easy to invest in the Central Bank of India Monthly Income Plan with carefully following steps mentioned below: 

For online Mode: 

• Visit the Central Bank of India's official website. 

• Log in using your customer ID provided by the bank. 

• Navigate through the website to look for a Central Bank of India Monthly Income Plan. 

• Fill in all the required details. 

• Pay the deposit amount using Net Banking, Credit, or Debit Card. 

• Save the receipt for future reference. 

For Offline Mode: 

• Visit the branch where you have your Central Bank of India Savings account. 

• Intimate the person in charge of the Monthly Income Plan investment. 

• Fill out the form with the required details. 

• Deposit the amount through cash, Net Banking, or by writing a post-dated cheque. 

• You will get the receipt from the bank after the payment. Save it for future reference. 

In case you are not a customer of the Central Bank of India, then you need to follow the following procedure: 

For online Mode: 

• Visit the Central Bank of India's official website.

• Log in using your customer ID provided by the bank. 

• Navigate through the website to look for a Central Bank of India Monthly Income Plan. 

• Complete the form with the essential information.

• Submit the scanned copy of all the supporting documents.  

• Pay the deposit amount using Net Banking, Credit, or Debit Card. 

• Save the receipt for future reference. 

For Offline Mode: 

• Visit the branch Central Bank of India.

• Intimate the person in charge of the Monthly Income Plan investment. 

• Complete the form with the essential information. 

• Provide photocopies of the required documents or show the original documents wherever required. 

• Deposit the amount through cash, Net Banking, or by writing a post-dated cheque. 

• You will get the receipt from the bank after the payment. Save it for future reference. 

Documents Required

Below is the list of the documents that investors need to provide at the time of investing in this scheme: 

Proof identification (Any One)

• Passport

• Aadhaar Card

• Driving Licence

• Voter ID Card

• Pan Card

• Govt./Defense ID Card

• ID Card issued by Reputed Employer

Proof of Address (Any One)

• Electricity Bill

• Aadhaar Card

• Telephone Bill

• Salary Slip

• Bank Account Statement

• Letter from a Reputed Employer

• Letter from any Recognized Public Authority/Local Body

• Income Tax Assessment Order

Proof of Date of Birth (Applicable for Senior Citizens and Minors)

• For Senior Citizens (Any One)

• Driving License

• PAN Card

• Passport

• Certificate of Service Discharge 

• Voter ID Card

• PPO for Pensioner

• If Minor

• Birth Certificate issued by Gram Panchayat/Municipal Corporation/ Notified Area Committee (NAC)

• Two recent passport-size photographs of account holders.

You do not need to furnish any additional documents if you currently have an account with the Central Bank of India.

Who Should Invest in the Central Bank of India's Monthly Income Plan?

Following are the ideal investors of the Central Bank of India Monthly Income Plan: 

• If you are seeking ways to supplement your monthly income

• Investors with a low-risk appetite should invest in this scheme 

• If you do not have any use of the money that is in your account at the moment, then you can invest in this scheme

• If you do not mind investing in the scheme for a more extended period, then this scheme is ideal for you

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