Central Bank of India launches 'Cent Aspire'

Central Bank of India launches 

'Cent Aspire'

NEW DELHI, NOV 17:  

Central Bank of India has launched a novel deposit scheme that has a free credit card bundled with it.

Under 'Cent Aspire', any individual can get a free credit card against fixed deposit with the bank for deposit amount of Rs. 20,000 and above, K.K.Taneja, Field General Manager, Central Bank of India, told reporters here on Monday."The main idea is to ensure that our customers in semi-urban and rural areas get a credit card product and liquidity in a fixed deposit scheme," Taneja told BusinessLine.

As much as 66 per cent of the branch network of 4,700 branches are located in rural and semi-urban areas, Taneja said. Cent Aspire will enable the customers in these branches to avail themselves of a credit card, he said.The maximum credit limit that could be availed through the credit card will be Rs. 4,00,000.

Unique features : One of the salient feature of the credit card is that it comes with a personal accident cover of Rs.1,00,000 (against death). As much as 80 per cent of the deposit amount could be availed as credit limit.Also, the interest rate on the amount outstanding beyond the credit period is lower than the prevailing interest rates on card receivables, Taneja said.

Central Bank of India on Monday also launched a new housing loan product -- Cent Home Double Plus scheme.Central Bank of India's bank's home loan portfolio had recorded a 40 per cent increase on a year-on-year basis as of end September 2014