While the whole nation is under lockdown and corona crisis, the financial disastrous and economic slowdown of common people raises utmost concern. People are facing lots of hardship and financial crisis amid this lockdown period. Moreover, lockdown is still under uncertainty which may pushed forward. In such a situation, the financial crisis is taking toll of common people who are struggling for their survival. However, investment is useful in such a situation which can offer financial strength in crisis.
Keeping this in mind, India’s oldest and largest government-owned bank ‘Central Bank of India’ has come up with an investment plan where you have to invest just Rs. 595 every month up to ten years. However, this scheme also has the option of becoming a millionaire in a year. The name of this investment scheme 'become a millionaire whenever you want'.
These people can invest
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In this scheme of the Central Bank, children above 10 years of age can invest in the plan.
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A 10-year-old child can become a millionaire at the age of 20 by taking a 10-year scheme.
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Children below 10 years can make joint investments with their parents.
How to invest in Central Bank of India Investment Scheme?
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In the scheme, the customer gets an investment option ranging from one year to ten years according to his budget.
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The customer can choose the maturity period and the premium term of his choice.
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One year investment plan will have to pay a premium of Rs 8040 every month.
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There is an investment of Rs 595 every month in a ten-year investment plan. Returns of more than 1 lakh rupees on maturity at a regular premium for 10 years.
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The one-year plan offers 6.65 per cent interest. 6.45% interest is being given on the 10-year plan. Whenever the interest rates are revised, the monthly instalment for new accounts also changes.
TDS to be deducted
According to the information from the bank's website, whenever your scheme matures and its money comes to you, TDS will be deducted from it according to the rules of income tax. Apart from this, the penalty will also be imposed for paying the premium of late scheme. Investors can monitor their account through Internet banking or through passbook.
