Wednesday, 16 September 2015

Credit Card: Central Bank of India Credit Card Scheme For Non-Salaried and Salaried Persons | Cent Aspire Deposit Scheme


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Usually, before issuing a credit card an authority (Bank) sees your annual income, bank history, monthly income source, age, profession ( salaried or non-salaried) etc. Banks also use your CIBIL report to decide whether to issue you a credit card or not. If you do not have a regular income source or your income is less than 2 lacs per annum then your chances of getting a credit card is almost zero percent.  A lender does not want to get in trouble after issuing a credit card to someone who does not have the capability to pay his dues. That’s why, banks reject many applications of credit card. During the past decade, the demand of credit cards has been increased dramatically. The very first reason is, increase in online shopping and online services. (See: 8 Undeniable Reasons to Have A Credit Card)
From above paragraph, it is understood that a non-salaried person (also who does not have a business) is not eligible for credit card. Nevertheless, if you are a non-salaried person or student (18+ age) and eager to get a credit card facility then read following post to get a credit card.

In this post, you will read about Cent Aspire Deposit Scheme of Central Bank of India. To promote fixed deposits Central bank of India has launched a new scheme, in which bank gives a credit card against fixed deposit.  Now you can get a credit card against your Fixed Deposit, the Fixed Deposit amount should be more than RS.20,000. Here are some highlights of this scheme;
  • Open a Cent Aspire deposit account in Central bank of India and get a Credit card
  • No need to produce income proof
  • No CIBIL verification required
  • Your credit limit will be up to 80 percent of your Fixed Deposit amount, which means if you open a Fixed Deposit account with RS.50,000 then your credit limit would be RS.40,000.
  • Interest rate on your credit card will be 1.2% per month but no interest will be applicable if you pay your credit amount within 55 days. (Interest free period is not applicable on cash withdraws)
  • You can use ATM for cash withdraws (charges applicable)
  • On the top, with this scheme you will get a free personal accidental cover of RS.1 Lakh
  • You can use your credit card for domestic as well as international transactions. 


Presently, Cent Aspire Scheme is not available for NRI customers. Contact to your nearest Central bank of India bank branch to avail this facility and to know more about this facility.
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