Product Details
Bank Name
Central Bank of India
Eligibility
A person in his individual capacity.
More than one person in their joint names
A minor jointly with a major
A minor over the age of 10 years who can read and write and operate the account personally.(Maturity value should not exceed Rs.50000/-)
Charitable and educational institutions.
HUF
Blind Persons
Illiterate persons
Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.
Interest Rate
Up to 7.50%.
Tenure
7 days to 120 months.
Fixed Deposit Type
Regular
Fixed Deposit Receipt (FDR)
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Half-yearly, Maturity.
Cummulative/Non-Cummulative
Non Cumulative
Features
Minimum deposit amount of Rs 100.
There is no maximum limit for the maximum deposit amount.
You can get a loan against fixed deposits.
The minimum deposit period is 7 days and the maximum is 10 years.
Additional concession in interest rate for senior citizens.
Minimum Investment Amount
100
Features & Benefits
Pros
Minimum deposit amount of Rs 1,000.
Loans against deposits are available for up to 90% of the deposit amount.
No limit on the maximum deposit amount.
Cons
No cumulative interest payout options.
Pros & Cons
Account Opening Procedure
How to Open?
1. Visit a Branch:
Locate your nearest Central Bank of India branch.
Bring the required documents:
Identification proof (Aadhaar card, PAN card, passport, etc.)
Address proof (utility bill, ration card, etc.)Passport-sized photographs
2. Fill Out the Application Form:
Obtain an FD application form from the bank.
Fill in the necessary details, including:Deposit amount
Tenure (duration of the FD)Nominee details (if any)
Contact information
3. Submit Documents and Deposit Funds:
Submit the completed application form along with the required documents.
Deposit the desired amount for your FD.
4. Receive the Fixed Deposit Receipt (FDR):
Once the process is complete, you will receive an FDR as proof of your investment.
Application Procedure
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