Product Details
Bank Name
Central Bank of India
Eligibility
All type of customers eligible for opening including NRE customers.
Interest Rate
Up to 7.50%
Tenure
6 months to 120 months.
Fixed Deposit Type
Money Multiplier
Money Multiplier Deposit Certificate (MMDC)
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
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 6 months 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 tax saving benefits.
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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