Monthly Interest Deposit Receipt (MIDR)|Central Bank of India Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit 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

12 months to 120 months.

Fixed Deposit Type

Monthly

Monthly Interest Deposit Receipt (MIDR)

Tax Benefits

None

Credit Ratings

CRISIL A1+

Interest Payment Frequency

Monthly

Cummulative/Non-Cummulative

Non Cumulative

Features

• Minimum deposit of 5,000.
• There is no limit on the maximum deposit amount.
• Premature closure of the deposit is allowed.
• Loan facility is available.

Minimum Investment Amount

5,000

Features & Benefits

Pros

• Low minimum deposit requirements.
• Monthly interest payout.
• No limit on the maximum deposit amount.

Cons

• The minimum deposit tenure is 12 months.

Pros & Cons

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.

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