IN THIS ARTICLE
Deposits accounts is an investment account in which the money is regularly or at once is deposited and the interest in years are added up for certain period of time. Such deposits account is a quite safer investment when compared to other investment like shares or money market. Central Bank of India provides different types of deposit schemes to their Central Bank of India Account holders.
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Central Bank of India Types of Deposits
Recurring deposits scheme: Recurring deposits are ideal for salaried and regular income people. It is similar to other deposit where monthly deposits are made for a fixed time span.
Eligibility for Opening Recurring Deposits
- A person as an individual.
- More than one person in joint name.
- A minor jointly with major can also apply.
- Educational and charitable institutions
- Merchants, private traders, agents, professionals, Partnership firms, companies club, and corporates. You can check your deposit status on Central Bank of India Net Banking with out visiting the bank.
Fixed Deposits Receipt: The purpose is to deposit for short term so that the customer can earn more rate of interest which is the term deposit.
Eligibility for Opening Fixed Deposits Receipt
- A person in his individual capacity
- More than one person in their joint name can open fixed deposit receipt.
- A minor with a major can open a fixed deposit account.
- Educational and charitable institution.
- Illiterate persons
- A blind person can also open the fixed deposit account.
- Merchants, private trader, agents, professional partnership firm, companies clubs and societies and corporate.
This bank also provides Central Bank of India Debit Cards and Central Bank of India Debit Cards for easy fund transfers.
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Central Bank of India Deposits Interest Rates
The rate of interest for recurring deposits are below:
For senior citizen there will an additional interest of 0.5 %, staff/ex-staff/widow-widower of the staff there will an additional interest of 1.0 % and for ex-staff cum senior citizen an additional interest of 1.5 %. Other Banks like HDFC Bank Deposits, IndusInd Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Central Bank of India.
FAQ’s Related to Central Bank of India Deposits
- What is fixed deposit account? What are its salient features?
2. What are the maximum and minimum time span for which fixed deposit accounts can be opened?
3. What is the cumulative interest or reinvestment scheme for fixed deposits?
4. What is the different type of deposits available at Central Bank of India?
5. How can the customer open an FDR or MMDC or MID or QID?
Ans. Existing owner of Central Bank of India Savings Account or current account may book an FD or MMDC or MID or QID online or by visiting the nearest branch of CBI. If a person doesn’t have an account in CBI the applicant can fill the Know Your Customer (KYC) form and submit the required document.[/mks_toggle]
6. What is the minimum amount of deposits required to open an FD or MMDC or MID or QID account?
7. At what time interval will the FD or MID or QID customer receive interest?
NOTE: In MMDC reinvestment scheme, the interest is added to the principal account on a quarterly basis, so if you require having the interest added on monthly basis then the customer should invest in MID (Monthly Interest Deposits). If you are interested in receiving the interest amount on the quarterly basis then one should invest in Quarterly Interest Deposit.
8. Is there any additional interest or benefits for the senior citizen on fixed deposits or MMDC or MID or QID?
9. What is the customer wants to close the fixed deposits or MMDC or MID or QID before the maturity period?
10. Can a customer opt for auto renewal facility available on FD or MMDC or MID or QID?
11. How can a customer close the FDR or MMDC or MID or QID?
12. Can a customer avail a loan against FD or MMDC or MID or QID?
13. For fixed deposit, is nomination facility available?
14. Do all the deposit holder need to sign while opening and closing the deposit?
B) The signature of all the depositors is not required for repayment of the account at the time of maturity.
C) In case the deposit is closed before the maturity period, the signature of all the depositors are required.
D) In the case of a loan against the deposit, the signature of all the depositors is required.
15. Can an applicant open a fixed deposit online?
16. How will I get a fixed deposit certificate if I open the account online?
NOTE: If the customer receives an offline certificate from the branch he/she cannot close the deposit account online.
17. Is TDS applicable on all deposit scheme?
18. What are the benefits and features of recurring deposits?
Central Bank of India provides a high rate of interest, an interest rate that is equal to fixed deposits rates.
The bank also provides facility of loan against your recurring deposit.
The minimum amount of rupee 100 deposit per month and rupee 50 deposit thereafter.
Minimum deposit period in a fixed deposit is 6 months and a maximum of 120 months.
In recurring deposit nomination facility is available.
The customer can easily transfer the monthly deposit amount using internet banking.
The customer can track their investment through your online recurring deposit account and process your recurring payments through our recurring billing.
19. For opening a recurring deposit account what is the minimum deposit amount required?
20. In what multiple can I open a recurring deposit account?
21. What is limitation in tenure or maturity period while opening the recurring deposit account?
22. What are the interest rates offered by the bank on recurring deposit account?
23. What are the ways for opening a recurring deposit account?
One can visit any nearest branch of central bank of India to start the procedure for opening a recurring deposit account.
One can also open a recurring deposit account online through internet banking.
24. Do the customer get a receipt for recurring deposit?
25. Can the customer redeem the recurring deposit before the original term?
26. Is any nomination facility available for RD account?
27. Can the customer change their nominee in the middle of the maturity period?