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Seniors Guide For Central Bank of India Deposits

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 DepositsIndusInd 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

  1. What is fixed deposit account? What are its salient features?
View Answer
Fixed deposit account deposits than enables to earn a high rate of interest for a fixed time span. Fixed deposits can be of days or months or year.

2. What are the maximum and minimum time span for which fixed deposit accounts can be opened?

View Answer
Fixed deposit can be opened for a time span of minimum 7 days and a maximum of 10 years.

3. What is the cumulative interest or reinvestment scheme for fixed deposits?

View Answer
The interest is calculated and added on a quarterly basis in reinvestment or cumulative plan interest. The fixed deposit gets matured in a period from 6 months to 10 years. In our Bank, the scheme is popularly known as Money multiplier deposit certificate.

4. What is the different type of deposits available at Central Bank of India?

View Answer
Apart from MMDC, the bank offers MIDR (Monthly Interest deposit receipt) and QIDR (Quarterly Interest Deposit Receipt), Cent Double etc.

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?

View Answer
The minimum deposit amount requires to open an FD or MMDC is rupee 100 while minimum deposit amount in MID or QID is rupee 5000.

7. At what time interval will the FD or MID or QID customer receive interest?

View Answer
For the Fixed Deposit or MID or QID scheme, interest amount is credited to the savings account on monthly or quarterly or on maturity as specified by the customer.

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?

View Answer
The senior citizen of India gets some exclusive benefits like higher interest rates on various fixed deposits.

9. What is the customer wants to close the fixed deposits or MMDC or MID or QID before the maturity period?

View Answer
Yes, the FD or MMDC or MID or QID can be closed before the total maturity period. In such events of closing the deposit before the maturity date, the interest is given for term the amount was deposited and a penal interest rate of 1 % is applicable on the premature withdrawal of time deposit above 5 lakh. The bank is subjected to recover the extra interest paid to its customer in case of premature closing of the deposit.

10. Can a customer opt for auto renewal facility available on FD or MMDC or MID or QID?

View Answer
Yes, the customer can choose auto renewal facility at the time of opening the deposits or before the maturity date of the deposit. Auto renewal allows to automatically renewal the deposits for the same period as the original.

11. How can a customer close the FDR or MMDC or MID or QID?

View Answer
After the total maturity period, one has to visit their home branch and claim the deposit by giving the deposit receipt.

12. Can a customer avail a loan against FD or MMDC or MID or QID?

View Answer
Yes, loan facility is available up to 90% of principal or accrued interest.

13. For fixed deposit, is nomination facility available?

View Answer
Yes, nomination facility is available for FDR, MMDC, MID, and QID.

14. Do all the deposit holder need to sign while opening and closing the deposit?

View Answer
A) The signature of all the depositors is required for opening of the account.

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?

View Answer
Yes, the applicant can open a fixed deposit account online.

16. How will I get a fixed deposit certificate if I open the account online?

View Answer
A system generated receipt will be issued on opening fixed deposit account online. If the customer requires a certificate he/she has to visit the home branch.

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?

View Answer
Yes, the tax is deducted from all interest earned above 10000 rupees during the financial year as per IT rules.

 18. What are the benefits and features of recurring deposits?

View Answer
Below are the features of State bank of India 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?

View Answer
One can open a recurring deposit account with a minimum of rupee 100 per month.

20. In what multiple can I open a recurring deposit account?

View Answer
The customer can open recurring deposit account for a minimum amount of rupee 100 per month and thereafter in multiple of rupee 50.

21. What is limitation in tenure or maturity period while opening the recurring deposit account?

View Answer
You can open a recurring deposit account for a minimum period of 6 months and thereafter one can deposit in multiple of 3 months up to a maximum period of 10 years.

22. What are the interest rates offered by the bank on recurring deposit account?

View Answer
The interest rate offered by the Central bank of India is high, same as fixed deposit rate.

23. What are the ways for opening a recurring deposit account?

View Answer
The customers can approach the bank for opening the recurring deposit in one of these ways:

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?

View Answer
The customer doesn’t get a receipt for the recurring deposit account. However, special recurring deposit passbook will be provided to the customers to keep the records.

25. Can the customer redeem the recurring deposit before the original term?

View Answer
In case the customer wishes to close the recurring deposit account before the maturity date, interest will be paid for the period when the RD started till the time the customer wished to stop and not for the whole period. In the case of premature withdrawal, the deposit may be subjected to some penal rate and the recovery of the same can be done by the bank.

26. Is any nomination facility available for RD account?

View Answer
Nomination facility is available for individuals.

27. Can the customer change their nominee in the middle of the maturity period?

View Answer
Yes, the customers are allowed to change their nominee in the middle of the maturity period by filling a specified form at the nearest branch of the bank.

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