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    CBI Money Multiplier Deposit Certificate (MMDC)

    The MMDC Scheme, as the name indicates is a specially formulated product designed to give the best financial returns on an initial investment. Under MMDC, Central Bank of India aims to increase the deposits of an individual exponentially, utilising the amount to its maximum and offering great growth opportunities.

    Eligibility Criteria to avail Money Multiplier Deposit Certificates

    The following are eligible to utilise MMDCs.

    • Individuals who wish to open an account in their own name
    • Joint accounts can be opened and maintained as per the provisions of the bank
    • This scheme is open to minors, with the parents or guardians eligible to open an account in the name of a minor

    Note: Eligibility for this scheme depends on Central Bank of India and individuals should check with the bank before applying.

    Features of Central Bank of India Money Multiplier Deposit Certificate

    Some of the key features of this scheme are mentioned below.

    Account Type

    Both single and joint account can be opened and maintained


    Minimum – Rs 100

    An individual can choose to increase the deposit in multiples of Rs 100

    Rate of Interest

    The rate of interest depends on the period for which a deposit is made, with Central Bank of India having the right to change it at any point


    Min – 6 months

    Max – 10 years



    Loan against Money Multiplier Deposit Certificate

    Loans can be availed as per the existing rules enforced by the bank



    Auto Renewals

    Individuals need to intimate the bank if they wish to use the auto renewal facility. No automatic renewal will be made without prior intimation

    Central Bank of India Money Multiplier Deposit Certificate Interest Rates

    Money Multiplier Deposit Certificates are designed to give the best monetary returns to investors and offer rates that are higher than the contracted interest rate in most cases. The interest rate offered depends on the tenure of a particular deposit, with higher interest rates for longer tenures. Current interest rates range between 5% per annum and 7.25% per annum, with Central Bank having the authority to change the interest rates at its discretion without prior intimation. Investors are advised to check the interest rates with the bank before they choose this scheme.

    Central Bank of India Money Multiplier Deposit Certificate FAQs

    1. Will I be provided with a certificate on opening this account?

      Yes, a certificate will be provided on opening an account.

    2. What will the certificate contain?

      The certificate will contain details like your name, deposit amount, interest rate, maturity amount, maturity date, etc.

    3. Is premature withdrawal permitted?

      Yes, premature withdrawal is permitted, subject to the rules of the bank.

    4. How does this scheme work?

      Under this scheme, the initial interest accrued is added to the principle amount, ensuring that an initial deposit earns higher returns.

    5. Is there a limit on the maximum amount one can deposit?

      No, there is no upper limit specified by the bank.

    Useful Information on Central Bank of India Fixed Deposit

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