• Custom Free
     

    Get a rate

  • CBI Money Multiplier Deposit Certificate (MMDC)

    Loading your search...
  • 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

    Amount

    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

    Period

    Min – 6 months

    Max – 10 years

    TDS

    NA

    Loan against Money Multiplier Deposit Certificate

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

    Nomination

    NA

    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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Money Multiplier Deposit Certificate Reviews

    • Central Bank of India Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have done fixed deposit on CENTRAL BANK OF INDIA an year ago, i did not face any issue in creating account. They have given me limited tenure period, i use to pay my payment through my credit card of same bank, now i have withdrawn my deposit. I got good interest rate so far my experience was good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Apr 15, 2019
    • Central Bank of India
      Central Bank of India Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I deposited 50K as an FD in Central Bank of India. I haven't withdrawn the deposit and they provides annual interest for the FD. It was easy to start the FD and they also gave me a credit card based on the fixed deposit. Overall it has been a easy process opening FD with the Central Bank of India.
      Was this review helpful? 11
      , chennai
      Reviewed on Jun 25, 2018
    • Central Bank of India Fixed Deposit
      "Good Returns"
      0.5 5.0/5 "Blown Away!"
      I had this Fixed Deposit with Central Bank and they gave me 9% Interest over my investment and I took the Deposit for 3 years. Eventually I got good returns with them. Unfortunately, now they have reduced the interest rate to 6-6.5%. Another good thing about the FD was that I was able to take money before maturity period also.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Nov 28, 2017
    • Central Bank of India Fixed Deposit
      "Good returns"
      0.5 3.0/5 "Satisfactory"
      I deposited Fixed Deposit in two Banks some 3 years back and this is one of those two. Their Fixed Deposit account is pretty good and does the job fantastically. The rate of interest 6.5% is a little less compared to market standard, but then again the risk factors in this Bank are literally zero.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 25, 2017
    • Central Bank of India Fixed Deposit
      "CBI is the best bank for Fixed Deposit"
      0.5 4.5/5 "Excellent!"
      HI! This is Santosh, I had been using from last 8 years with best service without any issue. This Bank Fixed Deposit rate of interest is higher then other banks. The Banking and services are good, There is no Fixed deposit breaking charges. I will recommend this Bank for the Best FD services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 18, 2017
    • Central Bank of India Fixed Deposit
      "Fund transfer"
      0.5 0.5/5 "Unacceptable"
      The worst banking system I have ever seen. if i want to transfer amt to other bank through IFSC they can't detect the bank or automatically logged out .if I want current statement they can't.net banking automatically logged out.if i go for pass book entry server down problem. if I go to ATM only 2k available etc...
      Was this review helpful? 5
      , kolkata
      Reviewed on Jun 01, 2017
    • Central Bank of India Fixed Deposit
      "deposite cash"
      0.5 4.5/5 "Excellent!"
      may i deposite 2lacks in once transection. i hope that is central bank of india.if i can deposite, i hard that CBI bank are very nice,cool,great. so i select this bank for saving into my accountCentral bank of India is giving good interest rate for the fixed.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 08, 2016
    • Central Bank of India Fixed Deposit
      "CENTRAL BANK OF INDIA FD"
      0.5 5.0/5 "Blown Away!"
      Central bank of India is giving good interest rate for the fixed deposit for the minimum lock in period of one year and 4% - 5% interest rate for the minimum of three months. There is no activation charges. They are very quick in responding to their customers.
      Was this review helpful? 16
      , bikaner
      Reviewed on Aug 09, 2016
    • Central Bank of India Fixed Deposit
      "Good rate "
      0.5 3.0/5 "Satisfactory"
      Central bank of India is giving 8% interest rate for the fixed deposit for the minimum lock in period of one year and 4% - 5% interest rate for the minimum of three moths. There is no activation charges. I visited the bank t o avail the facility but they took much time to give the response. .
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Feb 22, 2016
    • Central Bank of India Fixed Deposit
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Central bank of India. Interest rate was around 7.75% and it will be compounded for every quarter of the year. The minimum lock in period is nil with them. Customer service is best with them and online banking facilities too.
      Was this review helpful? 12
      , coimbatore
      Reviewed on Feb 04, 2016
    • Central Bank of India Fixed Deposit
      "Moderate.."
      0.5 3.0/5 "Satisfactory"
      I had fixed deposit for two lakhs but I closed that deposit. As I used that amount to buy a new home. I did not pay any penalty to break the policy. Staff members of Central Bank of India are not customer friendly and they are not treating well the customers.
      Was this review helpful? 10
      , ahmedabad
      Reviewed on Jan 30, 2016
    • Central Bank of India Fixed Deposit
      "better..."
      0.5 4.0/5 "Great!"
      Saving account is there at Central Bank of India so I preferred for fixed deposit. I believe the rate for deposit is 7.5% to 8%. On my convenient time I can close the deposit and definitely the bank will deduct some penalty for it. Nationalized banks will be better for deposits.
      Was this review helpful? 7
      , ghaziabad
      Reviewed on Jan 22, 2016
    • Central Bank of India Fixed Deposit
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Central bank of India gave 8.75% for the fixed deposit with the minimum lock in period of 7 days to 10 years. Minimum amount to deposit is Rs.5000. No penalty in case we break the plan . We can active the plan through online.After the maturity period the amount will be deposit to the account.
      Was this review helpful? 11
      , sagar
      Reviewed on Oct 27, 2015
    • Central Bank of India Fixed Deposit
      "Good Bank"
      0.5 4.0/5 "Great!"
      I have a fixed deposit with Central Bank of India. The services are good when compared to other banks. Earlier I was getting 9% of interest rate and now as per RBI rules it is 8%. There are no charges for this account. I been using this account for the last four months. The services has been good so far.
      Was this review helpful? 8
      , vijayawada
      Reviewed on Sep 08, 2015
    • Central Bank of India Fixed Deposit
      "Give Good Offers..."
      0.5 1.0/5 "Really Bad"
      I have a fixed deposit running in central bank of India. I have taken this for my child. It was easy to start a FD with them. The total maturity period is 3 years and I have completed 2 years. The rate of interest they are offering is less. Once if the FD is matured it cannot be continued, it must be broke and we have to again apply for a different one. It is a drawback. Apart from that everything is good.
      Was this review helpful? 6
      , chennai
      Reviewed on Aug 26, 2015
    • Central Bank of India Fixed Deposit
      "Better"
      0.5 4.0/5 "Great!"
      Fixed deposit rate of interest with the Central Bank of India is 9.25% and am happy with that.The services are really good with them.The minimum lock in period is 1 year of time but if we breakdown the fixed deposit before also they will not charge us anything but we are losing our interest rate.The services are good with them.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Jul 22, 2015
    • Central Bank of India Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a Fixed deposit plan from Central bank of India in which the interest rate offered is 8.3% the minimum lock in period is for 1 year. There is no penalty in case if we take the amount in between the lock in period. To withdraw the amount we have to visit the bank and sunder the bond. Customer service is not do good as the private banks. To activate the plan we have to deposit Rs.20,000 .
      Was this review helpful? 3
      , faridabad
      Reviewed on Jul 08, 2015
    • Central Bank of India Fixed Deposit
      "Worst Service & Worst bank"
      0.5 0.5/5 "Unacceptable"
      I have a Aspire Credit card and i already paid a due amount and bank has deducted same amount again in 15 days the bank branch manager says that we have not responsible for this card. Then why you give this aspire card to customers. And very Worst response from staff is like you have to contact call center or Mumbai Head office about this query. if they are answering like this then why they are doing job there. Very Worst Service Never go for any work to this bank Thanks.
      Was this review helpful? 14
      , ahmedabad
      Reviewed on Jun 03, 2015
    • Central Bank of India Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am holding a fixed deposit with Central bank. They provide 1% high interest rate for the staff and for senior citizen it is 0.5%. As a staff we hardly take 5 minutes to open the account and provide the receipt it is that simple. Incase if the customer does not hold an account with us we ask for voters id incase if dont have an account we provide first 20k through cash and the rest would be transferred to savings account.
      Was this review helpful? 8
      , madurai
      Reviewed on May 09, 2015
    • Central Bank of India Fixed Deposit
      "best customer service"
      0.5 5.0/5 "Blown Away!"
      I am dealing with CBI cheeka from last 1 year. Customer service is very good as compared to other bank and interest rate is at par with other bank. Net bankig is very good. I can make fd through net banking and can close it through net banking also. No need to visit branch always.
      Was this review helpful? 27
      , cheeka
      Reviewed on Feb 17, 2015
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.