Central Bank of India Quarterly Interest Deposit Receipt
The Quarterly Interest Deposit Receipt is a fixed deposit offering from Central Bank of India which has been specially designed to provide financial solutions to individuals.
A depositor can earn interest every quarter under this scheme, with no impact on the initial principal amount whatsoever, making it a great source to supplement income.
Features of Central Bank of India Quarterly Interest Deposit Receipt
Account Type | Both single and joint accounts can be opened and maintained (subject to the rules and procedures followed by the bank) |
Amount | Minimum: Rs 5,000 An individual can choose to increase the deposit in multiples of Rs 1000 |
Rate of Interest | The rate of interest depends on the tenure for which a deposit is made and maintained, with CBI having the power to change it at any point at its sole discretion |
Period | Min - 1 year Max - 10 years |
TDS | NA |
Loan against Quarterly Interest Deposit Receipt | Loans can be availed subject to an individual meeting the conditions of the bank |
>Premature Payment | Payment before the account attains maturity available as per prevailing rules and regulations |
>Nomination | NA |
Auto Renewals | Auto renewal facility can be availed only on prior intimation and an account will not be automatically renewed until such intimation is given |
Eligibility Criteria for Quarterly Interest Deposit Receipt
The following are eligible for CBIs QIDR scheme.
- Individuals who wish to open an account under their name
- The bank could allow joint accounts to be opened and maintained
- This scheme can be availed by parents on behalf of their minor children
Note: Eligibility for this scheme depends on Central Bank of India and the bank can impose additional criteria before an account is opened. Individuals should check with the bank before applying.
Central Bank of India Quarterly Interest Deposit Receipt Interest Rates
The interest rate offered by Central Bank of India on its Quarterly Interest Deposit Receipt scheme depends on the period for which a deposit is maintained.
Longer tenures generally attract higher interest rates, with the bank offering rates in the range of 6.75% per annum and 6.25% per annum for tenure ranging between 1 year and 10 years.
The current rates applicable are at the discretion of CBI. The bank can change the rates without prior intimation and investors should check the CBI FD interest rates before they apply under this scheme.
FAQs on Central Bank of India Quarterly Interest Deposit Receipt
- What details will be included in the receipt?
The receipt will contain basic information like the name of a depositor, amount deposited, date and period of deposit, interest rate, etc.
- How does this scheme work?
Under this scheme, a depositor will earn interest on a quarterly basis, with the interest depending on the initial deposit and the tenure.
- Will a proof of deposit be provided after opening an account?
Yes, a receipt will be given after completing the registration formalities.
- Is premature withdrawal permitted?
Yes, premature withdrawal is allowed, subject to the existing rules and provisions of the bank.
- Is there an upper limit on the amount which can be deposited under this scheme?
The bank does not mention an upper limit on the deposit amount and individuals can check this at the time of deposit.
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