Central Bank of India offers Fixed Deposit at many tenures at a very competitive interest rates. There may be a lot of cases where you can close a fixed deposit- either prematurely or close it once the term is over, instead of renewing it.
Step 1: Fill in the account closure form/fixed deposit liquidation form
Step 2: Attach your KYC documents
Step 3: Submit your Fixed Deposit Certificate or the Fixed Deposit Receipt
You can collect interest every quarter or the discounted value at monthly rests or also get quarterly compounding benefits. The method in which your interest payment is done will be mentioned when you open the fixed deposit.
You can have deposits for 7 days (minimum) to ten years (maximum). You can have deposits in the name of minors that can be placed for more than ten years.
Yes, you will have to pay penalty if you close a fixed deposit before maturity.
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