CBI Monthly Interest Deposit Receipt (MIDR)
The monthly interest deposit receipt is one of the fixed deposit schemes offered by the Central Bank of India. The monthly interest deposit receipt (MIDR) offers cumulative interest (monthly).
The biggest advantage of the Monthly Interest Deposit Scheme is that by availing of the scheme, customers can earn interest on a monthly basis without affecting their principal amounts.
Features of CBI Monthly Interest Deposit Scheme
The salient features of Monthly Interest Deposit Scheme are as follows:
Account Type | Single or Joint |
Amount | Minimum: Rs.5,000 and in multiples of Rs.1000 Maximum: N/A |
Rate of Interest | The rate of interest depends on the deposit date and the period |
Period | Minimum: 12 months Maximum: 120 months |
Receipt | Customers are issued monthly interest deposit receipts with details such as name, deposit amount, deposit period, deposit date, interest rate, deposit due date and interest paid on a monthly basis |
TDS | N/A |
Loan/advance facility against Scheme | Available according to prevailing regulations |
Premature Payment | Payment before the account attains maturity available as per prevailing rules and regulations |
Nomination (if any) | N/A |
Auto Renewals | N/A |
Eligibility Criteria for Monthly Interest Deposit Scheme
The CENT Monthly Interest Deposit Scheme can be availed by Indian citizens. Please contact bank representatives for details.
CBI Monthly Interest Deposit Scheme Interest Rates
The Central Bank of India offers varying CBI FD interest rates for its fixed deposit customers based on the deposit amount and period of deposit. Customers should, therefore, contact officials of Central Bank of India for further verification.
FAQs on CBI Monthly Interest Deposit Scheme
- What is Monthly Interest Deposit Scheme?
The Monthly Interest Deposit Scheme is one of the fixed deposit schemes offered by the Central Bank of India.
- What is the minimum deposit amount under the Monthly Interest Deposit Scheme?
The minimum deposit amount under the Monthly Interest Deposit Scheme is Rs.5000 and in multiples of Rs.1000.
- What are the main benefits offered by the Monthly Interest Deposit Scheme?
Under the Monthly Interest Deposit Scheme, customers can earn interest on a monthly basis without affecting their principal amounts.
- Can customers avail of loan facility against the Monthly Interest Deposit Scheme?
Yes. Customers can take a loan against the Monthly Interest Deposit Scheme subject to prevailing terms and conditions.
- What is the minimum and maximum period of deposit under the Monthly Interest Deposit Scheme?
The minimum and maximum period of deposit under the Monthly Interest Deposit Scheme is 12 months and 120 months respectively.
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