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    CBI Monthly Interest Deposit Receipt (MIDR)

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5% - 8.05% Quarterly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7.25% - 7.65% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    The monthly interest deposit receipt is one of the fixed deposit schemes offered by the Central Bank of India. The Central Bank of India was the first commercial bank in India established in 1911 which was wholly owned and operated by Indians. The Central Bank of India was subsequently nationalised in 1969. 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.

    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.

    Features of Monthly Interest Deposit Scheme

    The salient features of Monthly Interest Deposit Scheme are as follows:

    Account Type

    J 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 adetails such as name, deposit amount, deposit period, deposit date, interest rate, deposit due date and interest paid on a monthly basis

    TDS

    N/A

    LLoan/advance facility against Scheme

    Available according to prevailing regulations

    Nomination (if any)

    N/A

    Auto Renewals

    N/A

    Monthly Interest Deposit Scheme Interest Rates

    The Central Bank of India offers varying 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.

    Monthly Interest Deposit Scheme FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    Useful Information on Central Bank of India Fixed Deposit

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