Monthly Interest Deposit Receipt (MIDR)

CBI Monthly Interest Deposit Receipt (MIDR)

The monthly interest deposit receipt is a fixed deposit scheme 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.

CBI Monthly Interest Deposit Scheme Features:

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

Account TypeSingle or Joint
AmountMinimum: Rs.5,000 and in multiples of Rs.1000Maximum: N/A
Rate of InterestThe rate of interest depends on the deposit date and the period
PeriodMinimum: 12 monthsMaximum: 120 months
ReceiptCustomers 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
TDSN/A
Loan/advance facility against SchemeAvailable according to prevailing regulations
Premature PaymentPayment before the account attains maturity available as per prevailing rules and regulations
Nomination (if any)N/A
Auto RenewalsN/A

Monthly Interest Deposit Scheme Eligibility Criteria:

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.

CBI Monthly Interest Deposit Scheme FAQs

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.