Cent Double Deposit Scheme
The Cent Double Deposit scheme refers to Central Bank of India's Money Multiplier Deposit Certificate (MMDC), a deposit in which the interest earned is added back to the principal. You can open it with a minimum of Rs.100 for 6 to 120 months, at the rate prevailing on the date of deposit.
The CENT Double Deposit scheme is offered by the Central Bank of India which is a public sector bank running operations across the country. The Central Bank of India which was established in 1911, currently has around 4,500 branches in addition to extension counters and satellite offices.
The interest earned under the CENT Double Deposit scheme is added back to the principal, which gives an effective interest rate higher than the contracted interest rate.
Eligibility Criteria for applying to CENT Double Deposit
CENT Double Deposit can be availed by Indian citizens. Please contact bank representatives for details.
Features of Central Bank of India CENT Double Deposit
The features of CENT Double Deposit are listed in the table below:
Account Type | MMDC (Money Multiplier Deposit Certificate) |
Amount | Minimum: Rs.100 and multiples of Rs.100 Maximum: Not specified |
Rate of Interest | Rate prevailing on the date of deposit for the period chosen* |
Period | 6 months to 120 months |
TDS | N/A |
Loan against FD | Available according to prevailing rules |
Nomination (if any) | N/A |
Auto Renewals | N/A |
*Interest Rates are subject to change. Please contact Central Bank of India officials for specific details.
The MMDC is issued as a printed certificate that shows the serial number, depositor's name, deposit amount, period of deposit, date of deposit, due date, interest rate and maturity value.
Payment before maturity is available under the scheme as per Central Bank of India's prevailing rules.
CENT Double Deposit interest rates
Depositors can avail of the Cent Double Deposit Scheme at the rate prevailing on the date of deposit for the period chosen.
Summary
The Cent Double Deposit scheme refers to Central Bank of India's Money Multiplier Deposit Certificate (MMDC), in which the interest earned is added back to the principal. You can deposit a minimum of Rs.100 for 6 to 120 months at the rate prevailing on the date of deposit. Check Central Bank of India's current deposit rates before you open the deposit.
Other Fixed Deposit Schemes Offered by CBI
FAQs on CENT Double Deposit
1.What is Cent Double Deposit Scheme?
The Cent Double Deposit Scheme refers to Central Bank of India's Money Multiplier Deposit Certificate (MMDC), a deposit in which the interest earned is added back to the principal. This gives an effective return higher than the contracted interest rate.
2.What is the interest rate offered under the Cent Double Deposit Scheme?
The Cent Double Deposit Scheme earns the rate prevailing on the date of deposit for the period you choose. The bank revises its deposit rates periodically, so check the current rate before you open the deposit.
3.What is the minimum deposit amount under the Cent Double Deposit Scheme?
The minimum deposit amount under the Cent Double Deposit Scheme is listed in the features table above. Deposits are made in multiples of that amount.
4.Is there a maximum deposit amount under the Cent Double Deposit Scheme?
Central Bank of India does not specify a maximum deposit amount for the Cent Double Deposit Scheme on its official page. Please check with the bank for any limit before you deposit.
5.What is the tenure of the Cent Double Deposit Scheme?
The tenure of the Cent Double Deposit Scheme can be any period between the minimum and maximum limits listed in the features table above.
6.Can I take a loan against the Cent Double Deposit Scheme?
Yes, Central Bank of India offers a loan or advance facility under the Cent Double Deposit Scheme as per its prevailing rules.
7.Can I withdraw the Cent Double Deposit Scheme before maturity?
Yes, payment before maturity is available under the Cent Double Deposit Scheme as per Central Bank of India's prevailing rules.
8.What document do I receive when I open the Cent Double Deposit Scheme?
You receive a printed Money Multiplier Deposit Certificate under the Cent Double Deposit Scheme. It shows your name, the deposit amount, the period, the deposit date, the due date, the interest rate and the maturity value.
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