Depository Services

What is a Depository?
A Depository is an organization, which holds investors' securities in electronic form. The depository also provides services related to various transactions in such securities.

A depository interfaces with its investors through Depository Participants. Depository Participants maintain investors' accounts (Demat accounts), which are similar to Savings Bank/Current accounts with a Bank. Purchase and sale of securities can be done through Demat account.

Why open a Demat account?
It helps you to avoid the trouble of storing share certificates, remember record dates, book closure period, validity date of transfer deeds, maintain record of securities held etc. It reduces paperwork and quickens the transactions and payment settlements.

As a Depository Participant of Central Depository Services (India) Ltd. (CDSL), Central Bank of India facilitates to open Demat Account at any of the following Designated Branches and view your holdings through Internet.

Deposite

Advantages of the Deposit Schemes:
The in-built advantages common to all the Deposit Schemes are:

* Nomination facility
* Loan to the extent of 90 percent of the accumulated amount (principal + interest) in the account
* Loan to the extent of 90 percent of the accumulated amount (principal + interest) in the account
* Transferability of account from one branch to another is freely available
Instructions for payment of amount on maturity is accepted at the time of opening the account
* Payment before maturity is permitted subject to prevailing rules except in Home Loan Account Scheme

Monthly Interest Deposit Receipt (MIDR)

Earn monthly interest without depleting your principal

The MIDR scheme provides you with monthly interest earnings, without affecting the principal amount.

* Amount of deposit You can deposit a minimum amount of Rs. 5,000/- and in multiples of Rs. 1000/-.
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* Period of deposit You can open an account for periods ranging from 12 months to 120 months.
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* Rate of interest The rate of interest shall be the appropriate rate prevailing on the date of the deposit for the period so selected.
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* Certificate / Receipt After completion of formalities you will be issued a printed receipt (Monthly Interest Deposit Receipt) with all particulars filled in as sr. no., your name, amount of deposit, period of deposit, date of deposit, due date of deposit, interest rate and interest payable every month etc.
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* Premature payment Payment before maturity is available as per prevailing rules.
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* Loan/advance against deposits Loan/advance facility is available under the scheme as per prevailing rules.

Contect - Us
Corporate Office
Central Bank of India
Chander Mukhi, Narman Point
Mumbai – 400 021
Tel.: 022 – 6638 7777