What is the minimum deposit required to open a certificate of deposit?

The minimum deposit required to open a certificate of deposit (CD) can vary depending on the bank or financial institution offering the CD and the specific terms and conditions of the CD product. Here are some general guidelines:

1. Banks and Financial Institutions: Different banks and financial institutions may have their own minimum deposit requirements for CDs. These requirements can vary widely, from as low as a few thousand rupees to higher amounts.

2. CD Terms: The minimum deposit requirement may also depend on the term or duration of the CD. Longerterm CDs may require a higher minimum deposit compared to shorterterm CDs.

3. Special CD Offers: Some banks may offer special CD promotions or campaigns with lower minimum deposit requirements to attract customers. These promotions are often temporary and subject to change.

4. Relationship Banking: Some banks may offer preferential terms, including lower minimum deposit requirements, to customers who have existing relationships with the bank, such as having a savings or current account.

5. Online vs. InPerson: The minimum deposit requirement for CDs may differ between online and inperson account openings. Online CDs may have lower minimums due to reduced operational costs.

6. Type of CD: Different types of CDs, such as taxsaving CDs or senior citizen CDs, may have specific minimum deposit requirements and eligibility criteria.

To find out the minimum deposit requirement for a CD at a specific bank or financial institution in India, it's advisable to visit the bank's official website, contact their customer service, or visit a local branch. Additionally, consider comparing CD offers from multiple banks to find one that best suits your investment goals and budget.