The product monomial crystal was defined by Kamnitzer, Tingley, Webster, Weekes, and Yacobi for any semisimple simply-laced Lie algebra $\mathfrak{g}$, and depends on a collection of parameters $\mathbf{R}$. We show that a family of truncations of this crystal are Demazure crystals, and give a Demazure-type formula for the character of each truncation, and the crystal itself. This character formula shows that the product monomial crystal is the crystal of a generalised Demazure module, as defined by Lakshmibai, Littelmann and Magyar. In type $A$, we show the product monomial crystal is the crystal of a generalised Schur module associated to a column-convex diagram depending on $\mathbf{R}$.