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Central Bank of India Savings Account

Central Bank of India was founded in 1911, and it is based out of Mumbai. It is a public sector commercial bank. The bank has nearly 5000 branches spread across the country

Central Bank of India Savings Account Interest Rate

IndusInd Bank offers the following interest
rates for its Savings Account:

  • 4% p.a. for Home Saving Safe Account
  • 4% on a daily basis Cent Samvridhi Savings Account

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Types of Central Bank of India Savings Bank Accounts

Home Saving Safe Accounts: This type of account enables the account holders to deposit they whatever they have saved and use the same for their daily requirements. This account has facilities for nomination, issues a free Debit card and provides internet banking facility amongst various other services.

Cent Samvridhi Savings Account: All adult residents of India are eligible to open this savings account. This account is available exclusively at the CBS enabled branches of the Central Bank of India. The account holders can avail the auto sweep facility, free debit card, internet banking facility, and a first year’s discount of 50% on credit card fees as well as Demat AMC charges.

CENT PARAM: This is typically a salary account in which the account holder’s salary, sundry payments as well as the pension for retired individuals can be credited. This crediting can be carried out in various branches of the bank. This account works according to the rules and norms provided by the salary disbursement authorities.

Cent Bachat Khata: This is a ‘No-Frills’ account. Its primary purpose is to provide every customer of Central Bank of India with the access to basic banking facilities and services. This account can be opened with a nominal initial amount of Rs.50 which can be maintained as the minimum balance. The account can be opened by anyone above 12 years of age either singly or jointly. It can be opened at any branch and it provides the nomination facility.

Cent Premium Savings Account: This type of savings account has been specially designed to cater to the enhanced needs of the HNIs or High Net-worth Individuals. These account holders enjoy various benefits such as access to a debit card free of cost, free cheque-books every year, phone and internet banking facilities, credit card renewals absolutely free of charge and discounts on issuing duplicate ATM cards, apart from various other benefits. The account holders of also enjoy a lucrative perk of getting a complete waiver on the processing charges for different types of loans under the Retail lending scheme of the bank. The account holders receive the Platinum Debit Cards from the bank.

Cent Bal Bhavishya Savings Account: The Central Bank of India launched this scheme in order to facilitate parents and guardians to open a savings account for their child and to save for their future. A Cent Bal Bhavishya Savings Account can be opened for a minor Indian resident who is within the age limit of 12 years by his or her parents or guardian. The initial deposit required is Rs.50 for rural areas and Rs.100 for urban areas. The account requires at least one deposit in a month and a mandatory average of Rs.500 (rural areas) and Rs.1000 (urban areas) to be deposited over a period of 6 months. Withdrawals are not permitted till the child turns 18 and hence ATM cards or cheque-books are not available. If the deposit amount exceeds Rs.10,000, the same can be converted into a higher interest yielding term deposit.

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Savings Accounts Minimum Balance Requirements

Type of Savings Account

Minimum Balance Required

Cent Samvridhi Savings Account

AQB of Rs.25000

Cent Premium Savings Account

AQB - Rs.50000 (for rural & semi-urban branches),

Rs.100000 (metro and urban branches)

Cent Bachat Khata

Rs. 50

Eligibility

These are the eligibility criteria for a Savings Accounts:

  • Resident Indian adults
  • Trusts, associations, government bodies, religious institutions, clubs, etc as permitted by the RBI.
  • A literate minor above 12 years of age

Documents Required to Open a Savings Account

  • Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
  • Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
  • Passport sized photographs
  • Application form
  • Accounts for children and senior citizens require a proof of age apart from the general KYC documents
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