Central Bank of India Savings Account

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Central Bank of India savings account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC, and provides a nominal interest rate. A savings account is often the first bank account for many.

Advantages of a savings account

A savings bank account is easy to open and extremely simple to operate. With a savings account, you can get easy access to your safely stored cash at any point of time. It is one of the most liquid forms of savings – i.e. you can withdraw from it any time, from any bank ATM. You can use a savings account to save money for specific expenditure like a vacation or for daily expenses. It can also be used to save for a rainy day and kept as an emergency fund. A savings account helps you keep a track of all the transactions made, including deposits and withdrawals, and makes your personal budgeting much easier.

There are various fees associated with a savings account. You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary with the issuing bank and kind of account. Banks also offer a zero balance savings account where you do not need to keep any balance. There is also a limit on the number of withdrawals you can make in a month without paying a penalty. Again, this depends on the type of savings account you opt for and the bank’s policies.

Limitations

There are some downsides to having a savings account as well. The interest is far lower when compared to that of, say, a Fixed Deposit account. Though savings account are liquid investments and easily accessible in times of need, they offer low returns in comparison to other forms of savings.

Even with the low interest rates, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving.

Central Bank of India Savings Account

A Central Bank of India savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Central Bank of India Savings Account.

Features and Benefit of Central Bank of India Savings Account

There are various benefits to having a savings account with Central Bank of India. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone NetBanking

Types of Central Bank of India Savings Accounts

Home Saving Safe Accounts (H.S.S)

  • For the purpose of small savings which can be utilized for day to day expenses.

Cent Premium Account

  • Free Internet / SMS / Phone Banking Facility
  • Free Account Statement through e-mail / e-Statement (fortnightly)
  • Free Debit-cum-ATM Card

Cent Param

  • Access the account through any branch
  • TeleMobile banking services
  • Flexibility to transfer/withdraw/deposit from any branch in India
  • Central Bank of India Savings Account Minimum Balance
  • Free Internet / SMS / Phone Banking Facility
  • Free Account Statement through e-mail / e-Statement
  • Free Debit-cum-ATM Card
  • Instant credit of PF cheques

Cent Balbhavishya

  • A savings scheme for minors (up to 12 years).
  • Withdrawal not permitted until the child attains the age of 18 years
  • No Cheque Book allowed in this account till the child attains the age of majority.
  • Option available to convert balance in excess of Rs. 10,000 from savings Account to cumulative time deposit scheme for a tenure of six months to maximum ten years depending upon the age of the child. The guardian can exercise this option any number of times.

Cent Salary Saving Scheme (CSSS)

  • Zero Minimum Balance Requirement
  • Nil Maintenance Charges
  • Free standing instruction facility
  • Access the account through any Branch of the Bank and ATMs / Tele / Mobile Banking.
  • Flexibility to Withdraw/ Deposit/ Transfer from any Branch in India.
  • Free remittance through RTGS / NEFT
  • Free ATM / Debit Card

Cent Bachat Khata

  • Purpose: to make basic banking services available to a vast section of the society
  • No-Frills Savings Deposit Account
  • Any person over twelve years of age can open this account individually or jointly
  • Initial deposit of just Rs.50.
  • No penalty for non-maintenance of the minimum balance.
  • 50 withdrawals allowed per year free of charge.
  • One cheque book per year issued free of charge.
  • Nomination facility available.

Central Bank of India Savings Account Minimum Balance

The minimum balance required in Central Bank of India savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
Cent Premium QAB: Rural: Rs. 50000, Semi Urban: Rs. 50000; Urban: Rs. 100,000; metro: Rs. 100,000
Cent Salary Saving Scheme (CSSS) -
Cent Bachat Khata Rs. 50

Central Bank of India Savings Account Interest Rate

Central Bank of India savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Central Bank of India Savings Account Charges

Different Central Bank of India savings account have a different schedule of charges. It is best to contact Central Bank of India directly for the most up to date charges.

How to open a Central Bank of India Savings Account

Central Bank of India savings account opening is easy and hassle-free. You can visit your nearest Central Bank of India branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can apply for an account online. You can fill in their online form and submit it, along with a copy of your KYC documents, like ID proof, address proof, and a passport size photograph. Your documents will be verified by the bank officials and your account will be activated.

Central Bank of India Savings Account FAQS

What is the best interest rate on a Central Bank of India saving account?

The interest rates can go up to 4%. For the latest interest rates, it is best to contact the nearest Central Bank of India branch.

Who is eligible to open a Basic Savings Account with Central Bank of India?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account. The zero balance account is suited for all those who cannot keep a minimum average balance in the account.

Is it possible to open a Central Bank of India savings account online?

Yes. You can fill in the online application form and upload your KYC documents and have the originals verified by a bank official. You can also track the status of your application online.

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