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Types Of Central Bank Of India Savings Accounts

Central Bank Of India Savings Account

Central Bank Of India offers six types of savings accounts. They are

  • Home Savings Safe Account ( H.S.S)
  • Cent Premium
  • Cent Param
  • Cent Balbhavishya
  • Cent Salary Savings Scheme ( CSSS)
  • Cent Bachat Khata

Home Savings Safe Account

This savings account allows you to deposit the daily savings which can be utilized for any requirement as and when it is needed.

Features & Benefits

  • The account holder can withdraw the money using a withdrawal slip, debit card, or chequebook.
  • Once the account is open, the bank will provide the customer with the free ATM card, and the cheque book.
  • Most of the daily savings can be deposited into this account.
  • This account can be opened by
    • An Individual
    • HUF
    • A minor jointly with their parents or major
    • Charitable Institutions and Educational Institutions
    • Blind person
    • Agencies or organizations that have given permission to open a savings account

Additional Information

  • One can open the account if they get introduced by any of the current account holders
  • Internet banking facility, cheque collection and locker are included in this account

Cent Premium

As the name suggests, this premium savings account is for high net worth individuals so that their daily financial needs can be met.

Features & Benefits

  • If you live in rural, semi-urban, urban, or metro locations, you can start the account by depositing the initial amount of Rs 250, Rs 500, Rs 1000, and Rs 1500 respectively.
  • As a customer, you will have to maintain the average balance every 3 months. For rural and semi-urban cities, the average balance would be Rs 50000 and for metro and urban locations, the balance should be Rs 1,00,000 each.
  • The bank does not take any renewal charges or any other charges for issuing a credit card.
  • Upon opening the account, the account holder will be provided with at par cheque book.
  • The customer can pay online tax without incurring any charges.
  • The customer can get doorstep cash pick up to  Rs 2,00,000 and on selected metro locations, the cash pickup can be done up to Rs 50,00,000.
  • On housing loans and car loans, the bank will waive off the processing fee.
  • The account holder can deposit cash anywhere without incurring any charges.
  • Purchase order and demand draft issuance charge up to Rs 2,50,000 are free for rural and semi-urban while the urban and metro customers can enjoy the service free of cost up to Rs 5,00,000.

Additional Information

  • Free internet banking, SMS alert, and phone banking facilities are available
  • A platinum debit card can be issued under this account without any charges
  • The bank will not take charges for sending the account statement via email, or for any deposit certificate or interest certificate
  • The customer can enjoy discounts on the locker rent starting from 20% to 50%
  • Free NEFT and RTGS services
  • The client can select their preferred method of banking without any charges
  • No charges for stop payment and standing instruction order

Cent Param

This savings account is entirely meant for the Indian Defense Forces namely

  • Cent Sthall Shakthi (Indian Army Accounts)
  • Cent Jal Shakthi (Indian Navy Accounts)
  • Cent Vayu Shakthi (Indian Air force Accounts)

Features & Benefits

  • The salary and pension will be credited to this account on the last working day of the month. It is the bank’s responsibility to make sure that the salaries and pensions are ready to be withdrawn on the date mentioned in the account.
  • As informed by the salary disbursement authorities, all other sundry payments can also be remitted to the accounts. For payments other than salary, the money will be credited to the account within 24 hours.
  • The existing salary accounts of the defence professionals can be converted to cent param upon submitting an application form. In the event where an account holder wishes to change the salary account, they must obtain a no-objection certificate from the bank.
  • All the features and benefits under the cent param account will be ceased once the salary account is transferred to another bank.
  • Overdrafts and personal loans are taken under cent suvidha needs to be adjusted before transferring the account to another bank. However, the existing retail loans can be kept for collection less any concessions even though the account was transferred.
  • The minimum average balance is not required for this account.
  • If the customer gets retired, the salary account can be converted into a pension account under cent param.
  • No charges will be applied to the account holder for ATM cards, branch banking, telebanking, or internet banking.
  • The account holder can withdraw from and deposit cash to any Central Bank branch.
  • The client can open joint accounts with their respective spouse.
  • Under this account, the account holder will get personal accident insurance coverage up to Rs 10,00,000.
  • In the case of joint accounts, both the account holder will get free ATM/debit card

Additional Information

  • Free e-statement of the savings account
  • Free mobile banking services
  • For provident fund cheques, the bank will be processing instant credit
  • No annual maintenance charges will be levied
  • Free issuance of a domestic credit card
  • There is no lost card liability if the bank cards are lost
  • Fuel surcharge will be waived off
  • Per day ATM cash withdrawal limit is set to Rs 40000
  • At other bank branches, the cash withdrawal limit is Rs 50000
  • Free cheque books will be provided upon opening the account
  • If the account holder buys a gold coin then, they will get a 25% concession on the bank’s commission.
  • Overdraft facility is provided up to Rs 1,50,000.
  • The account holders can enjoy a 50% concession on locker rent.

Cent Balbhavishya

This account has been made for the minors so that they can start the habit of savings.

Features & Benefits

  • Any minor up to the age of 12 years can open the Cent Balbhavishya account along with their parents or guardians.
  • For rural and semi-urban regions, the initial deposit needed to open this account is Rs 50 wherein in urban and metro regions, the deposit is Rs 100.
  • The bank suggests having at least one credit entry in the account monthly. The average minimum balance every 6 months should not go below Rs 500 in the rural and semi-urban areas and for urban and metro regions the average credit should be Rs 1000 every six months.
  • There is no limit set for the maximum number of deposits.
  • Once the amount is deposited, the account holders cannot withdraw the amount until the minor reaches 18 years of age.
  • If the account balance goes beyond Rs 10000, then the account holder can convert it into a term deposit.
  • The fixed deposit period starts from 6 months and it can go up to a maximum of 10 years.
  • Additional Information
    • If a one-time deposit is made from the Cent Balbhavishya account then an additional interest of 0.5 % will be paid out if the account holder is a minor.
    • Since it is a children’s savings account, no ATM cards or cheque book will be issued until the child becomes a major.

Cent Salary Saving Scheme

This account can be opened by all permanent employees of the Central and state government, educational institutions, public sector undertakings, and corporate entities.

Features & Benefits

  • For availing this salary account scheme, a government or public sector undertaking should have at least 10 employees and in the case of private bodies, the minimum number of employees is 25.
  • The salary will be credited to the employees account from the employer’s account through a direct debit mandate.
  • The minimum salary of an employee should be Rs 10000.
  • The minimum balance requirement is zero for this account. If the account doesn’t get credited for 3 consecutive years, then the account will be treated as a normal savings account.
  • Family medical health insurance policy up to Rs 4,00,000 will be provided with the account.
  • These account holders can enjoy the benefits of debit and credit cards in one single wonder card.

Additional Information

  • ATM transactions up to Rs 40000 per day are allowed.
  • Issuance of a personalized cheque book is provided.
  • Savings more than Rs 15000 can be converted into a fixed deposit.
  • Up to 3 times a month a stop payment can be made without any charges.
  • Lifetime unique account number even if the account has been transferred to a different branch
  • Free e-statement, SMS alert, and internet banking
  • Instant credit outstation of cheques up to Rs 15000
  • Free RTGS and NEFT remittance
  • Quick processing of retail loans
  • 10 % discount on the locker rent

Cent Bachat Khata

The main objective of this account is to ensure that the banking facilities reach every section of society.

Features & Benefits

  • It is a no-frill account and therefore no minimum average balance needs to be maintained.
  • Anyone above 12 years of age can open this account with their parents or guardian.
  • The account can be opened with an initial deposit of Rs 50 and the minimum balance is Rs 50.
  • No maintenance charges will be levied even though there is no average minimum balance.
  • Issuance of a single pay cheque book can be provided.
  • The total credit balance in the account should not go beyond Rs 1,00,000 and the available balance should not exceed Rs 50,000.

Additional Information

  • Less paperwork is involved in opening the account.
  • 50 withdrawals can be made free of cost in a year.
  • The account is available in all the branches.
  • Nomination facility is available for this account.

About Central Bank of India Savings Account

Established in 1911, the Central Bank of India is the first bank fully owned by the country. To increase the employment level, the Central Bank of India has introduced a set of self-employment schemes. The bank now has 4651 branches across 28 states and 7 union territories. With the Central Bank of India, the customers can put savings without any worries. Central Bank of India offers different kind of savings account, which one can select as per their financial objectives.

Central Bank Of India Savings Account FAQ

1. What is the interest rate of the Central Bank of India Savings account?

For account holders with a cheque book facility, without a cheque book facility, and for a no-frills savings account, the interest rate starts from 2.75%.

2. What are the proofs to be submitted for address verification while opening a Central Bank of India savings account?

Telephone Bill, Electricity Bill, Letter from the public authority, Ration card, Rent agreement

3. What are the documents required for opening a savings account?

Identity proof and address proof, PAN Card Number, Two recent passport size photos

Central Bank Of India Savings Account - Customer Reviews

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