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Everything About the Central Bank of India Savings Accounts

The Central Bank of India was the first commercial bank wholly owned and operated by Indians. Its history dates back to 1911, and today it boasts an extensive network of 4,4608 branches, 3644 ATMs, 11 extension counters, and 10 satellite offices, offering various types of savings accounts to meet customer needs. (As of 31st March 2021)

Various Types of Central Bank of India Savings Accounts

There are 7 types of Central Bank of India savings accounts:

  1. HSS Account
  2. Cent Premium
  3. Cent Param- Defence Salary Account
  4. Cent Balbhavishya
  5. Cent Bachat Khata
  6. Cent Samarth Savings Account or Cent Salary Saving Scheme
  7. Cent Samvridhi Savings Account

Features of Different Central Bank of India Savings Accounts

HSS or Home Savings Safe Account

The Home Savings Safe Account allows users to deposit a small amount to meet their daily needs.

Eligibility Criteria

This account feature can be used by individuals or multiple users, minors, HUFs, blind people, illiterate people, organizations, businesses, and authorities.

Key Highlights

  • You can put daily credit into this savings account and use it as needed. In addition, this unique savings account feature ensures that all other payments are routed to individual account holders according to the authority's standards and instructions.
  • Account holders can withdraw money using withdrawal slips, debit cards, or chequebooks.
  • Most of your daily savings can be deposited into this account.
  • Banks provide customers with a free debit card and chequebook as soon as an account is opened.
  • You can open an account if you are referred by one of the current account holders.
  • This account includes internet banking, check collection, and a safe deposit box.

Cent Premium

The Central Bank of India savings account is a premium savings account aimed at high-net-worth individuals to meet their daily financial needs.

Eligibility Criteria

  • Rural, semi-urban, urban and metropolitan residents can open an account with an initial deposit of Rs 250, Rs 500, Rs 1000, or Rs 1500, respectively.
  • As a customer, you must maintain a Central Bank of India saving account minimum balance every three months. For rural and semi-urban areas, the quarterly Central Bank savings account minimum balance is Rs 50,000; for metropolitan and urban areas, the quarterly Central Bank savings account minimum balance is Rs 1,00,000, respectively.

Key Highlights

  • Banks do not charge renewal fees or other fees for issuing credit cards.
  • The account holder will receive a chequebook at face value.
  • A doorstep cash pickup facility is available for customers, which is Rs 2,00,000 for almost all branches and Rs 50,00,000 for selected branches in Metro cities.
  • Accountholders can pay taxes online for free.
  • Free purchase order and demand draft issuance fee up to Rs 2,50,000 for rural and semi-urban orders and up to Rs 5,00,000 for urban and metropolitan customers
  • Banks waive processing fees for mortgages and auto loans.
  • Account holders can deposit cash anywhere, free of charge.
  • Banks do not charge fees for emailing account statements or providing proof of deposits or interest.
  • You can enjoy free internet banking, SMS notifications, and phone banking features.
  • Customers receive a 20% to 50% discount on locker rentals.
  • Customers can choose their preferred payment method for free.
  • Platinum debit cards can be issued for free with this account.
  • Free NEFT and RTGS services.
  • No fees for stop payments and standing orders.

Cent Param - Defence Salary Account

In other words, this savings account is dedicated to the Indian Armed Forces. There are three categories of Central Bank of India savings accounts under this category:

  • Cent Sthall Shakthi, which is dedicated to Indian Army Accounts
  • Cent Jal Shakthi for Indian Navy Accounts
  • Cent Vayu Shakthi Accounts for the Indian Air Force personnel

Key Highlights

  • Salaries and pensions are credited to this account on the last working day of the month. The bank is responsible for ensuring that salaries and pensions can be withdrawn on the date specified in the account. All other payments can also be transferred to the account after notification from the payroll office. Non-salary payments will be credited to your account within 24 hours.
  • Existing salary accounts for defence professionals can be converted to Central Bank of India savings account Cent Param upon request. If the account holder wants to switch payroll accounts, he or she must obtain a clearance certificate or a NOC (No Objection Certificate) from the bank.
  • Once the defence salary account is transferred to another bank, all features and benefits of the Cent Param account will be discontinued. Overdrafts and personal loans that are made under this account come within the Cent Suvidha regime, which needs to be settled before employees transfer the account to another bank. However, existing personal loans may be retained, after deducting the concessions, even if the account is transferred.
  • The Central Bank of India saving minimum account balance for Cent Param - Defence Salary Account is ZERO.
  • When a customer retires, the Cent Param - Defence Salary Account will be converted into a retirement account.
  • Free mobile banking service
  • There are no fees for debit cards, branch banking, telebanking, and internet banking.
  • Free electronic statements for savings accounts.
  • The daily cash withdrawal limit from ATMs is set at Rs 40,000, and at bank branches, the daily cash withdrawal limit is Rs 50000.
  • Account holders can withdraw and deposit cash at any central bank branch
  • A personal accident insurance plan, up to Rs. 1000000, will be attributed to all the account holders.
  • No annual maintenance fees.
  • Clients may open joint accounts with their respective spouses. For joint accounts, both account holders receive a free ATM/debit card.
  • For pension fund checks, the bank will process the credit immediately.
  • Complimentary domestic credit card issuance.
  • An overdraft facility of up to Rs 1,50,000 is provided to these account holders.
  • Fuel surcharge waived.
  • Provision of a free chequebook when opening an account.
  • When an account holder buys gold coins, he gets a 25% discount on bank fees.
  • Account holder gets his 50% discount on locker rental rates.

Cent Balbhavishya

Central Bank of India savings account offers the Cent Balbhavishya to encourage savings for young children from a very young age and develop savings habits in them. This savings account helps minors to save for their future needs, such as education.

Eligibility Criteria

  • The initial deposit that needs to be made towards the Cent Balbhavishya account is Rs 50 in rural and semi-urban areas and an initial deposit of Rs 100 in urban and metro branches.
  • Central Bank of India saving account minimum balances also vary by geographic location. The minimum balance of the Central Bank savings account for Cent Balbhavishya savings accounts is Rs 1000 for urban and metro branches and Rs 500 for rural and semi-urban branches. This account is set up to allow minors to start saving.

Key Highlights

  • Cash withdrawals in this program are strictly restricted until the user is 18 years old. There is no limit to how many times you can make deposits to your account.
  • Since this is an account to encourage savings among minors, no ATM or chequebook facility will not be issued until the user reaches the age of 18.
  • Customers of this account have the facility of converting their ordinary deposits to fixed-term deposits. The term of a fixed deposit starts from 6 months and can be up to 10 years.
  • Central Bank of India savings account rules suggests that you have at least one credit in your account each month.
  • A one-time deposit from the Cent Balbhavishya account earns the accountholder an additional 0.5% interest if he or she is a minor.

Cent Bachat Khata

The Central Bank of India savings accounts offers the opportunity to open a Cent Bachat Khata to provide primary banking services to a large segment of society.

Eligibility Criteria

  • Users over the age of 12 years can open this savings account. However, a Cent Bachat Khata Central Bank of India savings account can only be opened if there is a parent or a guardian involved too on behalf of the minor.
  • The Central Bank of India saving minimum account balance and initial deposit for Cent Bachat Khata is Rs. 50 for both
  • The main purpose of this account is to ensure that banking facilities reach all segments of society.

Key Highlights

  • Free 50 withdrawals per year.
  • Free provision of 1 chequebook per year.
  • Nomination facility.
  • The total balance must not exceed Rs 1,00,000 each year, and the total account. balance must not exceed Rs 50,000.
  • Less paperwork when opening an account.
  • Accounts are available at all branches.

Cent Samvridhi Savings Account

Anyone who is above 18 years of age is eligible to open the Cent Samvridhi Savings Account. You also have the option to open a single or joint account. Another option is to open joint accounts with survivor benefits.

Key Highlights

  • The frequency and rates of interest under the Cent Samvridhi Savings Account are applicable according to the latest deposit rate and daily basis
  • Other facilities that are available for Cent Samvridhi Savings Accountholders are:
  • Auto-sweep facility        
  • Core or Threshold Deposit of Rs 50,000
  • Central Bank savings account minimum balance for Cent Samvridhi accounts is the maintenance of a quarterly average balance of Rs 25,000

Cent Samarth Savings Account or Cent Salary Saving Scheme

The Cent Salary Savings Scheme offers customers an easy way to save their hard-earned cash and earn interest on it too.

Eligibility Criteria

  • Central/state level employees, railways employees, employees operating in PSU, etc., can open this kind of savings account in a set of a minimum of 10 personnel. In the case of companies or non-public employees, the minimum requirement is a set of 25 personnel.
  • The minimal net salary is Rs 10,000
  • It is mandatory for institutions that are opening a salary account with CBI to also open a current account with the bank.

Key Highlights of Cent Salary Savings Account

  • The Central Bank of India saving minimum account balance for this account is 0.
  • Lifetime-specific account quantity provided to customers wherein salary can be credited immediately.
  • The facility of having as much as Rs 4,00,000 through the Chola Health Policy at attractive costs.
  • Flexibility to select among withdrawals or to deposit or to relocate to other branches.
  • Free accessibility to all ATMs/telephone/mobile banking across India.
  • Joint account facility.
  • ATM/debit card.
  • Overdraft facility.
  • One-time account commencing rate for Demat account waived off.
  • Cash withdrawal restriction of Rs 40,000 per day at Central Bank of India's ATMs.
  • Savings of Rs. 15,000 or more can be converted into FDs.
  • Fast processing of personal loans.
  • 10% discount on locker rental.

What is the Central Bank of India Saving Account Interest Rate?

The Central Bank of India saving account interest rates are as follows:

End-of-day balance Central Bank of India saving account interest rate (p.a.)
Less than 2 cr w.e.f 10.10.2022 (7 to 14 days) 2.75%
Less than 2 cr w.e.f 10.10.2022 (15 to 30 days) 2.90%
2 Cr to 10 Cr (Single deposit) w.e.f (7 to 14 days) 10.10.2022 4%
2 Cr to 10 Cr (Single deposit) w.e.f 10.10.2022 (15 to 30 days) 4%

What is the Central Bank of India Savings Account Minimum Balance?

According to the Central Bank of India savings account policy, the Central Bank savings account minimum balance varies by savings account type. It also depends on many factors, such as the type of savings account, the type of eligible account holder, and the duration of the deposit. Here are a few types of savings accounts with their prescribed Central Bank of India saving account minimum balance:

1. For HSS Account Holders, the Central Bank of India saving minimum account balance is:

  • For Metro /Urban Branches  - Rs. 2000
  • For Semi-Urban Branches - Rs. 1000
  • For Rural Branches - Rs. 500

2. For Cent Premium Accounts Central Bank savings account minimum balance on a Quarterly Average Balance basis is:

  • Rural – Rs. 50000
  • Semi-Urban - Rs. 50000
  • Urban - Rs. 100,000
  • Metro - Rs. 100,000

3. For Cent Samvridhi Savings Account, the Average Quarterly Balance is Rs. 25,000

4. For Cent Bachat Khata - Central Bank of India saving account minimum balance is Rs. 50

Eligibility Criteria to Open a Central Bank of India Savings Account

The Central Bank of India offers 7-8 saving account options, and the eligibility varies from one account to the other. But for the majority of accounts, the eligibility criteria required are as follows:

  • Any individual can open a single or joint Central Bank of India savings account.
  • A minor can have access to the Central Bank of India savings account if he opens the account with an adult or a guardian. An educated minor of 12 years and above can also open a Central Bank of India savings account, provided he is capable of functioning the account.
  • Central Bank of India savings accounts can be opened by HUFs, illiterates, established organizations and businesses, educational and charitable institutions for non-business functions, and even the visually impaired.

Necessary Documentation Required for Opening a Central Bank of India Savings Account

You will need to submit the following documents to open a Central Bank of India savings account:

  • Valid identification evidence like Aadhar card, passport, PAN card, etc.
  • Valid evidence of address/house like a phone bill, power bill, passport, ration card, tax return, etc.
  • Seniors and minor candidates need to provide legitimate evidence of their date of birth, like a birth certificate or PPO, which is relevant for pensioners to start a Central Bank of India savings account.

How to Open a Central Bank of India Savings Account?

You can use the offline or online method to open a Central Bank of India savings account. Let us look at both methods here:

Offline Method:

Step 1 – You can visit the nearest branch of the Central Bank of India and submit a request to a bank representative about opening a savings account.

Step 2 – You will be asked to submit the necessary documentation, and you will have to choose your preferred Central Bank of India savings account.

Step 3 – You will need to fill out an application form and put in all your details.

Step 4 – After submitting the application and the documents, you will be issued a reference number which can be used to track your application status online using the bank’s website or offline by visiting the branch again.

Step 5 - After successful completion of the verification process, your Central Bank of India savings account will be opened, and a new account kit will be sent to your mailing address.

Online Procedure

Step 1 – You need to visit the official website of the central bank of India https://www.centralbankofindia.co.in/en

Step 2 – You have to select 'New User,' which will redirect you to the savings account terms and conditions page.

Step 3 – After you agree to the terms and conditions, you will need to fill out the online application form with all your correct details. Note that you must enter all the details within the allotted time of 15 minutes to fill out the form.

Step 4 – Click the Submit button when done. This will take you to a page where the documents must be submitted. You must upload scanned copies of the required documents before completing the application.

Step 5 - After applying, a reference number will be generated, which you can use to track your application status.

Conclusion

With the Central Bank of India, you can save with confidence as you have various kinds of savings accounts to choose from, depending on your financial goals. These Central Bank of India savings accounts provide convenience and security to banking operations and require only a small amount to meet the Central Bank savings account minimum balance. There is generally no or very little service fee for maintaining a Central Bank of India saving account minimum balance.

Frequently Asked Questions

What is a Central Bank of India savings account all about?

The Central Bank of India savings account offers many benefits to its account holders, like free services available with a basic savings account, including cash deposits and withdrawals through electronic payment channels or at bank branches or ATMs.

Who controls the Central Bank of India?

The Central Bank of India is a public sector bank established by the Banking Companies (Acquisition & Transfer of undertakings) Act, 1970. 100% of its shares are owned by the government of India. It was established in 1911, which was the ultimate realization of the dream of the founder of the bank, Sir Sorabji Pochkhanawala.

What are the consequences if you don’t maintain the Central Bank of India saving account minimum balance?

There will be a penalty or a maintenance fee charged by the bank if you don’t maintain the Central Bank savings account minimum balance, according to the requirements of your savings accounts (only in case of non-zero minim balance accounts). This fee varies from account to account.

Can I open two Central Bank of India savings accounts?

No, every individual is eligible for only one Central Bank of India savings account.

What is the daily ATM transaction limit, and how many transactions are free each month?

The daily ATM transaction limit is Rs. 2 lakhs in Central Bank of India, and 5 ATM transactions per month are free for Central Bank of India ATMs and 3 transactions for other bank ATMs. Accountholders who reside in metro cities can avail of the maximum of 5 free transactions from other bank ATMs as well.

What is the limit for cash withdrawal in the Central Bank of India?

Although the limit varies from account to account, generally, the daily cash withdrawal limit can be bifurcated as follows:

S.No Particulars Amount (in Rs.)
1. Max. Amount Per Transaction 1,00,000/-
2. Max. Amount Per Day 2,00,000/-
3. No. of Transaction per Day No Limit.

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