Central Bank of India Savings Account

The history of the Central Bank of India stretches back to 1911. The factor that makes it more remarkable is that it was the first Indian commercial bank under Indian ownership and control. The Central Bank of India Savings Account has been a top choice amongst many customers for years.

Here we have detailed all the necessary information associated with the Central Bank of India saving account interest rate, steps to open a savings account with the required documentation, and more.

Central Bank of India Saving Account Interest Rate 2024

Balances

CBI Savings Account Interest Rate

Up to Rs. 10 lakhs

2.90% p.a.

More than Rs. 10 lakhs

2.75% p.a.

Features of the Central Bank of India Savings Account

  • The money can be withdrawn from the account using a withdrawal slip, debit card, or cheque book.
  • Once the account is opened, the bank will issue the customer a free ATM card as well as a cheque book.
  • This account includes internet banking, check collection, and a locker.
  • This account can hold the majority of your daily savings.
  • Anyone can open an account if they are introduced by a current account holder.

Central Bank of India Saving Account Opening

To start a savings account with Central Bank, follow the steps outlined below:

  • Access Central Bank's online savings account application portal.
  • You can start a savings account here by providing all of the information requested by the bank.
  • Alternatively, you can create a savings account with your local Central Bank location.

Who Can Open a Savings Account in the Central Bank of India?

The eligibility conditions for creating a savings account in the Central Bank of India are as follows -

  • A solitary person (single or jointly).
  • A minor can open an account with the help of an adult/guardian.
  • A minor over the age of 12. He or she must be literate and capable of operating the account.
  • Visually challenged individuals, illiterates, and Hindu Undivided Families
  • Organizations, in particular, can open Central Bank of India savings accounts.
  • Educational and philanthropic institutions – non-profit organisations.

Minimum Balance Requirements of Central Bank of India

Cent Bachat Khata

Rs. 50

Cent Samvridhi Savings Account

Rs. 25,000

Cent Premium Savings Account

Rs. 50,000 - Rs. 100,000

Documents Required

To start a savings account with the Central Bank of India - the following documents are required-

  • A valid identity proof such as a passport, Aadhaar card, Voter ID card, P.A.N. card, or corporate I.D. card issued by a reputable company is required.
  • Valid address/residence proof, such as a phone bill, a passport, a ration card, or income tax paperwork.
  • Seniors and minors must provide valid proof of date of birth, such as a birth certificate, passport, service discharge certificate, P.P.O. (applicable for pensioners), birth certificate, driving license, and so on.

Types of Savings Accounts Offered by Central Bank of India

Following are the various types of Savings Accounts that can be opened at Central Bank of India-

1) Samvridhi Cent Savings Account

This sort of savings account is offered to any Indian resident over the age of 18. This account feature is only available at CBS-enabled branches. Account users can take advantage of the auto sweep-in feature, a free A.T.M. cum debit card, internet banking, and 50% savings on credit card costs and Demat A.M.C. charges (this discount is valid only for the first year).

2) Home Safe Deposit Accounts

This sort of savings account allows account users to deposit their savings (no matter how modest the amount) and access the funds for their daily needs. Among other things, the account provides nomination services, free issue of debit and A.T.M. cards, and internet banking.

3) Cent Bachat Khata

A 'No-Frills Savings Deposit Account,' the major goal of this account is to provide every Central Bank of India customer with access to basic banking products and services. This type of account could be started with as little as Rs. 50 and maintained as a minimum balance. 

The account allows for nominations and can be opened by any individual above the age of 12 at any branch of the bank (singly or jointly with a guardian/another person).

4) Account for Cent Premium Savings

This savings account variation has been specifically tailored to meet the demands of High Net Worth (H.N.I.) individual customers.

Account users of this type of account receive numerous benefits, including free debit and A.T.M. cards, free cheque books every year, phone banking and internet banking, credit card renewal (totally free of charge), and a discount on the issuing of duplicate A.T.M. cards, amongst others.

Cent Premium Savings Account holders are entitled to a total remission of processing charges for housing loans and car loans under the Central Bank of India's Retail lending initiative. The bank provides account customers with Platinum Debit Cards.

5) Param Central

This sort of account can be credited with the account holder's salary, pension (for retired people), or other payments.

The account holder's pay or pension must be credited into his/her Cent Param Salary Accounts on the final working day of every month or as specified by pension/salary disbursement authorities. This crediting can be done at any of the C.B.I. branches.

Other miscellaneous payments must be made to individual account holders throughout the month. This must function in accordance with the information provided by salary disbursement authorities.

6) Cent Bal Bhavishya Savings Accounts

The Central Bank of India, India's first commercial bank, has recently established the Cent Bal Bhavishya Savings Account, where parents and guardians can start savings accounts for their kids to prepare for their future.

Invest the way you want
Join millions of Indians who trust and love Groww
EXPLORE PRODUCTS
Loading...
ⓒ 2016-2024 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 4.9.8
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  GROWWMF |  SBI |  AXIS |  HDFC |  UTI |  NIPPON INDIA |  ICICI PRUDENTIAL |  TATA |  KOTAK |  DSP |  CANARA ROBECO |  SUNDARAM |  MIRAE ASSET |  IDFC |  FRANKLIN TEMPLETON |  PPFAS |  MOTILAL OSWAL |  INVESCO |  EDELWEISS |  ADITYA BIRLA SUN LIFE |  LIC |  HSBC |  NAVI |  QUANTUM |  UNION |  ITI |  MAHINDRA MANULIFE |  360 ONE |  BOI |  TAURUS |  JM FINANCIAL |  PGIM |  SHRIRAM |  BARODA BNP PARIBAS |  QUANT |  WHITEOAK CAPITAL |  TRUST |  SAMCO |  NJ