Central Bank of India Savings Account

Central Bank of India was established in 1911 and is the first Indian commercial bank which was wholly owned and managed by Indians. Since inception the bank faced various obstacles, but each storm has successfully transformed into a business opportunity and excelled over its peers in the Banking Industry.

Today, the bank holds a very prominent place among the Public Sector Banks. Central Bank of India has a network of 4659 branches, 1 extension counters, along with 10 satellite offices throughout the length and breadth of the country.

Types of Central Bank of India Savings Account

Home Saving Safe Accounts (H.S.S)

This Central Bank of India Savings Account offers Small Savings wherein you can deposit your funds and utilize the same for your day to day requirements. A minor over the age of 12 years, who can read and write and operate the account personally, can apply for this account. Other eligibilities are for HUF, blind persons, Illiterate persons, etc., can apply for this account.

Minimum Amount Required to Open Savings Account

• Metro /Urban Branches - Rs.1000
• Semi Urban Branches - Rs. 500
• Rural Branches - Rs. 250

Charges for non-maintenance of minimum balance:

• Metro /Urban Branches - Rs.75 per quarter
• Semi Urban Branches - Rs. 60 per quarter
• Rural Branches - Rs. 30 per quarter

Note: Subject to change from time to time. Pensioners, Senior Citizens above 60 years of age, students are exempted from the minimum balance requirement.

Cent Premium Savings Account

The account offers Debit-cum-ATM Card, wherein you can enjoy easy shopping in retail and online. Cent premium Savings Account offers preferred banking services like free internet, SMS and phone banking. The account holder needs to make an initial deposit - Rs. 250 (Rural), Rs. 500 (Semi-Urban), Rs. 1000 (Urban), Rs. 1000 (Metro).

Cent Param Savings Account

It is a salary and pension account, wherein your salary or pension will be credited on the last day of the working month or as on communicated by pension/salary disbursement authorities. It should be ensured by the branches that the amount is credited and is available for withdrawal at the start of the banking hours on the scheduled date of disbursement of salary.

Cent Balbhavishya

As the name says, this account by Central Bank of India is dedicated to minors of age up to 12. This is to attract low cost deposit and cultivate the habit of saving within minors for a long-term. The account has no withdrawal option till the child attains the age of 18 years, except for the purpose of making Fixed Deposit.

An account can be opened with an initial deposit:

• Rural & Semi Urban - Rs. 50
• Urban & Metro - Rs. 100

How to Open Central Bank of India Savings Account?

You can apply through both online & offline mode. For online application, you need to visit the official website of the Central Bank of India. You can pick the type of savings account you want to apply, and at the bottom of every savings account, you will have an option to Apply Online. Follow the procedure as given.

Another way is to simply visit the nearest Central Bank of India branch and meet the representative there. Ensure you carry all the KYC documents. You'll be given a form to fill, make sure to enter all the accurate details as per your original documents. Upon submitting, the bank will verify your details and process for opening the account.

Eligibility Criteria to Open a Savings Account

• The applicant should be a citizen of India.
• The individual should be 18 + years of age, except in case of a minor savings account.
• The customers need to submit valid identity and address proof, such as PAN Card, aadhaar card, etc.
• Once the bank approves the submitted documents, the applicant will have to make an initial deposit depending as per the type of the savings account.

Central Bank of India Customer Care

You can contact the toll-free number-

1800 22 1911

Conclusion

The central bank has a long history and with its PAN-India presence, will bring in a great banking experience for you.