Central Bank of India Savings Account Interest Rate: Central Bank of India, with its rich history dating back to 1911, holds a special place as the first Indian commercial bank under Indian ownership and control. Central Bank of India has a network of 4,700 branches and 5000 ATMs all over India. Over the years, its Savings Account has remained a top choice among many customers. In this article, we will explain all the essential details about the Central Bank of India Savings Account interest rate, the account features, the account opening process, eligibility criteria, minimum balance requirements, required documents, and the different types of Savings Accounts offered.
Central Bank of India Savings Account Interest Rate 2023
The interest rates for Central Bank of India Savings Account are as follows:
- Up to Rs. 10 lakhs: 2.90% p.a.
- More than Rs. 10 lakhs: 2.75% p.a.
| 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
- Withdrawal Options: Account holders can withdraw money from their Savings Account using a withdrawal slip, debit card, or cheque book.
- Free ATM Card and Cheque Book: Upon opening the account, the bank provides a free ATM card and a cheque book to the customer.
- Internet Banking, Check Collection, and Locker Facility: The account comes with internet banking facilities, check collection services, and the option to avail a locker for safekeeping.
- Ideal for Daily Savings: The Savings Account is designed to accommodate the majority of your daily savings needs.
- Account Introduction: To open an account, individuals can be introduced by a current account holder.
How to Open a Savings Account with Central Bank of India?
You can start a Savings Account with Central Bank of India either through their online application portal or by visiting a local branch.
Online Application:
- Access Central Bank’s online savings account application portal.
- Fill in all the required information.
In-person Account Opening:
- Visit a local Central Bank branch and provide the necessary details and documents.
Who Can Open a Savings Account in the Central Bank of India?
- Individual Account Holders: Any solitary person can open an account, either singly or jointly.
- Minors: Minors above the age of 12 who are literate and capable of operating the account can open an account with the help of an adult/guardian.
- Visually Challenged Individuals, Illiterates, and HUFs: People with visual impairments, illiterates, and members of Hindu Undivided Families can also open an account.
- Organizations: Central Bank of India savings accounts can be opened by organizations.
- Educational and Philanthropic Institutions: Non-profit organizations, including educational and philanthropic institutions, can also open accounts.
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 open a Savings Account with Central Bank of India, you will need the following documents:
- Identity proof (passport, Aadhaar card, Voter ID card, P.A.N. card, or corporate I.D. card)
- Address/residence proof (phone bill, passport, ration card, or income tax paperwork)
- Proof of date of birth for seniors and minors (birth certificate, driving license, etc.)
Types of Savings Accounts Offered by Central Bank of India
- Samvridhi Cent Savings Account: This account is available to any Indian resident over the age of 18 and offers various features like an auto sweep-in option, a free A.T.M. cum debit card, internet banking, and savings on credit card costs and Demat A.M.C. charges for the first year.
- Home Safe Deposit Accounts: This account allows users to deposit their savings and access funds for daily needs, offering nomination services, free debit and A.T.M. cards, and internet banking.
- Cent Bachat Khata: This ‘No-Frills Savings Deposit Account’ aims to provide access to basic banking products and services to all Central Bank of India customers. It can be opened with as little as Rs. 50.
- Account for Cent Premium Savings: This account is tailored for High Net Worth (H.N.I.) individuals, providing benefits like free debit and A.T.M. cards, free cheque books, phone banking, internet banking, and more.
- Param Central: This account is designed to credit the account holder’s salary, pension, or other payments.
- Cent Bal Bhavishya Savings Accounts: Parents and guardians can open this account to save for their children’s future.
The Central Bank of India Savings Account offers competitive interest rates and a range of features to cater to various customers’ needs. Whether you are an individual, a minor, an organization, or an institution, Central Bank of India has an account option suitable for you. With a wide network of branches and online facilities, opening and managing your Savings Account is convenient and hassle-free.
FAQ
No, the interest rate varies based on the account balance.
No, minors above the age of 12 must have the assistance of an adult/guardian to open an account.
Yes, you can open a Cent Bachat Khata online through the Central Bank of India’s website.
Central Bank of India offers internet banking facilities free of cost to Savings Account holders.
Parents and guardians can open a Cent Bal Bhavishya Savings Account for their children of any age to save for their future.
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