The Central Bank of India has a long history, dating back to 1911. What makes it even more remarkable is that it was the first Indian commercial bank to be entirely owned and managed by Indians. CBI now has 4695 branches, 4 extension counters, and 29 satellite offices (as of May 2015) and offers a variety of savings accounts to meet the needs of its customers. The article will tell you more about the Central Bank of India Account Opening.
Central Bank of India Account Opening Process
You can use the bank’s ‘online savings account opening facility to open a CBI Savings Account. You may quickly open a savings account online with the help of this portal, without having to go through the hassle of visiting a bank. Customers can also use this portal to check the status of their savings account application form. If you haven’t been able to finish filling out your form in one sitting for some reason, you can log back into the portal and resume the process. You would have successfully opened a savings account with CBI if you followed the directions provided on the portal correctly. Another provision is to visit a CBI branch and submit a properly filled Savings Account Application form (with all the important documents).
Types of Central Bank of India Savings Bank Accounts
Home Saving Safe Accounts
This sort of savings account allows account users to deposit their savings (no matter how small) and use them for their daily needs. The account also includes a nomination feature, free issue of a debit or ATM card, and access to internet banking, among other things.
Cent Samvridhi Savings Account
Anyone above the age of 18 who is a resident of India is able to open this sort of savings account. This account’s feature is only available at CBS-enabled branches. Account users can use the auto sweep-in feature, acquire a free ATM cum debit card, use internet banking, and get a 50% discount on credit card fees and Demat AMC fees, respectively (this discount is valid only for the first year).
This sort of account can be credited with the account holder’s salary, pension (for retired people), or other types of payments. The account holder’s pay or pension must be credited into his or her Cent Param Salary Accounts on the last working day of the month, or on dates indicated by pension/salary disbursement agencies. This crediting can be done at any of the CBI locations. Other miscellaneous payments must be sent to individual account holders throughout the month. This must function in accordance with the information provided by the salary disbursement authorities.
The primary goal of this account, known as a ‘No-Frills Savings Deposit Account,’ is to provide every Central Bank of India customer with basic banking amenities and services. This sort of account can be started for as little as Rs. 50, and the same amount can be kept as a minimum balance. The account allows for nominations and can be opened by anyone over the age of 12 at any bank branch (singly or jointly with a guardian/another person).
Cent Premium Savings Account
This type of savings account has been created specifically to meet the demands of high-net-worth individuals (HNIs). This type of account offers a variety of perks, including free debit and ATM cards, free checkbooks every year, phone and online banking, credit card renewal (at no cost), and a discount on the issuing of duplicate ATM cards, among others. Under the Central Bank of India’s Retail lending scheme, account holders of the Cent Premium Savings Account can earn a total waiver on processing charges for house loans and auto loans. The bank provides the account customers with Platinum Debit Cards.
Cent Bal Bhavishya Savings Account
The Central Bank of India, India’s first commercial bank, has recently established the Cent Bal Bhavishya Savings Account, which allows parents and guardians to register a savings account for their children to prepare for their future.
Central Bank of India Account Opening Interest Rates
|End of day (EOD) balance||Rate of interest (p.a.)|
|Up to Rs.10 lakh (fixed)||2.90% p.a.|
|More than Rs.10 lakh (Linked to repo rate)||2.75% p.a.|
The Cent Bal Bhavishya Savings Account has the following eligibility criteria:
- A Cent Bal Bhavishya Savings Account can be opened by any minor who is an Indian resident and is under the age of 12.
- The account must be opened by the minor’s parents or guardians.
Features of the Cent Bal Bhavishya Savings Account
The Cent Bal Bhavishya Savings Account has the following features:
- The first deposit required to start a Cent Bal Bhavishya Savings Account is Rs.50 for rural minors and Rs.100 for urban minors.
- Minors with a Cent Bal Bhavishya Savings Account must make at least one deposit per month, with the average deposit per six months being a minimum of Rs.500.
- For minors from metropolitan regions, one deposit per month is required, with an average deposit of Rs.1,000 every six months.
- There is no limit to how many deposits the child’s parents or legal guardians can make.
- However, no withdrawals are permitted until the child reaches the age of 18, as the aim of this sort of savings account is to save for the child’s future.
- A term deposit can be opened with any sum greater than Rs.10,000.
- Parents can turn their savings in the account into fixed deposits, which pay a greater interest rate than a savings account. This function can be used as many times as the youngster wishes until he or she reaches the age of eighteen.
- The bank offers an additional 0.5 percent interest rate on one-time deposits. If the child is still a minor, this is only applicable.
- This sort of savings account does not come with a chequebook or an ATM debit card.
- The Cent Bal Bhavishya Savings Account pays a rate of 4% per year in interest.
Minimum Balance Requirements for Savings Accounts
The minimum account balance that must be maintained varies per type of savings account, according to CBI guidelines. This is also dependent on a number of elements, including the type of savings account, the type of target account holders, the deposit tenure, and so on. The table below details the minimum balance required in each type of savings account.
|Type of Savings Account||Minimum Balance Required|
|Cent Samvridhi Savings Account||Average Quarterly Balance = Rs. 25,000|
|Cent Premium Savings Account||Average Quarterly Balance = Rs. 50,000 (for rural and semi-urban branches) and Rs. 100,000 (metro and urban branches)|
|Cent BachatKhata||Rs. 50|
Eligibility for Central Bank of India Account Opening
Apart from the aforementioned varying eligibility conditions for some types of savings accounts, the following are the eligibility criteria for opening an H.S.S account and a standard savings account:
- A solitary person (single or jointly)
- A minor and an adult/guardian can open a joint account.
- A minor over the age of twelve. He or she must be literate and capable of managing the account.
- Those who are blind or uneducated Hindu Families that are not split
- Organizations that are allowed to open savings accounts in particular
- Educational and charitable institutions – non-profit organisations
To open a savings account with the Central Bank of India, you’ll need the following documents:
- Identity Proof: Passport, Aadhaar card, voter ID card, PAN card, and company ID card issued by a reputable company.
- Address Proof: Telephone bills, electricity bills, passports, ration cards, and income tax certificates are all examples of valid proof of address/residence.
- Seniors and minors must provide a legitimate proof of date of birth, such as a birth certificate, passport, service discharge certificate, PPO (for pensioners), birth certificate, driving licence, and so on.
Cent Salary Saving Scheme
Salary Savings Plan of a Cent
The following are the eligibility conditions for the Cent Salary Saving Scheme, based on standard KYC guidelines:
- Employees of the central and state governments, railways, educational institutions, and Public Service Units are all permanent government employees. This form of account can be opened by a group of ten people (minimum)
- If the account holders are permanent workers of a corporation or other organisation, a minimum group of 25 people is necessary to open this type of account.
- Please keep in mind that whenever an institution opens this sort of account with CBI, it must also create a current account. With a minimum net salary of 10,000, an employer’ssalary mandate must be channelled through CBI.