Central Bank of India Savings Account

Last Updated : Feb. 5, 2025, 1:17 p.m.

The Central Bank of India was founded on 21st December 1911. It is one of the oldest commercial banks in India. The present number of branches in the country is approximately 5000. The Central Bank of India provides diverse options of savings accounts.The Central Bank of India Savings Accounts caters to the remote parts of the country managing to include the low-income and also minors in the financial system. The savings account options also encourage the youth to pursue education and lead the role in creating a positive impact for our economy.

Central Bank of India Savings Account Interest Rates

The savings account interest rates for the Central Bank of India are as follows:

Types of Central Bank of India Savings Accounts

Below are savings accounts offered by the Central Bank of India.

1. Home Savings Safe Accounts: This savings account is a good option for everyday use. The customers can deposit small amounts in this savings account. Minors who are above the age of 10 can open this account. This Central Bank of India Savings Account can be opened by joint holders too. The Central Bank of India offers free debit cards, ATM cards and internet banking for this savings account.
   
2. Cent Bhachat Khata: To make banking more convenient and accessible for the public at large, the Central Bank has started the Cent Bhachat Khata account. It can be started with a meagre amount of Rs. 50 and can be opened by minors above the age of 12 as a joint account with a guardian or parents.
   
3. Cent Samvridhi Savings Account: The Cent Samvridhi Savings account can be opened by any resident Indian who is above 18 years of age. The branches which have CBS enabled can offer this account to their customers. Customers can take advantage of the auto sweep-in, ATM and debit card, Internet banking and a 50% waiver on credit card and demat charges in the first year of opening a Cent Samvridhi savings account.
   
4. Cent Param: This savings account is available to salaried and retired employees. It is to be credited with salary or pension on the last day of the month. During the month, other sundry payments need to be remitted to individual account holders. The scheme designed specially for the 3 defence forces is:
   • Cent Sthall Shakti
   • Cent Vayu Shakti
   • Cent Jal Shakti
     
5. Cent Bal Bhavishya Savings Account: The Cent Bal Bhavishya Savings account was introduced by the Central Bank of India to enable parents to save for the future of their children. Any minor who is above the age of 10 is eligible to get the benefit of this savings account. It has to be opened by the parents or the guardian of the minor.It is one of the top savings accounts for minors .
   
6. Cent Premium Savings Account: It is the best savings account for individuals with high net worth. A wide array of benefits are available in this account which range from offering free platinum debit cum ATM cards by the bank, internet banking and credit card renewals. The Cent Premium Savings Account holders can benefit from the total remission of loan processing charges for house and car loans.
   
7. Cent Queen Savings Bank Account: This Central Bank Savings Account is launched exclusively for women between the ages of 18 and 65. It provides good accidental insurance coverage and does not have a minimum initial deposit condition with an added sweep-in facility.
   
8. Cent Yuva Account: This savings account is typically for customers between the ages of 18 to 30 years. It encourages the mobile banking facility and also provides benefits for education loans and waiver in processing fees for education loans.
   
9. Cent Samarth Savings Account: This savings account is very beneficial for central and state government employees and PSU employees. It can be converted to a pension account post-retirement. Private corporates and SMEs can also benefit from this savings account. It provides multiple benefits in terms of loans and other facilities such as mobile banking etc.

Central Bank of India Savings Account Features & Benefits

Cent Samvridhi Savings Account:

• Free ATM and debit card.
• 50% waiver in credit card fees for the first year.
• Net Banking can be availed for free.
• Free stop payment instruction which can be for a maximum of 2 months.
• In the first year, 50% concession on Demat AMC charges.

Cent Samarth Savings Account:

• Zero maintenance and balance requirements.
• Accident cover of up to Rs. 2 lakhs available.
• Rupay platinum card for which no issuance or renewal charges are levied.
• Auto sweep in facility and option to create a pension account.

Cent Bachat Khata

• No limit for credit transactions.
• 50 withdrawals are free of charge.
• No service charges for non - non-maintenance of minimum balance.
• Nomination facility available.

Cent Premium Account:

• Premium banking experience.
• Free ATM cum debit cards.
• Standing instructions and statements enquiries are free of cost.
• Concession on locker rent.
• Concession on home and car loans.

Cent Yuva Account:

• Especially introduced for individuals between the ages of 18 and 30.
• Concession on education loans.
• Zero opening and minimum balance requirement.
• Concession on loan processing fee.

Cent Queen Account:

• This savings account is designed for women between the ages of 18 and 65.
• A sweep-in facility is available for this account.
• Accidental coverage makes this a good choice for women.

Documents Required for Opening a Savings Account in the Central Bank of India

To open a Central Bank of India Savings Account, a valid identity document is needed. Proof of residence is also required by the bank. Below are some of the documents that are acceptable.

Proof of Identity:

• Aadhar Card
• PAN Card
• Voter ID
• Passport
• Company ID Card in case of some companies

Proof of Residence:

• Telephone Bill
• Electricity Bill
• Passport
• Ration Card
• ITR returns

For pensioners, a service discharge certificate and PPO are required. For minors, birth certificate and passport is an acceptable form of identity and residence proof.

Central Bank of India Savings Account Charges and Fees

Below are some fees that apply to the Central Bank of India savings account.

What is The Minimum Balance for a Central Bank of India Savings Account?

As per the regulation of the Central Bank of India, the minimum balance requirements for different types of savings accounts are as follows:

How to Open a Savings Account in Central bank India?

Nowadays, with mobile banking, applying to open a savings account is no longer a tedious process. It can be done very easily either online or offline. Central Bank of India provides the facility to use video KYC to open savings accounts.

Online:

• Login to the Central Bank of India Portal.
• Fill in the application form.
• Submit all the documents as per the savings account opted by you.
• Carry original documents for verification by the bank.

Offline:

• Visit the nearest branch office. Use the store locator to find the nearest branch.
• Carry all the original documents for verification
• Fill in the application form