Central Bank of India Saving Account Interest Rates 2024

Founded in 1911, the Central Bank of India holds the distinction of being the first Indian commercial bank to be entirely controlled by Indian nationals. It stands out for providing a range of savings accounts with attractive interest rates to the customers. Read along to learn more about the Central Bank of India saving account interest rates and other associated details.

Latest Central Bank of India Savings Account Interest Rates 2024

Here is a table highlighting the current Central Bank of India saving account interest rate:

Central Bank of India Savings Account Minimum Balance Required

Now that you know the current Central Bank of India saving account interest rate, let us find out the applicable minimum balance requirements for the various types of accounts.

Central Bank of India Savings Account Charges 

While opting for a savings account, it is not sufficient to be solely aware of the prevailing Central Bank of India interest rate saving account. It is in your best interest to verify the various charges applicable to customers post a successful account opening. Take a look at the following table to find out more. 

Why Choose the Central Bank of India Savings Account?

Other than the attractive Central Bank of India savings interest rate, the following points highlight why you should opt for an account offered by the bank. 

• You can easily withdraw funds using a withdrawal slip, debit card, or chequebook.
• Upon opening an account, you will receive an ATM card and chequebook from the bank at no cost.
• You can enjoy net banking, check collection, and locker facilities.
• Moreover, this account is ideal for storing most of your daily savings securely.

Key Benefits of Central Bank of India Savings Account

Here are some crucial benefits of opening a Central Bank of India savings account:

• The savings account comes with a nomination facility.
• The Central Bank of India does not charge anything for renewing or issuing credit cards.
• Different types of savings accounts provide a certain percentage of discount on locker rental charges.
• The banks also provide auto-sweep facilities to the customers.

How to Open an Online Central Bank of India Savings Account?

To avail Central Bank of India saving account interest rates, you need to open a savings account in the bank. Here are the steps you have to follow to open the account online:

• Step 1: Visit the official Central Bank of India website.
• Step 2: Choose the ‘New User’ option and agree to the savings account terms and conditions.
• Step 3: Fill out the online application form with accurate information within 15 minutes.
• Step 4: Next upload the scanned copies of the required documents.
• Step 5: Click on the ‘Submit’ button.  

After submission, you will receive a reference number for tracking your application status online.

How to Open an Offline Central Bank of India Savings Account? 

Follow the below-mentioned easy steps to open your Central Bank of India savings account offline in a hassle-free way:

• Step 1: Visit your nearest Central Bank of India branch and request assistance to open a savings account.
• Step 2: Fill out an application form with your details.
• Step 3: Choose your preferred savings account type.
• Step 4:  Submit the required documents along with the application form.
• Step 5: Next, you will receive a reference number upon submission, allowing you to track your application status.
• After successful verification by a bank representative, your new savings account will be opened. Furthermore, you will receive an account kit on your mailing address.

Eligibility Criteria to Open Central Bank of India Savings Account 

The following is the list of applicants eligible to open a savings account with CBI and avail the Central Bank interest rates on savings:

• Individual account holders or joint account holders
• Minors with appointed guardians
• Literate minors aged 12 and above can open individually
• Visually impaired individuals, and illiterates.
• Associations, clubs, societies (including co-operative societies)
• Hindu Undivided Families (HUF)
• Institutions/agencies specifically permitted by Reserve Bank of India
• Trusts (if not engaged in commercial activities)

Documents Required to Open Central Bank of India Savings Account

To avail the Central Bank savings account interest, you need to submit the following documents while opening the account:

• Valid Identity Proof – Voter ID Card,  Aadhaar Card, PAN Card, Job Card from a reputable company etc.
• Valid Address Proof –  Passport, Utility Bills, Ration Card, Income Tax documents, etc.
• Minors and seniors should provide age-proof documents like a Birth Certificate, Driving License, Passport, P.P.O. (for pensioners), etc.

Types of Central Bank of India Savings Account and Its Features

Here is a list of different types of savings accounts offered by the Central Bank of India along with their associated features. 

1. Home Saving Safe Accounts

• You can easily withdraw money using a withdrawal slip, debit card, or chequebook.
• Upon account opening, you will receive a free ATM card and chequebook.
• You can deposit the majority of your daily savings into this account.
• It provides additional features including internet banking, cheque collection, and locker facilities.

2. Cent Premium Account

• Tailored for high net worth individuals.
• Requires an initial deposit ranging from ₹250 to ₹1,500 based on location.
• No renewal or credit card issuance charges.
• Need an average balance maintenance every 3 months.

3. Cent Balbhavishya

• It is open for minors up to 12 years with parents or guardians.
• Initial deposit requirements based on location.
• No limit on the number of deposits.
• Withdrawals are restricted until the minor turns 18.
• Additional interest for one-time deposits.
• Fixed deposit options and no issuance of ATM cards or chequebooks until the child becomes a major.

4. Cent Bachat Khata

• Requires an initial deposit of ₹50.
• Single pay chequebook issuance and nomination facility available.
• No maintenance charges and 50 free withdrawals annually.

5. Cent Samvridhi Savings Account

• Any Indian resident aged 18 and above can avail of this savings account.
• Users can benefit from the auto sweep-in feature.
• ATM cum debit card is provided to account holders without any charges.
• Account holders receive a 50% savings on credit card costs for the first year.

6. Cent Samarth Savings Deposits

• Flexibility to choose between withdrawals, deposits, or branch relocation.
• Joint account facility and overdraft facility are available.
• One-time account opening fee for Demat account waived.
• Savings of ₹25,000 or more can be converted into fixed deposits.
• 50% rebate on small locker rental.

Steps to Open Central Bank of India Video KYC Savings Account 

Opening a Central Bank of India savings account through video KYC is a straightforward procedure. However, before performing the steps it is important to keep your Aadhaar card and PAN card with you. Here are the steps that you are required to follow:

• Step 1: Go to the Central Bank of India webpage for video KYC.
• Step 2: Enter your mobile number and generate an OTP.
• Step 3: After providing the OTP, fill out the application form.
• Step 4: Enter your Aadhaar number and generate an OTP on the mobile number linked to the Aadhaar, then input the OTP.
• Step 5: Provide your PAN card details and fill in your personal details.
• Step 6: After completing the application form, proceed to submit it for video KYC.
• Step 7: A checklist for video KYC will be displayed, and the session will commence. Grant the required permissions.
• Step 8: The application will automatically enable the required permissions and initiate the connection to the Video KYC Agent.
• Step 9: You will be transferred to a waiting room until an agent is available.
• Step 10: After the session starts, your basic details will be reconfirmed. Additionally, your selfie, original PAN card, and signature will be captured.
• Step 11: Next, specify your desired home branch for account opening, and submit the session.

After submission, the entire session will be audited by a concurrent auditor. Upon successful audit approval, your account will be opened.

Central Bank of India Savings Account Transaction Limit

The Central Bank of India allows a daily ATM transaction limit of ₹2 lakhs. You can enjoy 5 free transactions per month at Central Bank of India ATMs and 3 free transactions at other bank ATMs. Residents in metro cities can also avail up to 5 free transactions from ATMs of other banks. The following table highlights the transaction limits of certain types of savings accounts:

How to Close a Central Bank of India Savings Account?

Here are the steps you need to follow to close your savings account with the Central Bank of India:

• Step 1: Fill out the Account Closure Form by downloading it from the bank’s official website. You can also obtain the same by visiting the Central Bank of India branch.
• Step 2: Next, sign the application form and attach the required KYC documents.  Submit it to the bank officials.
• Step 3: After submission, you also need to give back your cheque leave balances, passbook and debit card to the bank. 
• Step 4: The bank then verifies the documents that you submit. 

If everything is correct, they will ask you to withdraw the money from your account and proceed with your request to close the account. You can withdraw the account balance through a DD or cheque. After completing the above-mentioned steps, the bank will send you an email or SMS confirming the closure of your account. 

Final Word

Opening a savings account with the Central Bank of India not only assists you in effectively managing your day-to-day expenses but also empowers you to confidently pursue and achieve your financial goals. By considering the attractive Central Bank of India saving account interest rates, you will be ensured that your money grows over time, making the process both practical and profitable in the long run.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.