Central Bank Savings Account
Central Bank provides various savings account plans that allow customers to deposit money, keep it secure, and withdraw it while earning interest. It offers a savings account focused on the needs of various customer groups and caters to their needs. It offers Premium savings account for its high-end customers, and Minor savings account for children under 18 years. The bank provides many services, including online banking and mobile banking, and several of its savings account products have no minimum balance requirement.
Central Bank Savings Account
| Savings Bank Balance | Central Bank Savings account Interest rate (p.a.) |
| Up to Rs. 50 Lakh | 2.75% |
| Above Rs. 50 Lakh and Up to Rs. 150 Crore | 3.25% |
| Up to Rs. 300 Crore | 1.00% |
| More than Rs. 300 Crore | 0.50% |
Features and Benefits of Central Bank Savings Account
The following are the benefits of a Central Bank savings account:
- Central Bank provides savings accounts with interest rates ranging from 0.50 per cent to 3.25 per cent.
- The Central Bank savings account has no minimum balance requirement.
- Individuals may switch their Central Bank savings account to another branch without changing their account number.
- There is the facility of a secure deposit box and a nomination service.
- You can link the Central Bank savings account to the Multi Option Deposit account to earn higher term deposit interest on excess funds.
- It offers a variety of debit cards for the convenience of each account holder.
- Central Bank provides financial services such as internet banking and missed call banking. Individuals may also use mobile banking, which offers interbank mobile payment services (IMPS), utility bill transfers, mobile recharges, inquiries and statements, and chequebook requests.
- Passbook service is free of charge.
Central Bank Savings account Charges
| Product | Minimum Balance | Interest Rate |
|---|---|---|
| 2-in- 1 Account | Rs. 50,000 | 4.00% – 4.00% |
| 3-in- 1 Account | Savings Account: Rs. 5,000; Enhanced Savings Account: Rs. 25,000 | 4.00% – 4.00% |
| Basic Banking Account | NIL | 0.50% – 3.25% |
| Aasaan Account | NIL | 4.00% – 4.00% |
| aXcessPlus Account | NIL | 4.00% – 4.00% |
| Employee Banking Account | 4.00% – 4.00% | |
| eSaver Plus Saving Account | 4.00% – 4.00% | |
| Parivaar Account | Rs. 25,000 per quarter | 4.00% – 4.00% |
| SuperValue Account | Rs. 50,000 | 4.00% – 4.00% |
Central Bank Savings Account Products
Home Saving Safe Accounts
This savings account allows account holders to deposit their savings (no matter how small the amount) and use them for their daily needs. The account also includes a nominating service, free issuance of a debit or ATM card, internet banking, and a variety of other benefits.
Cent Samvridhi Savings Account
Any citizen of India over the age of 18 is entitled to open this form of savings account. This account feature is only available at CBS-enabled branches. Account-holders can take advantage of the auto sweep-in feature, a free ATM cum debit card, internet banking, and a 50% discount on credit card fees and Demat AMC charges, respectively (this discount is valid only for the first year).
CENT PARAM
The bank may credit this form of account with the account holder’s income, pension (for unemployed people), or other payments. The account holder’s gain or pension must be paid into his/her Cent Param Salary Accounts on the last working day of the month or dates communicated by pension/salary disbursement authorities. This crediting can be done at any of the CBI branches. Other transfers to individual account holders must be made during the month. This must work under the information given by the salary disbursement authorities.
Cent Bachat Khata
A ‘No-Frills Savings Deposit Account,’ the primary purpose of this account is to offer basic banking facilities and services to every customer of India’s Central Bank. This kind of account can be opened with a meagre amount of Rs. 50 and the same can be maintained as a minimum balance. The account provides a nomination facility and can be opened by any individual, at any branch of the bank, above the age of 12 (singly or jointly with a guardian/another person).
Cent Premium Savings Account
This savings account variant has been specifically developed to meet High Net Worth (HNI) individual customers’ increased needs. Account-holders of this form of account receives many advantages, including a free debit/ATM card, free chequebooks per year, phone banking and internet banking, credit card renewal (free of charge), and a discount issuance of duplicate ATM cards, amongst others. Cent Premium Savings Account holders profit from a very lucrative benefit of receiving a complete waiver on processing charges for housing loans and vehicle loans under the CBI’s Retail lending scheme. Platinum Debit Cards are given to account holders by the bank.
Cent Bal Bhavishya Savings Account
The Central Bank of India, India’s first commercial bank, has recently launched the Cent Bal Bhavishya Savings Account. To plan for their children’s future, parents and guardians should open a savings account for them.
The following are the eligibility requirements for the Cent Bal Bhavishya Savings Account:
- A Cent Bal Bhavishya Savings Account can be opened by any minor who is an Indian citizen and is under 12.
- The minor’s parents or guardians must open the account.
Central Bank Savings Account Welcome Kit 
The Central Bank sends a Welcome Package with a personalized chequebook and ATM Card to a customer’s postal address after 7-8 working days from the date a particular savings account is opened.
Central Bank Savings Account Opening Process
Individuals can also open a savings bank account with Central Bank online. Individuals can open an Instasavings account as well as a digital savings account.
To open a savings account with Central Bank, there is no minimum balance requirement. Non-balance maintenance charges are imposed if a person does not maintain the minimum balance.
Also, check out: Central Bank Personal Loan
Central Bank Documents Required to Open Savings Account
- Aadhaar and PAN card are compulsory for Indian citizens
- Identity proof (any one of the following):
- Voter ID card
- Passport
- PAN card
- Government ID
- Address Proof (any one of the ones mentioned below):
- Driver’s license
- Electricity/other service bills
- Phone bill
- Most recent credit card statement/ other bank details.
- Rental contract
- One original passport-sized picture
FAQs about Central Bank Savings Account
✅ How much is the Central Bank of India’s interest rate for savings?
The interest rate is 4 per cent for account holders with a chequebook facility, without a chequebook facility, and for an on-saving saving account.
✅ What is the least balance for a Central Bank savings account?
Central Bank saving account items have different minimum balance requirements. The minimum balance needed to open a Central Bank Basic Banking Account is Zero.
✅ Which is the best Central Bank savings account?
There are several Central Bank savings account options. These accounts are targeted at a particular group of people. Individuals should choose the best product by comparing the interest rate offered, minimum account requirements, and services.
