*Please note quotes shown will be from Our Partners

Savings Account
Central Bank of India, established in 1911, is the first Indian commercial bank wholly owned and managed by Indians. The plays an active role in promoting key thrust areas of the government like agriculture and small scale industries. It has also introduced a number of self-employment schemes to increase the employment levels among the educated youth.
Central Bank of India stands out from the long list of public sector banks with a presence in all 29 states and 6 union territories. As of August 2016, it had a network of 4,741 branches, 4 extension counters and 29 satellite offices marking its footprint across the length and breadth of the nation.
The major clients are – major banks, financial institutions, and corporate houses. It serves retail customers with equal ease with a bouquet of modern day service offerings. Central Bank savings account allows its customers to park their savings with Central Bank with ease and peace of mind.
The types of Central Bank savings accounts are discussed in detail below:

Home Saving Safe Account

  • Central Bank offers a savings bank account to make the most of the daily savings
  • The account is available for a single resident individual, more than 2 individuals in joint mandate (joint savings accounts), any minor over 12 years of age who can independently operate the account, charitable or educational institution which doesn’t indulge in any commercial activity, Hindu Undivided Family (HUF) or any other non-individual entity who is permitted to open a savings account
  • Account is opened based on recommendation of any introducer
  • Customer can withdraw cash by using cheque book, withdrawal slip or debit card
  • Free ATM-cum-debit card and payable at par cheque book issued with this account
  • Other services include cheque collection, stop payment, internet banking, locker facility, etc.

Cent Salary Saving Scheme (CSSS)

  • Central Bank offers a salary account for permanent employees of state and central government, public sector undertakings, reputed educational institutions and corporate entities
  • Central Bank savings account eligibility criteria state that the minimum number of employees required for a government or public sector undertaking entity is 10, whereas a minimum of 25 employees for private corporate bodies in order to avail this salary account scheme
  • The salaries are credit through direct debit mandate from the employer and hence it’s advisable that the institution should also have a current account relationship with bank, if possible
  • Minimum net salary per employee should be Rs. 10,000
  • Central Bank minimum balance requirements for this account are zero. However, in case the salary is not being credited for more than 3 consecutive months, the account shall be converted into a normal savings account.
  • Family medical health policy of Rs. 4 lakh is offered along with the account
  • Wonder Card – a debit cum credit card is a standout feature of this account, which comes with dual benefit of both debit card and inbuilt credit facilities
  • Free ATM transactions at Central Bank ATMs with Rs. 40,000 per day withdrawal limit
  • Personalized multicity cheque book offered free of cost
  • Auto sweep facility to convert any surplus fund over and above Rs. 15,000 into fixed deposit
  • Waiver of processing fee and quicker processing for availing loan
  • No charges for stop payment instruction (up to 3 times in a month)

Cent Param Salary Account

  • Central Bank offers a salary account specially designed for Indian defence personnel
  • The salary or pension or all the reimbursement credit is allowed in the account
  • Central Bank savings account charges for account opening are nil and there is no minimum average balance requirement
  • The account is directly converted from a salary account to a pension account post retirement of the account holder
  • Salary is credited directly as per the instructions of the authority on pre-defined dates
  • For all non-salary payments, money will be transferred to respective accounts within 24 hours/ 1 working day of realization of cheque
  • Account holder does have multiple options to access the account. No charge is levied for any branch banking, ATM access, telebanking or mobile banking.
  • Account holder may deposit or withdraw cash from any of the Central Bank branches
  • Free Internet and mobile banking services
  • Free e-statement of account
  • Joint account permissible along with spouse or other family members
  • Instant credit of PF cheques
  • Free domestic credit card with unlimited number of transaction and zero annual maintenance charges
  • Zero lost card liability and purchase protection of up to Rs. 5,000
  • Waiver of fuel surcharge
  • Personal accident insurance cover of Rs. 2.5 lakh to Rs. 10 lakh including an add-on card holder
  • Free ATM-cum-debit card for both primary and joint account holder
  • Unlimited ATM transactions without any charge, with a per day cash withdrawal limit of Rs. 40,000
  • Free third party withdrawal of amount Rs. 50,000 at non-home branches
  • Instant credit of outstation of Rs. 25,000
  • Free unlimited number of cheque books
  • 25% concession on bank’s commission while purchasing the gold coin
  • Easy overdraft facility of an amount up to 2 month’s net salary and maximum up to Rs. 1.5 lakh
  • 50% concession on locker rental
  • Cent Samriddhi auto sweep facility available with threshold limit as Rs. 15,000
  • Concession on the interest rate for retail loans i.e. personal loan, home loan, car loan, etc.

Cent Samvridhi Savings Account

  • Available for resident individual above 18 years in single or joint mandate
  • A minimum average quarterly balance of Rs. 25,000 is required to be maintained
  • Auto sweep facility to convert surplus funds beyond the threshold of Rs. 50,000
  • The fixed deposit shall be of minimum Rs. 5,000 and in multiple of Rs. 5,000 thereafter, wherein the minimum tenor shall be of 15 days to maximum 1 year
  • The sweep in shall be based on Last In First Out (LIFO) methodology
  • A host of services such as ATM-cum-debit card, net banking, cheque stop payment instruction offered at no extra cost
  • Senior citizens shall be entitled to an additional 0.50% interest on fixed deposits
  • Fixed deposit booked under the Samvridhi Savings Account auto sweep facility shall be “Under Lien for Auto Sweep facility” and in the bank’s custody
  • Term deposits booked sweep out options shall have sweep-in facility by default
  • Premature closure of the fixed deposit is allowed in multiples of Rs. 5,000 to cover any shortfall of balances towards clearance of any issued cheques
  • For multiple fixed deposits, LIFO shall be taken under consideration for liquidation of the fixed deposit
  • The fixed deposit booked under sweep out facility in Samvridhi Savings Account are booked for a default period of 1 year

Cent Premium Account

  • A savings account from Central Bank tailor made to suit the daily financial needs of high net worth individuals
  • Initial deposit amount for rural, semi-urban, urban and metro locations is Rs. 250, Rs. 500, Rs. 1,000 and Rs. 1,000 respectively
  • Minimum average quarterly balance for rural and semi-urban locations is Rs. 50,000, whereas for urban and metro locations, its Rs. 1 lakh
  • Free payable at par cheque book
  • Free Platinum Debit Card is issued in Cent Premium Savings Account
  • Nil credit card issuance and renewal charges
  • Free Central Bank savings account online (internet), SMS and phone banking facilities
  • No charges for account statement through e-mail or issuance of balance certificate/ interest certificate
  • Facility of online tax payment without any extra charge
  • Free RTGS and NEFT services, subject to specific limits as per location of account
  • Anywhere cash deposit without any charge
  • 5 times free cash withdrawal at any of the Central Bank branches
  • Discount between 20% to 50% on locker rent
  • Full waiver on car loan and housing loan processing fees
  • Free cash pick-up facility of amount Rs. 2 crore and cash delivery of amount up to Rs. 50 lakh at selected metro locations
  • Preferred banking services without any charge

Cent Bal Bhavishya Savings Account

  • A saving account with objective to cultivate the habit of saving from early day a child
  • Any minor of up to 12 years can open this account along with their parents or guardian
  • The initial deposit required is Rs. 50 for rural and semi-urban branches, whereas Rs. 100 for urban and metro locations
  • At least one credit entry month and aggregate credit of Rs. 500 every 6 months is mandatory in the account at rural and semi-urban locations. Whereas for semi-urban and metro locations, 1 credit entry month and aggregate credit of Rs. 1,000 every 6 months is required.
  • No cap on the maximum number of deposit
  • Withdrawal is not allowed till the child attains the age of 18 years
  • However, the account balance in excess of Rs. 10,000 can be converted into a term deposit
  • The fixed deposit can be booked for a time period of 6 months to a maximum 10 years on a compounding interest and auto-renewal basis
  • The guardian is entitled to use this option any number of times
  • Additional 0.5% interest shall be paid out to one time deposit made from this account
  • The additional interest rate shall be applicable to the child is minor i.e. under 18 years of age
  • No cheque book or ATM card is issued till the child is minor

Cent Bachat Khata

  • Cent Bachat Khata is a basic bank account offered by Central Bank, establishing its commitment to offer financial services to the weaker sections of the society
  • The account is no frill account and hence nominal minimum average balance is required to be maintained
  • Available for any individual above 12 years or age in either single or joint name or as under guardian account
  • Initial deposit of Rs. 50 and minimum balance required in the account is Rs. 50
  • No penalty for non-average quarterly balance maintenance charges
  • Nil charges for 50 withdrawals every year
  • 1 payable at pay cheque book issued without any charge
  • Aggregate credit in the account should not be more than Rs. 1 lakh and the available balance in the account should not exceed the threshold of Rs. 50,000 in the account
  • Simplified documentation is required. The account can be opened on basis of introduction from any existing Central Bank account holder for the purpose of verification of customer details.
  • The account is available at all the Central Bank branches

Central Bank Saving Account Interest Rates

Type of Central Bank Saving Account

Rate of Interest

Central Bank savings account with cheque book facility


Central Bank savings account without cheque book facility


No-frills savings bank account


Documentation for Central Bank Savings Account

The photocopies of the following documents are required for opening a savings account with Central Bank along with 2 recent passport size photographs. The requirements for Central Bank savings account state that the original documents be produced for the purpose of verification.

For identification proof – any one of the following:

  1. Valid Indian Passport
  2. Aadhaar card
  3. Voter identity card
  4. PAN card
  5. Government/ defence identity card
  6. Driving license
  7. Identity card issued by a reputed employer

For address proof – any one of the following:

  1. Latest electricity bill
  2. Latest telephone bill
  3. UID (Aadhaar card)
  4. Ration card
  5. Bank account statement
  6. Letter from a reputed employer
  7. Letter from any recognized public authority/ local body
  8. Income tax/ wealth tax assessment order

For proof of date of birth – applicable for senior citizens and minors only

  1. For senior citizens – any one of the following:
    1. Passport
    2. Voter identity card
    3. Driving licence
    4. PAN card
    5. Service discharge certificate
    6. PPO in case of a pensioner
  1. For minors
    1. Birth certificate issued by Gram Panchayat/ Notified Area Committee (NAC)/ municipal corporation

Terms and Conditions

Cent Param Salary Account

  1. All personnel having a Cent Param Salary Account have to furnish an undertaking to obtain a No Objection Certificate (NOC) from the bank prior to shifting their salary account to another bank
  2. The privileges attached to the Param account such as personal loans and overdrafts should be settled prior to such transfer of salary/ pension accounts to other banks
  3. Customer may continue further other retail loans such as housing loans, Cent Vidyarthi loans, Cent Vehicle loans, however, subject to bank’s satisfaction for the repayment capacity and other criteria of the schemes
  4. However, in such cases, any concessional benefit on interest rates or fees and charges will stand withdrawn once the salary/ pension account is transferred, even if they are allowed to continue

Cent Samvridhi Savings Account

  1. Fixed deposit booked under the Samvridhi Savings Account auto sweep facility shall be “Under Lien for Auto Sweep facility” and in the bank’s custody of the.
  2. Term deposits booked sweep out options shall have sweep-in facility available by default
  3. Premature closure of the fixed deposit is allowed in multiples of Rs. 5,000 to cover any shortfall of balances towards clearance of any issued cheques.
  4. For multiple fixed deposits, LIFO shall be taken under consideration for liquidation of the fixed deposit
  5. The fixed deposit booked under sweep out facility in Samvridhi Savings Account are booked for a default period of 1 year
  6. The term deposit linked under the auto sweep “Cent Samvridhi Savings Account” will be placed under unconditional lien with the bank and the bank is entitled to set off the deposit against dues payable to the bank
  7. For recovery of dues, the bank is within its right to close the deposit(s) prematurely by applying penal rate of interest
  8. Any of the bank’s lien or overdue charge will have precedence over any obligation to pay a cheque drawn on the linked savings accounts
  9. PAN number of the primary account holder is mandatory for sweep-out request on the savings account opening form
  10. The account holder should inform the bank in writing in case of any change in residential status
  11. Age proof is mandatory for senior citizens who are availing special rates on the fixed deposit

Frequently Asked Questions (FAQs)

What all type of savings accounts are currently offered by Central Bank?

Central Bank savings accounts currently available to customers are as follows:

  1. Home Saving Safe Account
  2. Cent Premium Account
  3. Cent Param Salary Account
  4. Cent Bal Bhavishya Savings Account
  5. Cent Salary Saving Scheme
  6. Cent Bachat Khata

What is KYC? What documents are required to be submitted for a savings account with Central Bank?

KYC is a verification process used by banks and other financial institutions to authenticate the identity of a client. As per KYC rules, individuals are required to submit any one the following documents (in order to have their legal and other names verified):

  1. Passport
  2. PAN card
  3. Voter identity card
  4. Driving license
  5. Job card issued by NREGA (signed by a state government officer)
  6. A letter issued by the Unique Identification Authority of India (UIDAI) containing details like name, address and Aadhaar number
  7. Identity card (subject to the satisfaction of the bank)
  8. A letter from a recognized public authority or a public servant verifying the identity and residence of the customer (subject to the satisfaction of the bank)
  9. Passport and visa mandatory (in case of an NRI account)

For the purpose of permanent address verification, individual customers have to submit any one the following documents:

  1. Telephone bill
  2. Bank account statement
  3. Letter from a recognized public authority
  4. Electricity bill
  5. Ration card
  6. Letter from the employer (subject to the satisfaction of the bank)
  7. Rent agreement mentioning the address of the customer (registered with the state government or a competent registration authority)