Types of Bank Accounts Central Bank of India Offers for Customers

Central Bank of India offers many types of Bank accounts to its customers for their different needs. In this post, we give a list of accounts types that customer may open at Central Bank of India.

Types of Bank Accounts for Customers:

1. Saving Account

(a) Home Saving Safe (HSS) Account: Offers you to deposit your Small Savings etc, and utilize the same for your day to day requirements.

(b) Cent Premium Savings Account: Initial Deposit Amount for Opening of the A/c at Rural Places is Rs. 250, Rs.500, for Semi-Urban branches, Rs.1000 for Urban and Metro Branches.

(c) Cent Param: Salary / Pension is to be credited into Cent Param Salary Accounts in various branches by last working day of the month or on dates communicated in writing by the Salary / Pension Disbursement Authorities.

(d) Cent Balbhavishya: Any child up to the age of 12 years can open this account with his parent (Father/Mother) or legal guardian. A low-cost deposit and cultivating the habit of saving by minors for a longer period and for their careers a new deposit Scheme has been formulated.

(e) Cent Salary Saving Scheme (CSSS): All permanent employees of Central Govt/ State Government/ Railways, Educational Institutes & PSU can open an account in a group of minimum 10 employees. Permanent employees of Corporate & other organisation in a group of a minimum of 25 employees can open CSSSA.

(f) Cent Bachat Khata: This is a No-Frills Savings Deposit Account. Any person of twelve years of age can open this account individually or jointly with another person/s. An account can be opened in the name of minor with natural guardian. An account can be opened with an initial deposit of Rs.50. Minimum balance of Rs.50. No service charges for non-maintenance of the minimum balance.

(g) Pradhan Mantri Jan-Dhan Yojana (PMJDY) Account

2. Current Account

Cent Samvridhi Current Account: Current account at Central Bank of India.

3. Recurring Deposit Scheme

(a) Recurring Deposit Scheme (RDS): Recurring Deposit Scheme is very ideal for salaried and regular income people. It is similar to other term deposit opened for a fixed period with monthly instalments.

(b) Cent Swa-Shakti (Flexi Recurring Deposit Schemes): The depositor has to choose Monthly Core instalment. Minimum monthly Core instalment will be 100/- in the multiples of 100 subject to the maximum ceiling of 100000.

(c) Cent Lakhpati Recurring Deposit Scheme: A new Recurring deposit product "Jab Chaho Lakhpati Bano" is also introduced with effect from 02 December 2016.

Cent Lakhpati Recurring Deposit Scheme …. Jab Chaho Lakhpati Bano Unique deposit scheme of the bank with attractive rate of interest. *T & C Apply
Posted by Central Bank of India on Sunday, 10 July 2016

(d) Cent Millionaire Recurring Deposit Scheme: In this Cent Millionaire RD scheme, Maturity Amount after 10 years over Rs.10 lacs by depositing monthly instalment of Rs. 5935.

Also See: RD Calculator

4. Fixed Deposit/ Time Deposit

(a) Fixed Deposit Receipt (FDR): A Short term deposit to enable depositors to earn more rate of interest which is applicable for a term deposit. Accordingly, the depositor can choose the period ( in a number of days) as per their choice.

(b) Money Multiplier Deposit Certificate (MMDC): The interest accrued gets added back to the principal giving you an effective interest rate that is higher than the contracted interest rate. This is an ideal scheme to increase your deposits exponentially. You can deposit a minimum amount of Rs. 100 and multiples of Rs. 100.

(c) Monthly Interest Deposit Receipt (MIDR): Earn monthly interest without depleting your principal. The MIDR scheme provides you with monthly interest earnings, without affecting the principal amount. You can deposit a minimum amount of Rs. 5,000 and in multiples of Rs. 1000. You can open an account for periods ranging from 12 months to 120 months.

(d) Quarterly Interest Deposit Receipt (QIDR): QIDR provides you quarterly interest without affecting the principal amount. You can deposit a minimum amount of Rs. 5,000 and in multiples of Rs. 1000.

(e) Cent 555 Term Deposit: This is a deposit of 555 days maturity. No deposit will be accepted under the scheme for a longer or shorter period. Minimum deposit amount is Rs. 1,000 and the maximum amount less than 1 crore.

(f) Cent 777 Term Deposit: The Deposit will be accepted for a fixed period of 777 days. No deposit will be accepted under the scheme for a longer or shorter period. Minimum deposit amount is Rs. 1,000 and the maximum amount less than 1 crore.

(g) Cent Uttam Scheme: Cent Uttam scheme offers you the double benefits of easy liquidity and high returns. It is also a flexible scheme that allows you to withdraw a part of the deposit amount as and when required. You can deposit a minimum amount of Rs. 5,000 and multiples of Rs. 1,000. At the time of the acceptance of the deposit, the entire deposit will be placed in 'units' of Rs. 1,000 each, so as to make available each 'unit' for payment at your option.

(h) Cent Tax Saving Deposit: This account can be opened by an individual or a Hindu Undivided Family (HUF) who is an Income Tax assessee with Permanent Account Number. Tenure of the deposit is a fixed period of 5 years. Minimum: Rs. 100/- or multiples thereof. Maximum: Rs. 1,50,000 (Rs. One Lac Fifty Thousand only) in a financial year.

(i)  Cent Aspire Deposit Scheme: In this scheme, deposits are accepted in 3 variants, viz. Money Multiplier Deposit Certificate (MMDC), Monthly Interest Deposit Receipt (MIDR), Quarterly Interest Deposit Receipt (QIDR). Minimum Rs.20,000 and thereafter, in multiples of Rs.1000.

(j) Cent Suraksha Deposit: Cent Suraksha Deposit could be opened in the name of (i) Cent Suraksha Deposit (PMSBY) - RS.177 and (ii) Cent Suraksha Deposit Yojna (PMSBY/PMJJBY)- RS. 4317. The scheme is a Fixed Deposit product, with distinct features. Customer himself or Giftee who receives Gift Cheque/DD will deposit the amount either for Rs. 201 and/or Rs.5001 in her/his Saving account. By keeping the premium for first and second year Rs.177/- ( in case of GC /DD of Rs.201) or Rs.4317 ( in case of GC /DD of Rs. 5001) will be transferred to Cent Suraksha Deposit (PMSBY) or Cent Suraksha Deposit Yojna ( PMSBY/PMJJBY).

(k) Central‘s Flexi Yield Deposit Scheme: Under this scheme depositors can avail floating rate of interest which is higher than the interest rate on normal Term Deposits. Amount of deposit Rs. 50,000 and thereafter in multiple of Rs. 5,000. Period of deposit One year and above and upto a maximum of 10 years.