Central Bank of India CD Current Account

• Instant money transfer
• 24x7 ATM withdrawals
• Attractive rate of interest

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The Central Bank of India was the country’s first commercial bank. Established in 1911, the bank now has branches all over the country. Central Bank of India has also played a significant role in nurturing the areas of improvement for small-scale industries in the country.

Central Bank offers its customers a number of financial products and services one of which is the current account. A current account is a type of bank account where the limit on the number of cash and non-cash transactions are comparatively higher than those of a regular savings account. This type of account is commonly used by businessmen, merchant, retailer, and individuals who require high liquidity. Central Bank has 5 variants of the current account and customers have the option of choosing the account that best suits their requirements.

One variant of current account offered by Central bank is the CD Current Account. The following are its features and benefits:

• The initial deposit to be made at the time of opening the CD Current Account varies based on the location of the bank branch.
  • Rural branches: Rs.3,000
  • Semi-urban branches:Rs.3,000
  • Urban branches: Rs.5,000
  • Metro branches: Rs.7,000
• Similarly, accounts also have different amounts for the quarterly average balance.
  • Rural branches: Rs.3,000
  • Semi-urban branches: Rs.3,000
  • Urban branches: Rs.5,000
  • Metro branches: Rs.7,000
• The bank issues 50 free cheque leaves per year.
• Central Bank provides its CD Current Account Holders with its internet banking, SMS banking, and mobile banking services free of charge.
• Additionally, the bank also provides account holders with the benefit of making tax payments online without having to incur any service charges.
• Account holders can make payments through the bank’s NEFT services for amounts upto Rs.1 lakh free of charge.
• Cash withdrawals made through the account holders at home branch and outstation branches do not attract any charges.
• Account holders receive a 0.5% concession on the processing charges for home loans. The concession is limited to an amount of Rs.20,000.
• Central Bank provides its CD Current Account holders with Doorstep Banking facilities. Cash delivery ranging between Rs.1 crore and Rs.2 crore do not incur any delivery charges.
• The bank levies a penalty charge for non-maintenance of the quarterly average balance. The charges vary based on the location of the customer’s home branch.
  • Rural branches: Rs.200
  • Semi-urban branches:Rs.300
  • Urban branches: Rs.400
  • Metro branches: Rs.600
• Withdrawals from a CD Current Account can only be made via cheques.
• The bank provides its account holders with a monthly account statement free of cost.
• The bank offers a nomination facility against the CD Current Account only for individuals and proprietary firms.
• Central Bank offers its current account customers a free debit cum ATM card at the time of opening their account.
• Funds transferred between Central Bank branches using its Core Banking System (CBS) facility do not attract any charges.
• At par cheques are issued free of charge.

Central Bank of India aspires to be India’s financial supermarket and to make positive contributions towards the needs of the economy. The CD Current Account is one of the instruments that is enabling the bank closer to this goal.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.