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Central Bank of India Savings Account

Central Bank of India’s history dates back to the year 1911, What makes it even more unique is the fact that it was the first Indian commercial bank under the complete ownership and management of Indians. Currently, boasting of a wide network of 4695 branches, 4 extension counters, and 29 satellite offices (as on May 2015), CBI offers different kinds of savings accounts to cater to the need of customers.

CBI Savings Accounts Interest Rates

End of day (EOD) balance Rate of interest (p.a.)
Up to Rs.10 lakh (fixed) 2.90% p.a.
More than Rs.10 lakh (Linked to repo rate) 2.75% p.a.

How do I open a Savings Account with Central Bank of India?

To open a Savings Account with CBI you can log onto the bank’s ‘online savings account opening portal’. With the help of this portal,you can easily open your savings account online, without having to go through the trouble of going to a branch. Customers can also check the status of their savings account opening application form via this portal. For some reason if you haven’t been able to complete filling your form at one go, you can log into the portal again and resume the form filling activity. Once you have followed the instructions correctly, as provided on the portal, you would have successfully opened a savings account with CBI. The other alternative is to go to the nearest CBI branch and submit a duly filled up Savings Account Application form (with all the necessary documents).

Types of Central Bank of India Savings Bank Accounts

  1. Home Saving Safe Accounts

    This type of savings account enables account holders to deposit their savings (irrespective of how small the amount is), and letting them use the same for their everyday requirements. The account also offers nomination facility, issuance of Debit cum ATM card for free, internet banking facility, amongst the various other services.

  2. Cent Samvridhi Savings Account

    Any resident of India, above the age of 18, is eligible to open this type of savings account. The facility of this account is available only at CBS enabled branches. The account holders get to avail the auto sweep-in facility, free ATM cum debit card issued to them, internet banking facility, and 50% waiver on credit card fees and Demat AMC charges, respectively (this discount is valid only for the first year).


    This type of account is eligible for the being credited with the account holder’s salary, pension (for retired individuals), or sundry payments. On the last working day of the month, or as on dates communicated by pension/salary disbursement authorities, the account holder’s salary or pension needs to be credited into his/her Cent Param Salary Accounts. This crediting can be carried out in various CBI branches. During the course of the month, other sundry payments need to be remitted to individual account holders. This needs to work according to the details provided by salary disbursement authorities.

  4. Cent Bachat Khata

    A ‘No-Frills Savings Deposit Account’, the primary purpose of this account is to offer access of basic banking facilities and services to every customer of Central Bank of India. This type of account can be opened with a meagre amount of Rs. 50 and the same can be maintained as minimum balance. The account provides 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).

  5. Cent Premium Savings Account

    This variant of savings account has been especially designed to suit the enhanced needs of High Net Worth (HNI) individual customers. The account holders of this type of account enjoy multiple benefits like getting debit cum ATM card free of cost, free cheque books every year, phone banking and internet banking facilities, credit card renewal (absolutely free of charges), and discount on issuance of duplicate ATM cards, amongst the various other benefits. The account holders of Cent Premium Savings Account enjoy a very lucrative benefit of getting a complete waiver on processing charges for housing loan and vehicle loan, under the Retail lending scheme of Central Bank of India. The account holders get Platinum Debit Cards issued to them by the bank.

  6. Cent Bal Bhavishya Savings Account

    India’s first commercial bank - the Central Bank of India, has recently launched the Cent Bal Bhavishya Savings Account, where parents and guardians can open a savings account for their child to save for their future.

    Eligibility criteria for the Cent Bal Bhavishya Savings Account:

    • Any minor that is an Indian resident and up to the age of 12 can open a Cent Bal Bhavishya Savings Account.
    • The account has to be opened by the parents or guardians of the minor.

    Features of the Cent Bal Bhavishya Savings Account:

    • The initial deposit to open a Cent Bal Bhavishya Savings Account is Rs.50 for minors from rural areas and Rs.100 for minors from urban areas.
    • For minors holding a Cent Bal Bhavishya Savings Account, at least one deposit has to made a month and the average deposit every six months should be a mandatory sum of Rs.500.
    • For minors from urban areas, one deposit is mandatory per month with an average deposit every six months of Rs.1,000.
    • There is no limit to the number of deposits the parents or legal guardians of the child can make.
    • Having said that, no withdrawals can be made before the child turns 18 as the purpose of this type of savings account is to save for the future of the child.
    • Any amount in excess of Rs.10,000 can be converted into a term deposit.
    • Parents can convert the savings in the account into a fixed deposits, thereby attracting a higher interest rate than that of a savings account. This feature can be availed any amount of times till the child turns 18-years-old.
    • For one-time deposits, the bank pays an additional 0.5% interest towards the sum. This only applicable if the child is still a minor.
    • No cheque book or ATM debit card is given for this type of savings account.
    • The interest rate for the Cent Bal Bhavishya Savings Account is at 4% per annum.

Savings Accounts Minimum Balance Requirements

As per the directives of CBI, the minimum account balance to be maintained differs from one type of savings account to another. This also depends on various factors like type of the savings account, type of target account holders, deposit tenure, etc. The comprehensive table below explains the minimum balance that needs to be maintained in each type of savings account.

Type of Savings Account Minimum Balance Required
Cent Samvridhi Savings Account Average Quarterly Balance of Rs. 25,000
Cent Premium Savings Account

Average Quarterly Balance - Rs. 50,000 (for rural and semi-urban branches),

Rs. 100,000 (metro and urban branches)

Cent Bachat Khata Rs. 50

Central Bank of India Eligibility

Apart from the varied eligibility criteria of some types of savings accounts mentioned above, the eligibility criteria for opening an H.S.S account and standard savings account is as follows –

  • An individual (single or jointly)
  • A minor can open an account jointly with an adult/guardian
  • A minor aged over 12 years. He/she needs to be literate and should be able to operate the account.
  • Visually impaired, illiterates, Hindu Undivided Families
  • Organisations especially permitted to open savings accounts
  • Educational and charitable institutions – running for non-commercial purposes


The following documents are a must to open a savings account with Central Bank of India –

  • Valid identity proof like passport, Aadhaar card, Voter ID card, PAN card, company ID card issued by a reputed company
  • Valid proof of address/residence like telephone bill, electricity bill, passport, ration card, income tax documents
  • Seniors and minor applicants need to give a valid proof of date of birth like birth certificate, passport, service discharge certificate and PPO (applicable for pensioners), birth certificate, driving license, etc.

Cent Salary Saving Scheme

With normal KYC guidelines applicable, the eligibility criteria for Cent Salary Saving Scheme is as follows –

  • Permanent government (central and state) employees, employees of railways, educational institutes and Public Service Units. They can open this type of in a group of 10 (minimum)
  • A minimum group of 25 employees is required to open this type of account if the account holders are permanent employees of a corporate and other organisations.

Please note that if an institution is opening this type of account with CBI, it also needs to open a current account with the same. It is a must for employer’s salary mandate to be routed through CBI, with a minimum net salary of 10,000.

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