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Central Bank of India Cent Balbhavishya

Central Bank of India has launched a lot of attractive schemes for minors such as recurring deposits, savings account, time deposit accounts, etc., from time to time. Recently, they supplemented their product line with the Cent Balbhavishya scheme, which is a savings bank account exclusively for minors. The scheme is designed to cultivate the habit of savings in minors and also to offer an account which can be opened for as less as Rs.50.

Features of Cent Balbhavishya scheme

Age Any child up to the age of 12 years can open Cent Balbhavishya account along with parents/legal guardian
Initial deposit
  • Rs.50 in rural and semi-urban areas
  • Rs.100 in urban and metro areas
Number of deposits There are no restrictions on the number of deposits
Cheque book Cheque book is issued only after the child attains the age of majority
Withdrawals No withdrawals are allowed till 18 years of age, except for opening fixed deposit accounts.

Credits and minimum balance

The account should be credited at once in every month and the minimum balance to be maintained is as follows:

  • Rs.500 for rural and semi-urban branches
  • Rs.1,000 for urban and metro branches

Convertibility into time deposit account

The account provides an option to convert deposits above Rs.10,000 from savings account to cumulative time deposit scheme. In other terms, a Money Multiplier Deposit Certificate (MMDC) is issued on request of the parent for a minimum period of 6 months and maximum 10 years. The option can be exercised by the parent any number of times, but it depends on the age of the minor account holder.

Rate of interest

  • The interest rate on deposits will be in accordance with the RBI guidelines issued from time to time. The current rate of interest is 4% per annum payable half-yearly.
  • The time deposits started from Balbhavishya savings account will be offered an additional interest of 0.5% per annum.


  • The account does not provide overdraft facility
  • It does not generate reward points
  • Internet banking facility is not available
  • Phone banking is not available
  • Does not provide SMS alerts

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

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