Cent Param is a savings account offered by Central Bank of India where the account holder’s salary, pension, or miscellaneous payments are credited. Pension or salary is credited into this account by the last working day of the month in various branches. Individuals employed in the Army, Navy, Air Force, and Coast Guard are eligible for opening this type of account.
Eligibility criteria for Cent Param Defence Salary Account:
The following individuals are eligible to apply for the Cent Param Salary Account:
- Army – Personnel below the rank of Officers (PBORs), Lieutenant to Majors, Lieutenant Colonels to Colonels, Brigadiers and above.
- Navy – PBORs, Midshipman to Lt. Commander, Commander to Captain, Commodore and above.
- Air Force – PBORs, Flying Officer to Sqn Leader, Wing Commander to Group Captain, Air Commodore and above.
- Coast Guard – PBORs, Assistant Commandant To Deputy Commandant, Commandant (JG) to Commandant, DIG and above.
Features and benefits of Cent Param Defence Salary Account:
- Lifetime Unique Account Number – Central Bank of India offers a lifetime unique account number under the Cent Param Salary Account for defence personnel. It is available across all branches and can be converted to a pension account after retirement.
- Direct credit of salary – Personnel with this account have the facility of getting their salaries directly being credited into the account.
- Access to the account - Account holders have access to their account through any branch of the bank, ATMs, mobile banking. They are free to withdraw, deposit, or transfer from any branch in the country.
- Tele-banking, Mobile banking, Internet banking and SMS Alert – This facility is free along with an e-account statement which is also provided for free.
- Joint account facility – Central Bank of India also allows the facility of joint account, where either spouse or any other family member can open the account jointly with you. It also provides survivor facility.
- PAN Card – The bank also arranges for PAN Card application, subject to Rs.75 per PAN Card, as directed by the IT Department.
- Instant credit of PF cheques – Account holders can avail instant credit of PF cheques through this account.
- Free facility for standing instructions – The bank does not charge any fee for availing the standing instruction facility.
- Credit Card facility – Central Bank of India offers Silver, Gold, Platinum, and Titanium Debit Card (Mastercard or VISA) based on the rank of the personnel. There is no annual maintenance charges. There is also an option of add-on card for joint account holders. The card also comes with purchase protection of up to Rs.5,000 and zero lost card liability.
- Waiver of fuel charge – Account holders can also enjoy waiver on fuel charge.
- Insurance cover – Account holders are also eligible for insurance cover for accident, including add on card holders. Up to Rs.10 lakh insurance cover can be availed.
- Free ATM/Debit Card – The bank also provides a free ATM/Debit Card on opening of the Cent Param Account.
- Instant credit of outstation cheques – Up to Rs.25,000 of outstation cheques can be instantly credited under this account.
- Cheque book facility – Unlimited and free cheque book facility is provided to Cent Param’s account holders. Bulk requirements for EMI payments are chargeable.
- Sale of gold coins – Account holders are entitled to a 25% concession in bank’s commission for purchasing gold coins.
- Fixed deposits – If you have a Cent Param Saving Account, you can also avail extra 30bps over bank’s normal rates.
- Interest rate concession on retail loans – Central Bank of India offer account holders of the Cent Param salary account 50bp concession all retails loans. Even the processing charges on retail loans are waived off for the account holders.
Fees and charges:
|Account opening charges||Nil|
|Minimum balance requirement||Nil|
|Standing Instruction facility||Nil|
|Credit Card annual maintenance fee||Nil|
|Cheque book facility||Nil|
|Multi-city cheque leaf charges||Nil|
|Remittances by Nepali Gorkha soldiers under NERS and INRS||Nil|
|NEFT and RTGS facility||Nil|
Cent Param Defence Salary Account FAQs
- Is passbook available under the Cent Param Saving Account from Central Bank of India?
Yes, passbook is available for account holders as well as free updating at non-home branches is facilitated.
- Do I have to pay any fee for making utility bill payments online using my Cent Param salary account?
No, this facility is free of cost.
- Does the bank charge any fee for NEFT or RTGS transactions?
No, both NEFT and RTGS transactions are free of cost.
- Will I get a concession on the bank’s commission while buying gold coins from the bank?
Yes, you will get a 25% concession in bank’s commission while buying gold coins.
- Do I have to pay for the cheque book when I open a Cent Param Savings Account?
No, the cheque book is provided for free by the bank.
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