A premium banking account for preferred customers, the Cent Premium Savings Account has many benefits such as a free Platinum debit card, preferred banking services, free online/SMS/phone banking, and sweep out facilities. Account holders are also given exclusive privileges such as a waiver of processing fees on housing and vehicle loans from Central Bank of India.
Features of Cent Premium Savings Account
Depending on the location of the bank branch, your initial deposit amount will vary between Rs.250 to Rs.1,000. The difference is based on whether you are in rural, semi-urban, urban or metro areas.
You are required to maintain a minimum average quarterly balance of Rs.50,000 for rural and semi-urban areas, and Rs.1 lakh for urban and metro areas.
Free cheque books are issued per year. Based on your location, you will be provided with 60 to 200 cheque leaves per annum.
With the Cent Premium Savings Account, customers will be issued a free ATM-cum-debit card free of charge. Account holders are entitled to the Platinum debit card. With the debit card, customers can make withdrawals at ATMs and perform other transactions such as balance enquiry, change PIN, get mini statement and more. The card can also be used to make purchases at merchant and retail stores.
Account holders will have access to online banking. They can carry out purchase transactions and pay for utility bills online.
SMS and Phone Banking
Central Bank of India provides free phone and SMS banking options. Some banking services can be carried out through the phone or SMS banking facilities.
Sweep out facility
Sweep out facility is available on this account on a daily basis.
Preferred Banking Service
Customers can avail of preferred banking services offered by Central Bank of India.
Offers on the Cent Premium Savings Account
Account holders are entitled to a full waiver of processing fees for car loans and housing loans. This discount is applicable to retail lending schemes of housing and vehicle loan offered by Central Bank.
How to apply
You can apply for this bank account by following the steps listed below:
- You can download an application form online on the official website of Central Bank of India.
- You can procure a form at any bank branch.
- Fill in the form and submit it to the bank branch.
- In the application, you will have the option to avail SMS alerts, Internet Banking, Mobile banking, Cheque book, Credit card and ECS.
- You will also be required to submit documents to support your application.
- You need to make the initial deposit to open your bank account.
- Upon fulfilling the eligibility criteria, the documents required and the deposit, Central Bank of India will open your bank account.
You need to submit the following documents to fulfill the KYC norms of Central Bank of India:
- Two recent passport size photograph
ID proof - Any one of the following
- PAN card
- Voter’s identity card
- Driving license
- Job card issued by NREGA duly signed by an officer of the State Government
- The letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number
- Identity card subject to the bank’s satisfaction
- Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank
- In case of NRI accounts copies of Passport and Visa are compulsory
Correct permanent address proof - Any one of the following
- Telephone bill
- Bank account statement
- Letter from any recognized public authority
- Electricity bill
- Ration card
- Letter from employer subject to satisfaction of the bank
- Any one document which provides customer information to the satisfaction of the bank will suffice
- A rent agreement indicating the address of the customer duly registered with State Government or similar Registration Authority
Proof of date of birth
- Birth certificate issued by Gram Panchayat or Municipal Corporation
- Voter’s identity card
- Driving license
- PAN card
- Service discharge certificate
- PPO in case of pensioners
Fees and Charges:
The fees and charges associated with this savings account have been listed below:
|Minimum average quarterly balance||Rs.1 lakh||Rs.1 lakh||Rs.50,000||Rs.50,000|
|Charges for non-maintenance of AQB||Rs.1,000 per quarter||Rs.750 per quarter||Rs.500 per quarter||Rs.200 per quarter|
|Debit card issuance||Nil||Nil||Nil||Nil|
|Debit card Replacement||Free||75% concession||50% concession||25% concession|
|Credit card issuance||Nil||Nil||Nil||Nil|
|Credit card renewal||Nil||Nil||Nil||Nil|
|SMS and phone banking||Free||Free||Free||Free|
|Stop Payment Instruction||Free||Free||Free||Free|
|Online Tax Payment||Free||Free||Free||Free|
|Email Account Statement||Free||Free||Free||Free|
|RTGS/NEFT (per quarter)||20 free transactions up to Rs.5 lakhs per transaction||15 free transactions up to Rs.5 lakhs per transaction||10 free transactions up to Rs.5 lakhs per transaction||5 free transactions up to Rs.5 lakhs per transaction|
|Issuance of P.O or DD (per quarter)||Free up to 5 lakhs||Free up to 5 lakhs||Free up to 2.5 lakhs||Free up to 2.5 lakhs|
|Cheque books||200 free leaves p.a.||150 free leaves p.a.||100 free leaves p.a.||60 free leaves p.a.|
|Demat Maintenance charges||Free||75% concession on the normal fee||NA||NA|
|Cash deposits at Central Bank of India||Free||Free||Free||Free|
|Cash withdrawal at home branch||Free||Free||Free||Free|
|Cash withdrawal at local or outstation non-base Central Bank of India branch||Upto 5 free transactions||Upto 5 free transactions||Upto 5 free transactions||Upto 5 free transactions|
Cent Premium Savings Account FAQs
What is the interest rate offered on this bank account?
Central Bank of India will credit interest on the account balance at the rate of 4% p.a.
Where can I get an application form to open this account?
You can find the application form for account opening on the Central Bank of India website. You can also procure a form from any Central Bank of India branch.
Do I require Aadhaar to open this account?
You can open this account without an Aadhaar card provided you fulfill the KYC requirements.
Are there any annual fees for the Platinum Debit Card?
No, the Platinum Debit Card is issued free of charge. There are no debit card maintenance charges associated with this account.
What is the limit per transaction for NEFT?
For both NEFT and RTGS, you can transfer up to Rs.5 lakhs per transaction.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.