The Cent Salary Savings Scheme (CSSS) is launched by the bank targeting employees in state government, central government, and other public sector undertakings. Set up in 1911, the Central Bank of India play a key role in promoting small scale industries and agriculture in the country. The bank has operations in 29 states and 6 union territories. The bank serves a long list of financial institutions and corporate entities, and also allows individual deposits.
- Allows permanent employees of central government, state government, and other PSUs to open account in a group of minimum 10 members.
- For permanent employees in corporate sector the lower limit set is 25 members.
- The employing organization is also required to open a current account, wherever possible
- The minimum net salary should not be below Rs.10,000
- If salary is not credited in the account for 3 consecutive months, the account will be converted into a normal savings account
- Normal KYC norms are applicable for CSSS accounts
- Requires an employer’s mandate for the salary to be channeled through the bank
Key features of CSSS
|Minimum balance||No minimum balance required|
|Medical health policy for family||Up to Rs.4 lakhs (through Chola Health Policy)|
|Lifetime Unique Account Number||The facility is available across all branches and it allows you to convert the salary account to a pension account on retirement|
|Direct credit of salary||Set on a predetermined date|
|Account access||Through ATMs, mobile banking, internet banking, etc., for withdrawals, deposits, and transfer|
|Alerts||Account related information is available through internet banking, tele banking, and SMS alerts|
|Joint account||Allows you to open joint account with spouse or any other family member|
|Standing instructions||Free of charge|
|ATM/Debit Card||Offers ‘Wonder Card’ which is a combination of debit cum credit card. It’s a tailor made solution for salaried customers|
|Stop cheque instructions||3 instructions per quarter fee|
|Crediting outstation cheques||Up to Rs.15,000 credited instantly, subject to terms and conditions|
|Remittance through RTGS/NEFT||Free of charge|
|Utility bill payments online||Free of charge|
|Passbook||Available for all accounts|
|Processing charges for retail loans||Not applicable|
|Locker rent||10% concession in locker rent|
|Auto sweep facility||Available to convert amount above Rs.15,000 to fixed deposit|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.