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LoansJagat Team
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13 Min
04 Apr 2025
Central Bank of India Zero Balance Account – Features, Benefits & How to Apply
Suppose you're like Raj, a young professional just beginning his career, and you need a savings account without having to keep a minimum balance. Well, surprise. Raj opened a CENT Yuva zero-balance account with the Central Bank of India, and here's why he's enjoying it:
- Zero Balance: No minimum balance to keep. Isn't that great?
- Free Services: Mobile banking, SMS alerts, internet banking – all free. Who doesn't love free stuff, right?
- Interest Rate: Up to 2.9% interest on savings. Pretty sweet, right?
- Loan Perks: 0.25% discount on education loans and 50% discount on processing fees. Big win!
- Free Debit Card: A RuPay Platinum card with hassle-free ATM access. Easy and convenient.
- Free Transactions: Free ATM withdrawals and internet banking. How cool is that?
Simple, hassle-free banking—just like Raj's life these days!
What is a Zero-Balance Account?
A zero-balance account is a checking or savings account without a minimum balance requirement. In other words, you can deposit and withdraw funds without incurring low-balance fees. Zero-balance accounts are advantageous as far as no low-balance fees, lower savings fees, and opening an account online promptly are concerned.
They also enable online banking and mobile banking with easy transactions without any additional charge. Similar to normal savings accounts, zero-balance accounts accrue interest on the balance, along with permitting free deposits and withdrawals. They suit individuals who have difficulty keeping a minimum balance in their accounts.
Types of Central Bank Of India Zero Balance Account:
The Central Bank of India offers a zero-balance savings account called CENT SAMARTH – Savings Deposit.
1. CENT SAMARTH – Savings Deposits:
2. CENT Param
3. CENT Yuva
4. CENT Salary Scheme:
The Central Bank of India's Cent Samarth salary account offers advantages like no minimum balance, simple conversion to a pension account, and a 50% reduction in retail loan processing charges. It's meant to be convenient and cost-saving for account holders.
Features and Benefits of Central Bank Of India Zero Balance Accounts:
Here's the information about the features and benefits of the Central Bank of India Zero Balance Accounts:
Features | Details |
CENT SAMARTH savings account | The Central Bank of India's CENT SAMARTH savings account is a salaried person's special account. That provides simple and convenient banking with multiple useful features. Below is a simple explanation of the account's advantages: Key Features: Zero Balance Requirement: There is no requirement to maintain a minimum balance in the account. For Salaried Customers: This is specifically for individuals who have a steady salary, making banking simpler for them. RuPay Platinum Debit Card: You receive a RuPay Platinum debit card without any fees for obtaining or re-obtaining it. ATM Transactions: Free Central Bank of India ATM withdrawals up to a limit (e.g., ₹40,000 per day). Limited free transactions at other banks' ATMs. Auto-Sweep Facility: When your savings exceed a specific amount (e.g., ₹25,000), the excess is automatically transferred to a fixed deposit in ₹5,000 slabs. Overdraft Facility: You may obtain a pre-approved overdraft as and when required. Concessions on Services: You receive concessions on several banking services. Easy Pension Account Conversion: You can conveniently convert your account into a pension account upon retirement. Free Accident Insurance: A free accident insurance policy is provided.
Other Features: Chequebook & Demand Drafts: At regular charges. Free NEFT/RTGS Transactions: Free if conducted through electronic channels. 50% Rebate on Retail Loan Charges: You are eligible for a 50% rebate on processing fees for retail loans. Free Stop Payment Instructions: Free of charge for halting payments on cheques. This account has been made easy and affordable for salaried individuals to bank. |
CENT Param | The Cent Param Salary Accounts are meant for the staff of the Army, Navy, Air Force, and Coast Guard. The following is a simplified overview of the main features and facts:
Main Features: Eligibility: Military personnel and civilians receiving a salary from defense accounts. Zero Balance Requirement: No minimum balance is needed to keep the account. Salary Credit: Salary or pension is credited by the end of every month's last working day or as directed by the authorities. It's for withdrawal from the beginning of regular banking hours. Non-Salary Payments: Other payments are credited to the account within one working day of clearing the cheque. Account Conversion: Old salary accounts can be converted to Cent Param accounts through an application form. NOC for Bank Shift: If customers want to shift their bank account for salary crediting, they need to obtain a no-objection certificate (NOC) from the bank. Loans: Preferential loans such as personal, housing, and vehicle loans are provided, but concessions under Cent Param are waived if the account is shifted to another bank.
Benefits: ATM/Debit Cards: Free ATM/Debit cards for account holders and joint account holders. Free Transactions: Unrestricted free transactions at Central Bank of India ATMs and restricted free transactions at other bank ATMs. Chequebook: Unlimited and free chequebooks. Loan Benefits: Interest rate concessions for housing, personal, and education loans.
Loan Details: Housing Loan: ₹30,00,000 with a 10-25% margin on the loan amount. Vehicle Loan: For new cars, with a repayment tenure of a maximum of 7 years. Education Loan: Up to ₹7,50,000 loans, with a concession for female/SC/ST students.
Other Features: Free Internet Banking: Anywhere, anytime access to your account. Account Opening: No account opening charges. This scheme offers numerous benefits customised to defense personnel, making it easier to manage finances while in service and after. |
CENT Yuva | The Cent Yuva account by the Central Bank of India is a zero-balance savings account for young adults aged 18 to 30 years. It has interesting features, such as higher interest rates and additional benefits.
Key Features and Benefits: Target Audience: Young adults in the age group of 18 to 30 years. Zero Balance: No minimum balance needs to be deposited to open the account. Digital Opening: The account can be opened online only. M-Passbook: Conveniently monitor transactions using a mobile passbook. Free Services: Mobile banking, SMS alerts, and internet banking are free services. Education Loan Concessions: Account holders receive a 0.25% reduction on interest rates and a 50% reduction on processing fees for education loans. Interest Rate: Receive up to 2.9% interest on savings. Special Loan Rates: Receive special loan rates for Cent Yuva account holders. No Balance Limit: No limit on the maximum balance that you can maintain in the account.
Other Benefits: Easy Pension Conversion: You can easily convert your account to a pension account after retirement. Chequebook: Issued at relevant charges. Demand Drafts: Issued at relevant charges. Loan Discounts: Enjoy a 50% discount on the processing fees on any retail loan you avail against the Cent Yuva account.
This account is meant to simplify banking and make it affordable for young adults, with additional benefits on loans and banking products. |
CENT Salary Scheme | The CENT Salary Scheme of the Central Bank of India is a zero-balance savings account meant for salaried employees.
It provides various advantages, such as free banking facilities, easy withdrawal of funds, and the facility to convert the account into a pension account after retirement.
Key Features & Benefits: Zero Balance: No initial deposit or minimum balance is to be maintained, and no maintenance charges. Free ATM/Debit Card: Receive a free card for convenient access to your funds and making payments. Free Banking Services: Have free internet banking, mobile banking, and SMS notifications. Direct Salary Credit: Your salary is credited directly to your account on a fixed date. Joint Account Facility: Open a joint account with your spouse or a family member. Free Remittance: Remit money via RTGS/NEFT free of cost. Medical Health Policy: Health policy for your family up to ₹4,00,000 (under Chola Health Policy). Free Standing Instructions: Arrange automatic instructions at no cost.
Other Benefits: Free ATM Facility Free Utility Bill Payments You are provided with a passbook for your account. No processing charges for retail loans. 50% discount on processing charges for all retail loan types. Withdraw funds easily via ATMs, mobile banking, or internet banking. Receive alerts on your account through SMS, internet banking, or telebanking. No fee for opening a Demat account. Have personal loans processed fast. 10% discount on locker rent.
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How to open a Central Bank zero balance account?
Here's a step-by-step guide to opening a Central Bank of India zero balance account:
1. Go to a Central Bank of India Branch
- Locate the closest branch.
- You can also mail the scanned documents and forms to the branch.
2. Obtain the Account Opening Form
- Request the account opening form from the bank.
- Fill in the form with your details, like your mobile number, email ID, PAN card, and Aadhaar number.
3. Submit Required Documents
- Submit two passport-sized photos.
- Give copies of your passport and residence visa (if you have one).
- Add recent utility bills as proof of address.
4. Choose Account Type
- Choose the account type you wish to open (CENT SAMARTH is a salary account).
- After filling out, submit the form and documents to the bank for processing.
Eligibility to Apply for Central Bank of India Zero Balance Account:
To open a zero-balance account in the Central Bank of India, you must satisfy the following eligibility conditions:
- Age: You should be at least 18 years of age.
- Indian Citizen: This account is for Indian citizens.
- Valid Documents: You are required to provide documents of identity and address.
- For Students: In case you're a student, you may need to furnish a bonafide certificate with ID proof.
- For Foreigners and NRIs: As a foreigner or a Non-Resident Indian (NRI), you must produce your valid visa and passport.
- Senior Citizens: You will have to present evidence of age if you're 60 years and above.
- Photo and Signatures: You have to produce your photograph and signature as may be required by the bank.
- Occupation and Income: You will have to provide information on your profession or income.
- Online Account Opening: You can open an account online through the e-KYC Aadhaar-based method.
- Offline Account Opening: In case you are opening an account offline, you might require an introducer if you are a new customer of the bank.
Documents to apply for a Central Bank of India zero balance account:
Here’s the information about the documents required to apply in a table format:
Document Type | Required Documents |
Proof of Identity | Aadhaar Card, PAN Card, Voter ID Card, Passport, Driving License |
Proof of Address | Aadhaar Card, Passport, Voter ID Card, Driving License, Bank Statement, Ration Card, Electricity Bill, Salary Slip, Income Tax Assessment Order, Rent Agreement |
Central Bank of India Zero Balance Account Interest Rates:
Interest Rate on Savings Account (Effective from 20.12.2024):
Balance at End of Day | Interest Rate (p.a.) |
Up to ₹10 Crores | 2.80% |
Above ₹10 Crores to ₹100 Crores | 3.00% |
Above ₹100 Crores to ₹250 Crores | 3.10% |
Above ₹250 Crores to ₹500 Crores | 3.25% |
Above ₹500 Crores to ₹1000 Crores | 3.75% |
Above ₹1000 Crores | 4.50% |
Domestic Term Deposit Interest Rates (Effective from 10.02.2025):
Maturity Period | Interest Rate for General Public (p.a.) | Interest Rate for Senior Citizens (p.a.) |
7 - 14 days | 3.50% | 4.00% |
15 - 30 days | 3.75% | 4.25% |
Central Bank of India zero balance account helpline:
In case you have any inquiries regarding the Central Bank of India's zero balance account, you may call their customer care through the following options:
Contact Details:
Toll-Free Number:
- 1800 22 1911 to call for general queries, debit card concerns, or to block your debit card.
Email ID:
- You can write to vkyc1@centralbank.co.in for help.
Other Methods of Contacting:
- You can refer to the website of the Central Bank of India for further customer care contact.
Use the Missed Call Facility for quick enquiries:
- Balance Enquiry: Call 95552 44442 (from registered mobile number).
- Mini Statement: Call 95551 44441 (from registered mobile number).
Zero Balance Account:
- Central Bank of India provides the CENT SAMARTH savings account, which can be accessed using the same ATM/Debit card.
Other Important Numbers:
- Customer Related Services: 022 41903900
- National Toll-Free Number 1: 1800 110 001
- National Toll-Free Number 2: 1800 180 1111
- ATM Help Desk FAX: 022 22630104
- PMJDY Grievance Email: cmoper@centralbank.co.in
Central Bank Of India Zero Balance Account Welcome Kit:
As soon as you open a zero-balance account with the Central Bank of India, you'll get a welcome kit that contains everything you need to begin. Here's what it includes:
What does the Welcome Kit contain?
- Debit Card: A debit card, along with instructions on how to activate the card and a guidebook.
- Self-Declaration Form Acknowledgement: A mail or email confirming the opening of your account.
- Specimen Signature & Cheque Book: A chequebook with cheques and a specimen signature.
- Passbook: A passbook to monitor your transactions (optional).
- Internet Banking Guide: Internet banking instructions and login credentials.
- Mobile App and Website Credentials: Your password and login credentials for the mobile app and website.
- Contact Information: Customer support details and helpline numbers.
- Welcome Letter: A letter containing key account terms and conditions.
- Welcome Gifts: Details of exclusive offers such as banking, insurance, and investment packages.
Conclusion:
The Central Bank of India's zero-balance account is a game-changer for those who prefer simple, hassle-free banking. Be a young adult with a CENT Yuva account, a salaried individual with CENT SAMARTH, or a defense personnel with CENT Param; there is something for all.
With zero balance obligations, free-of-cost services, loan benefits, and competitive interest rates, it's banking made easy and economical. Opening an account is easy, with online and offline options available. So, if you’re looking for convenience, low costs, and great benefits, the Central Bank of India zero-balance account is the way to go!
FAQs related to Central Bank of India Zero Balance Accounts:
Q1: What are the advantages of a zero-balance account in the Central Bank of India?
The Central Bank of India zero-balance account provides free online opening of the account, free transactions, a free debit card, and only maintenance charges for the debit card every year.
Q2: What are the limitations of a zero-balance account?
Zero-balance accounts typically limit monthly withdrawals to four. Exceeding this limit may lead to the conversion of your account into a regular savings account.
Q3: Is a minimum balance required in a zero-balance account?
No, a zero-balance account does not require maintaining a minimum balance, unlike regular savings accounts. You won’t incur penalties for not maintaining an average balance.
Q4: What is the purpose of a zero-balance account?
A zero-balance account is designed to maintain a zero balance daily. Deposits are made to the master account, while disbursements occur from the zero-balance account.
Q5: Can a zero-balance account be closed?
Yes, a zero-balance account can be closed if it maintains a zero balance for a long period. This helps ensure compliance with KYC norms and prevents misuse.
Other Zero Balance Accounts | |||
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LoansJagat Team
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