Central Bank of India (CBI) is the largest government-owned public sector banking company. It was the first commercial bank in India, which provides personalised business banking solutions. This bank has played an important role in establishing the regulated banking sector in India as it offers a vast network of current account banking services and products and to individuals as well as businesses.
A current account is meant for the business entities or business enterprise and those who deal with a huge number of transactions on a regular basis. A current account allows a business person to carry out unlimited transactions without any limit, subject to a banking cash transaction tax if any levied by the government.
The Central Bank of India was the country’s first commercial bank. Established in 1911, the bank now has branches all over the country. Central Bank of India has also played a significant role in nurturing the areas of improvement for small-scale industries in the country.
Central Bank offers its customers a number of financial products and services one of which is the current account. A current account is a type of bank account where the limit on the number of cash and non-cash transactions are comparatively higher than those of a regular savings account. This type of account is commonly used by businessmen, merchant, retailer, and individuals who require high liquidity. Central Bank has 5 variants of the current account and customers have the option of choosing the account that best suits their requirements.
Eligibility Criteria – Central Bank of India Current Account
- Resident Individual
- Hindu Undivided Family (HUF)
- Partnership Firm
- Sole Proprietorship firm
- Private or Public Limited Company
- Trust/ Association/ Club/ Society
- Limited Liability Partnership (LLP)
- Foreign National Residing in India
- Foreign Institutional Investor (FII)
Features and Benefits – Central Bank of India
- A current account is designed to enable business people and self-employed professionals to conduct business transactions efficiently.
- Current accounts do not hold any interest on the balance amount lying in current accounts with the bank.
- It offers various facilities outstation cheque collection for the quicker mobilisation of your funds.
- It also offers with the secure payment of direct taxes through online.
- The account can be transferred to any branch, and monthly statements can be obtained for the same.
- Initially, a low minimum average balance (MAB) can be maintained.
- Multi-city chequebooks are provided with account opening, and nomination facility is also accessible.
- Based on credit history, the overdraft facility is also available.
- Central Bank of India current account offers a premium internet banking facility mainly to manage the accounts and fund transactions and secure bill payment.
- Overdraft facilities, Mobile banking and Internet banking facilities are also available for the current account holders.
- No limits on the deposits and withdrawals in the home branch.
Documents Required
| KYC Documents – Individuals | KYC Documents – Non-Individuals |
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For Sole Proprietorship Firm
- Identity Proof (PAN Card, Aadhar Card, etc.) of the proprietor.
- Address Proof (Valid Passport, Utility bill, Property tax bill, etc.) of the proprietor.
- Registration Certificate issued by the Registrar of LLP (in the case of a registered concern).
- Certificate or licence issued by the Municipal authorities under the Shop & Establishment Act.
- Sales and income tax returns in the name of the sole proprietor.
- CST or VAT certificate
- Certificate or registration document issued by the Sales Tax/ Service Tax/ Professional Tax authorities.
For Partnership Firms
- Registration certificate
- Partnership deed
- Beneficial owners list holding more than 15% in the firm.
- Address Proof and ID Proof
- Power of Attorney (POA)
For Limited Liability Partnerships (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: PAN Card of the entity.
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs.
- LLP agreement.
- Designated partners updated list.
For Private or Public Limited Company
- Beneficial owners list holding 25% share or capital.
- Address Proof and ID Proof
- Memorandum and Articles of Association
- Power of Attorney (POA)
- Certificate of incorporation
For Trust, Society, Unincorporated Association & Club
- Certificate of registration
- Power of Attorney (POA)
- Trust Deed
- Address Proof and ID Proof (trustees, executors, administrators, etc.)
- Beneficial owners list
Once all the certificates mentioned above are self-attested and valid, you may open the current account in Central Bank of India.
Central Bank of India Current Account Products
Central Bank of India provides various types of current account products that can serve the requirements of different businesses. These products are a good fit for small retailers, traders, self-employed individuals running sole proprietorships or businesses in their name and other businesses with an annual turnover of fewer than 2 crores.
Personal Current Accounts
Entrepreneurs can select the product from the below list that suits their business requirements. The following are the some of the Central Bank of India current accounts.
- Normal Current Account
- Cent Silver Current Account
- Cent Gold Current Account
- Cent Diamond Current Account
- Cent Samvridhi Current Account
| S. No. | Personal Current Accounts | Minimum Balance Requirement (On Quarterly Average Balance basis) to be maintained | Concession in Cash Withdrawal Charges | Charges for non-maintenance of minimum quarterly average balance | |||||||
| Rural | Semi-Urban | Urban | Metro | Home Branch | Non-Home Branch | Rural | Semi-Urban | Urban | Metro | ||
| 1. | Normal Current Account | Rs. 3000 | Rs. 3000 | Rs. 5000 | Rs. 7000 | Free | Free | Rs. 200/- | Rs. 300/- | Rs. 400/- | Rs. 600/- |
| 2. | Cent Silver Current Account | Rs. 50,000 | Rs. 50,000 | Rs. 50,000 | Rs. 50,000 | Free | Free | Rs. 600/- | Rs. 500/- | Rs. 300/- | Rs. 200/- |
| 3. | Cent Gold Current Account | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | Free | Free Up to 10 transactions | Rs. 1200/- | Rs. 800/- | Rs. 600/- | Rs. 600/- |
| 4. | Cent Diamond Current Account | Rs. 5 lakhs | Rs. 5 lakhs | Rs. 5 lakhs | Rs. 5 lakhs | Free | Free Up to 10 transactions | Rs. 2400/- | Rs. 1600/- | Rs. 800/ | Rs. 800/- |
| 5. | Cent Samvridhi Current Account | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | – | – | Rs. 300/- | Rs. 300/- | Rs. 300/- | Rs. 300/- |
Normal Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 3000
- Semi-Urban – Rs. 3000
- Urban – Rs. 5000
- Metro – Rs. 7000
- Some multi-city cheque leaves – 1st Cheque Book of 50 leaves Free with opening New account.
- Individual – Rs. 3.00 per leaf
- Non-Individual – Rs. 3.00 per leaf
- An increased option of total NEFT transactions (via Net Banking/ Mobile banking) – Free Up to Rs. 1 lakh.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs will cost Rs. 25/- and if above Rs. 5 lacs is Rs. 50/- plus service tax.
- Nomination facility is available only to individuals and proprietary firm.
Cent Silver Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 3000
- Semi-Urban – Rs. 3000
- Urban – Rs. 5000
- Metro – Rs. 7000
- Issuance of Cheque Book (per Annum) – Free up to 200 leaves
- An increased option of total NEFT and RTGS transactions (via Net Banking/ Mobile banking) – 10 Nos. Free per quarter Maximum amount up to Rs. 10 lakhs per transaction.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
Cent Gold Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 7000
- Semi-Urban – Rs. 5000
- Urban – Rs. 3000
- Metro – Rs. 3000
- Issuance of Cheque Book (per Annum) – Free up to 500 leaves
- An increased option of total NEFT/ RTGS transactions (via Net Banking/ Mobile banking) – 20 Nos. Free per quarter Maximum amount up to Rs. 10 lakhs per transaction.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
- DD (per quarter) – 10 Nos. Free Maximum amount up to Rs. 2 lacs.
Cent Diamond Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 7000
- Semi-Urban – Rs. 5000
- Urban – Rs. 3000
- Metro – Rs. 3000
- Issuance of Cheque Book (per Annum) – Free up to 1000 leaves
- An increased option of total NEFT and RTGS transactions (via Net Banking and Mobile banking) is free.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
- DD (per quarter) – 15 Nos. Free Maximum amount up to Rs. 5 lacs.
Cent Samvridhi Current Account
- Eligibility and Mode of holding account are based on the prevailing norms
- Issuance of Cheque Book (per quarter) – Free up to 50 leaves
- Penalties – Penalty for non-maintenance of Minimum Balance is Rs. 300/- and for the Return of outstation cheque is Rs. 500.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
- DD (per quarter) – 50% concession in service charges/ commission for DD and BC
- A sweep-in facility as LIFO (Last In First Out) – Daily in multiple of Rs. 25,000.00.
Corporate Current Accounts
The following are the some of the Central Bank of India current accounts under Corporate Current Account.
- Normal Current Account
- Cent Silver Current Account
- Cent Gold Current Account
- Cent Diamond Current Account
| S. No. | Corporate Current Accounts | Minimum Balance Requirement (On Quarterly Average Balance basis) to be maintained | Concession in Cash Withdrawal Charges | Charges for non-maintenance of minimum quarterly average balance | |||||||
| Rural | Semi-Urban | Urban | Metro | Home Branch | Non-Home Branch | Rural | Semi-Urban | Urban | Metro | ||
| 1. | Normal Current Account | Rs. 3000 | Rs. 3000 | Rs. 5000 | Rs. 7000 | Free | Free up to Rs. 50000 | Rs. 200/- | Rs. 300/- | Rs. 400/- | Rs. 600/- |
| 2. | Cent Silver Current Account | Rs. 50,000 | Rs. 50,000 | Rs. 50,000 | Rs. 50,000 | Free | Free | Rs. 1200/- | Rs. 800/- | Rs. 600/- | Rs. 600/- |
| 3. | Cent Gold Current Account | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | Rs. 2 lakhs | Free | Free Up to 10 transactions | Rs. 1200/- | Rs. 800/- | Rs. 600/- | Rs. 600/- |
| 4. | Cent Diamond Current Account | Rs. 5 lakhs | Rs. 5 lakhs | Rs. 5 lakhs | Rs. 5 lakhs | Free | Free Up to 10 transactions | Rs. 2400/- | Rs. 1600/- | Rs. 800/ | Rs. 800/- |
Normal Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 3000
- Semi-Urban – Rs. 3000
- Urban – Rs. 5000
- Metro – Rs. 7000
- Issuance of Cheque Book (per Annum) – Free up to 50 leaves (at the time of opening of account).
- An increased option of total NEFT or RTGS transactions (via Net Banking or Mobile banking) – Free up to Rs. 1 lac.
- DD (per quarter) – Up to Rs. 10000/- will cost Rs. 30/- and for Rs. 10000 to 1 lakh will cost Rs. 4 per 1000
- Free online tax payment facility.
- Free funds transfer facility through Internet Banking.
Cent Silver Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 7000/-
- Semi-Urban – Rs. 5000/-
- Urban – Rs. 3000/-
- Metro – Rs. 3000/-
- Issuance of Cheque Book (per Annum) – Free up to 50 leaves (at the time of opening of account).
- An increased option of total NEFT or RTGS transactions (via Net Banking/ Mobile banking) – 5 Nos. Free per quarter. A maximum amount up to Rs.5 lacs per transaction
- DD (per quarter) – 5 Nos. Maximum amount Rs. 1 lac
- Free online tax payment facility.
- Free funds transfer facility through Internet Banking.
Cent Gold Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 7000/-
- Semi-Urban – Rs. 5000/-
- Urban – Rs. 3000/-
- Metro – Rs. 3000/-
- Issuance of Cheque Book (per Annum) – Free up to 500 leaves
- An increased option of total NEFT or RTGS transactions (via Net Banking/ Mobile banking) – 20 Nos. Free per quarter Maximum amount up to Rs. 10 lakhs per transaction.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
- DD (per quarter) – 10 Nos. Free Maximum amount up to Rs. 2 lacs.
- Free online tax payment facility.
- Free funds transfer facility through Internet Banking.
Cent Diamond Current Account
- The Initial Deposit Amount for the opening of the Normal current account charges as per specified below:
- Rural – Rs. 7000
- Semi-Urban – Rs. 5000
- Urban – Rs. 3000
- Metro – Rs. 3000
- Issuance of Cheque Book (per Annum) – Free up to 1000 leaves
- An increased option of total NEFT and RTGS transactions (via Net Banking/ Mobile banking) is free.
- Concession in Cash Deposit Charges is free in both base and non-base branch locations.
- Credit card issuance and renewal charges are free.
- DD (per quarter) – 15 Nos. Free Maximum amount up to Rs. 5 lacs.
- Free online tax payment facility.
- Free funds transfer facility through Internet Banking.
Application Procedure
To open a current account with the Central Bank of India online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the necessary details. In the case of visiting a branch, the applicant will have to fill up Account Opening Form for Current Account and will have to attach the mandatory documents with AOF. After a verification procedure completed by the bank official, your account can be opened successfully.
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