Central Bank: What Is The Minimum Amount Required In A Savings Account Of CBI?

Said to be one of the oldest and largest commercial banks of the country, Central Bank of India is a government managed and owned bank with its headquarters in Mumbai, Maharashtra; a city known to be the financial capital of India. The Central Bank of India is in a joint venture with the Bank of Baroda holding 20% shares, Bank of India holding 20% shares, and Zambian Government holding 40% shares of the company. Not only this; but the Central Bank of India is one of the 20 public sector banks in India that are provided with the recapitalization over the next 24 months from the government of India.

The oldest bank of the country was set up in the year 1911 and is the only commercial banks in the country that is owned and managed by Indian only.

The minimum balance required to be maintained in the savings account of Central Bank of India

The minimum balance required to be maintained in the savings account of CBI depends on your location. For example, if you live in rural areas, then the minimum balance required to be maintained is INR 250, for Urban areas the minimum balance to be maintained is INR 500 and for metro cities, the minimum balance required to be maintained is INR 1000.

A brief about the new Cent Bachhat Khata savings bank account in the central bank of India

With the view of making the banking services made available to a higher mass of people, CBI has launched the no-frills savings deposits account or the “Cent Bachat Khata”. Some of the salient features about this scheme are:

  • The bank account can be opened by anyone aged 12 years and above either individually or as a joint venture. The minor can open the account along with the guardian.
  • The initial deposit for account opening is INR 50 along with the minimum balance of INR 50.
  • There are no service charges for the nonmaintenance of the minimum balance
  • The account will give you 50 free withdrawals in a year without any charges
  • A free checkbook every year
  • Total credits should not exceed that INR 100000 and total balance should not exceed more than INR 50,000.
  • There is a nomination facility also available.
  • The account can be opened in any branch of the bank.

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Hope the above mentioned information will always add more to your knowledge.

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