With a view to make basic banking services available to vast section of the society, Central Bank of India has launched the No-Frills Savings Deposit Account "Cent Bachat Khata". The broad features of the product are:
♦ Any person of twelve years of age can open this account individually or joint with another person/s. Account can be opened in the name of minor with natural guardian.
♦ An account can be opened with initial deposit of Rs.50/-. Minimum balance of Rs.50/-
♦ No service charges for non maintenance of the minimum balance.
♦ 50 (Fifty) withdrawals per year free of charge.
♦ One cheque book per year free of charge.
♦ Total credits in a year should not exceed Rs.1,00,000/- lac and balance in the account should not exceed Rs.50,000/- in all accounts taken together.
♦ Nomination facility is available.
♦ For introduction simplified KYC procedure is applicable. Bank's existing client who has fulfilled full KYC norms can introduce the customer's identity and certify the address.
♦ Interest at Saving Bank rate i.e. @ 3.5% is allowed.
♦ Account can be opened in any Branch of Bank.