Avoiding penalties and fees that can drain your account shows your financial prudence and judicious planning. Understand the terms and conditions laid down by the Central Bank of India as well as the Central Bank of India Charges for proper account management to save on unnecessary expenses.
Central Bank of India is a leading public sector bank in India with a rich history. Established in 1911, it offers a wide range of banking and financial services, including savings and current accounts, loans, investments, and digital banking solutions. Known for its commitment to customer satisfaction, the Central Bank of India serves millions of customers across the country.
Bank charges are fees collected for the various financial and non-financial services provided by the bank to its customers. The charges include a penalty for non-maintenance of minimum balance, for value-added services like lockers for custody of valuable articles and documents, funds transfer through various online and offline modes, special request charges, loan processing charges, etc. While some are mandatory, some are avoidable. Learn about the charges and take steps to avoid such fees wherever possible.
The Central Bank Charges run into pages and include mandatory charges that have to be incurred to provide for the operational costs involved by the bank to maintain your account and to provide services like cheque books for outward transactions, locker facility, credit card, and debit card facilities, etc. Here are some of the common types of Central Bank of India Charges.
Delayed Payment Charges
Central Bank of India imposes charges for not paying credit card dues or EMIs on or before the due date. This will also include an additional penalty by way of interest on the outstanding liability or the amount of EMI.
Account Opening Charges
Account opening charges are collected by way of an initial deposit to the account on opening accounts in the Central Bank of India. These charges are applicable to both current as well as savings accounts.
If you spend more money than you have in your account that leads to a negative balance in your account, the bank charges a fee for every such instance as well as interest on the overdrawn amount.
Ledger folio charges
Ledger folio charges are collected to both current and savings accounts for transactions beyond the permitted limit. This also depends on the quarterly average balance maintained in Current Accounts.
Standing Instructions Charges
Central Bank of India imposes charges for registration and execution of inter-bank standing instructions. In the execution of standing instructions for accounts within the bank, there are no charges.
Revocation of Stop Payment
If you have requested for stop payment of a cheque and later request for revocation of the same, the bank will charge you for both stop payment as well as revocation request.
As already mentioned, some of the Central Bank Charges are mandatory, while some of them can be avoided by planning the operations in your accounts wisely. Here are some tips for you to avoid bank charges.
- Select an account that suits your needs and has minimal fees.
- Ensure to understand the minimum balance requirements and make an honest effort to maintain your account balance above the level.
- Opt for electronic statements that are provided free of cost.
- Use ATMs within the bank’s network to avoid Central Bank ATM charges.
- Monitor your account regularly for account transactions and balances to avoid overdrafts, insufficient funds charges, or other penalties.
- Be aware of your upcoming bills and payments and ensure to maintain a sufficient balance to meet these payments.
- Do not opt for overdraft facilities if you tend to have financial crises time and again. Your transactions may be declined for want of funds, but it also prevents you from incurring overdraft fees and interest.
Central Bank of India insists on an initial deposit into the account at the time of opening a Savings Account. The initial deposit requirement depends on the type of account. Here is a list of Central Bank Savings Bank Accounts and the initial deposit requirements.
|Account Type||Initial Deposit (Amount in Rs.)|
|Home Saving Safe Account||Urban/Metro branches: 2000 (QAB) Semi-Urban branches: 1000 (QAB) Rural branches: 500 )QAB)|
|Cent Bachat Khata||50|
|Cent Samarth-Saving Deposits||Nil|
|Cent Samvridhi Savings Account||25000 (QAB)|
|Cent Premium Account||Urban/Metro Branches: 1000 Semi-Urban branches: 500 Rural branches: 250|
|Cent Bal Bhavishya||Urban/Metro branches: 100 Semi-urban/Rural branches: 50|
Central Bank of India provides 3 free transactions (financial and non-financial together) for the six designated Metros i.e., Bangalore, Hyderabad, Kolkata, Chennai, Delhi, and Mumbai. It allows five free transactions for other centres. The bank provides unlimited ATM transaction options for ATM withdrawals done at the Bank’s ATMs.
The list of Central Bank ATM Charges is given below:
|For Cash Withdrawals (Financial Transaction) beyond the limit||Rs. 20 + GST|
|For Balance Enquiry (Non-Financial Transactions) beyond the limit||Rs. 10 + GST|
The Central Bank of India permits the withdrawal of FD before maturity. The bank imposes a penalty of 1% on premature withdrawal of deposits. These charges are not applicable for the premature closure of deposits up to Rs. 5.00 lacs.
Funds transfer through Central Bank of India branches or Internet banking can be done. For NEFT transactions done through Internet Banking or Mobile Banking, no charges are levied. The bank collects charges for NEFT transactions done through branches which depend on the transaction amount. The Central Bank NEFT Charges are as given below:
|Transaction Amount||NEFT charges|
|Up to Rs. 10,000||Rs. 2.50 + GST|
|Above Rs. 10,000- and up to Rs. 1.00 lac||Rs. 5.00 + GST|
|Above Rs. 1.00 lac and up to Rs. 2.00 lac||Rs.15.00 + GST|
|Above Rs. 2.00 lacs||Rs. 25.00 + GST|
For transactions above Rs. 2.00 lacs, the bank provides the option of funds transfer through RTGS. This enables a real-time transfer of funds to the beneficiary’s account. The funds transferred through RTGS done through digital channels are not charged. The RTGS transactions done through branches attract Central Bank Service Charges as given below:
|Transaction Amount||RTGS Charges|
|Rs. 2.00 lacs up to Rs. 5.00 lacs||Rs. 24.50 + GST|
|Above Rs. 5.00 lacs||Rs. 49.50 + GST|
|Transaction Amount||IMPS Charges|
|Digital Mode||Through Bank Branches|
|Up to Rs. 10000||Rs. 3 + GST||Rs. 5 + GST|
|>Rs. 10000 to Rs. 1.00 lac||Rs. 5 + GST||RS. 7 + GST|
|> Rs. 1.00 lac to Rs. 2.00 lac||Rs. 10 + GST||Rs. 15 + GST|
|> Rs. 2.00 lacs to Rs. 5.00 lacs||Rs. 15 + GST||Rs. 20 + GST|
Central Bank of India Charges : FAQs
The charges stipulated by the Bank for a duplicate passbook with the latest balance is Rs. 100/. For a duplicate passbook with previous entries, the charges collected are Rs. 2/- per entry with a minimum of Rs. 100/- and a maximum of Rs. 1000/-
There is no fee for registering standing instruction charges for accounts within the Bank. For Inter-Bank accounts, the bank charges Rs. 50/- per instance.
The charges for delayed deposit of RD installment collected by the bank will be Re 1/- per every Rs. 100 per month, irrespective of the period of deposit.
There are no charges for closing a Savings Account within 14 days from the date of opening the account. If the account is closed after 14 days from the date of opening the account but within the completion of 12 months, the bank collects a penalty of Rs. 300/-. Account closure charges do not apply if the account is transferred from one branch to another or if closed on account of the death of the customer.