Product Details
Bank Name
Central Bank of India
Account Name
Cent Balbhavishya
Account Type
Saving
Interest Rate
At present up to Rs 10.00 lacs 2.90 % p.a. and above Rs.10 lacs 2.75 % p.a.
Free Debit Card
Not specified by the bank.
Account Opening Fees
0
Debit Card Charges
Not specified by the bank.
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
1000
IMPS Charges
Free online
Fees and Charges of
Cent Balbhavishya
Cent Balbhavishya
Special Features
None
Eligibility Criteria
Any child up to the age of 10 years can open this account with his parent (Father/mother) or legal guardian.
Benefits
Features, Eligibility and Benefits of
Cent Balbhavishya
Pros & Cons of
Pros
There is no restriction on the number of deposits in this account.
In this account, there is an option available to convert balance in excess of Rs. 10.000/- from the savings account to a cumulative time deposit scheme, i.e. MMDC for six months to a maximum of ten years depending upon the age of the child. The guardian can exercise this option any number of times.
Cons
No chequebook is allowed in this account till the child attains the age of majority.
Internet banking facility is also not available.
Cent Balbhavishya
Cent Balbhavishya Review
The account comes with low interest rate and offers minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
Cent Balbhavishya
Account Opening and Procedure of
How to open an Account?
Methods to Open an Account:
Visiting a Branch:
The traditional method involves going to your nearest Central Bank of India branch.
You'll need to fill out an account opening form and submit the required documents.Online Account Opening:
Central Bank of India is offering online account opening facilities, including Video KYC based account opening. This allows for a more streamlined process.This option is available through the banks website.