Central Bank of India

Central Bank of India was the first commercial bank of India that was fully managed and owned by Indians. The bank was established in 1911 and was famous as the Swadeshi Bank. The bank has more than 3650 branches all over India. It has proved its worth with its customer list that includes corporate clients like LIC, ICICI, UTI, IDBI, HDFC and many other such reputed names. The bank offers the special banking services to the NRIs, minors, senior citizens, pensioners and students. The pensioners are offered the special personal loan. The pensioners below 70 years of age get this personal loan to meet their unexpected expenses. The students are offered loan for higher studies. This loan can be repaid by the student himself from his salary once he get job after completing the course. The NRIs are offered the Resident Foreign Currency (RFC) account where they can maintain the balance in foreign currency.

The minors are served with various savings account, recurring deposit and term deposit schemes. The bank has always tried its best to attract the minors towards early savings habit and for that they are continuously coming up with innovative schemes. The senior citizens are offered the benefit of additional interest on their savings over and above the regular interest rate. Apart from offering the best to these special groups, the Central Bank of India has also served the regular customer base with its varied service portfolio.

The bank offers the savings account scheme with personal accident cover. Other savings deposit schemes are the term deposits with monthly interest scheme, quarterly interest scheme and annual interest scheme. The recurring deposit offered by the Central Bank of India is also offered with the personal accident cover. The bank offers an innovative Application Supported by Blocked Amount (ASBA) facility. In this facility, the account holder can block certain amount for applying to issues. The rest of the funds in the account will fetch the interest as per the regular interest rate applicable as per the account type. The ASBA facility is easy to avail and simple to subscribe.

The Central Bank of India also has introduced several loan schemes for its customers. The special subsidy is applicable on the interest of the education loan. The education loan for students seeking admission to IIMs is also offered. Other speciality loans for vehicle, computer, doctors and educational institutes are also offered for the benefit of the customers.