Central Bank Of India Saving Account Interest Rate

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Central Bank of India PPF interest rate. The interest on PPF accounts from Central Bank of India and all other banks is set by the Government of India’s Ministry of Finance. As on FY 2019-20, the PPF interest rate. The central bank last revised its policy rate in May last year. Interest Rate in India averaged 6.56 percent from 2000 until 2020, reaching an all time high of 14.50 percent in August of 2000 and a record low of.

A Savings Account is very beneficial with multiple advantages as detailed below:

(1) Earns Interest on your Savings

Central Bank Of India Saving Account Interest Rates

This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.

Interest rate in savings account ranges from 3.5% to 7%.

(2) Provides Security of Funds

There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.

(3) No Lock-in Period

There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.

(4) Offers Liquidity

You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.

(5) Availability of Variety of Savings Account

Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.

(6) Services of Customer Relation Manager

Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.

(7) Online Banking Facilities

If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.

(8) Provides ATM/ Debit Card

You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.

(9) Helps you Get Credit or Loan

The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.

(10) No Cap on Deposits

There is no limit on the amount deposited and number of times it is deposited.

(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions

You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.

(12) Free Mobile App

Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.

Account opening is subject to Citibank Terms and conditions and applicable RBI guidelines.

Citibank India does not market any product or service to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, and The Isle of Man. This [document]* is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, and The Isle of Man.

1Citibank will not levy any charge on cash withdrawals done overseas at any ATM although, please note other banks may charge fees for usage of their ATMs, which will be borne by the Account holder.

Central Bank Of India Saving Account Interest Rate Singapore

2Redemption of Reward Points:

  • Minimum number of Reward Points required to redeem airlines = 500 Reward Points.
  • Minimum number of Reward Points required to get Cash Back = 1,500 Reward Points
  • You need to call 24x7 CitiPhone to redeem your Reward Points. Please quote the correct frequent flyer number, for airmiles redemption

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6List of participating countries:

  • Argentina*
  • Bahrain*
  • Belgium*
  • Brazil*
  • Chile
  • China*
  • Columbia*
  • Egypt*
  • Greece*
  • Guam*
  • Hong Kong
  • Hungary*
  • India*
  • Indonesia*
  • IPB (Miami, NY, San Francisco)
  • Japan
  • Korea*
  • Macau
  • Malaysia*
  • Maxico*
  • Peru*
  • Philipines*
  • Poland*
  • Singapore
  • Spain*
  • CzechRepublic*
  • Taiwan
  • Thailand*
  • Turkey*
  • UAE*
  • UK*
  • Uruguay
  • USA*
  • Venezuela*
  • Vietnam

+A charge of $25 may be levied by certain Citibank branches for emergency cash assistance services. As per the extant FEMA regulations.

7Terms and conditions Apply. Subject to Citibank approval criteria.

Best Savings Account Interest Rates

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Citibank Personal Loan - Terms and conditions Apply. Timelines mentioned include only working days.

Timelines mentioned, if any, would commence once the entire documentation as per Citibank's requirements are submitted by the applicant. Subject to Citibank approval criteria. For detailed Terms and conditions, please refer www.citibank.com/india.

8The 10X points accrue on spends till Rs7,000 (or 560 points) per month in Apparel & Department stores. For spends beyond this, earn 1 point per Rs125. Identification of Apparel and Department Stores are based on MCCs (Merchant Category Codes) allotted by Visa and MasterCard.

Bank Interest Rates For Savings

Please allow upto 45 days post issuance of Citibank Rewards Credit Card, for crediting the bonus Reward Points.

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Current Central Bank Interest Rates

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