Central Bank of India

Kindly take note : Central Bank of India is not the central bank of the country. Central bank of the country is Reserve Bank of India (RBI)

Central Bank of India (CBI) was established in 1911. This was the first Indian commercial bank to be wholly owned and managed by Indians. The establishment of the Central Bank of India was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly 'Swadeshi Bank'.

The following are some of the facts of Central Bank of India.

• 1921: CBI Introduction to the Home Savings Safe Deposit Scheme to build saving/thrift habits in all sections of the society.
  
  
• 1924: An Exclusive Ladies Department to cater to the Bank's women clientele.
  
  
• 1926: Safe Deposit Locker facility and Rupee Travellers' Cheques.
  
  
• 1929: Setting up of the Executor and Trustee Department.
  
  
• 1932: Deposit Insurance Benefit Scheme.
  
  
• 1962: Recurring Deposit Scheme.
  
  
• 1976: The Merchant Banking Cell was established.
  
  
• 1980: Centralcard, the credit card of the Bank was introduced.
  
  
• 1986: 'Plantinum Jubilee Money Back Deposit Scheme' was launched.
  
  
• 1989: The housing subsidiary Cent Bank Home Finance Ltd. was started with its headquarters at Bhopal in Madhya Pradesh.
  
  
• 1994: Quick Cheque Collection Service (QCC) & Express Service was set up to enable speedy collection of outstation cheques.

Among the Public Sector Banks, Central Bank of India can be truly described as an All India Bank, due to distribution of its large network in 27 out of 28 States as also in 4 out of 7 Union Territories in India. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 3146 branches and 275 extension counters at various centres throughout the length and breadth of the country.

In view of its large network of branches as also number of savings and other innovative services offered, the total customer base of the Bank at over 25 million account holders is one of the largest in the banking industry.

Central Bank International Banking

The International Banking division of Central Bank of India offers special benefits to non-resident Indians.
To become a Central Bank of India account holder, all you need to do is to open a Non-Resident (External) Account in Indian Rupees or a Foreign Currency Non-Resident Account (FCNR) in Pound Sterling, U.S. Dollar, Deutsche Mark or Japanese Yen.

Choose your place of transaction from over 3110 branches across 27 Indian states. This offer is only applicable to Indian nationals or those of Indian origin residing abroad, overseas companies, partnership firms, societies and other corporate bodies, which are owned to the extent of atleast 60% by non-residents of Indian nationality/origin and overseas trusts in which atleast 60% of the beneficial interest is irrevocably held by such persons.

Either joint holders or a member of the family who has been granted the power of attorney or a letter of authority are entitled for transaction of such accounts, provided they make withdrawals for local payments only. The resident power of attorney holder will not be allowed to repatriate funds held in the accounts outside India and make gift payments.

The advantages of this service:

• No tax will be charged by the Indian Income Tax department on interest earned on such accounts.
  
  
• No wealth-tax applies for these deposits.
  
  
• No complication for repatriation in case of NRE and FCNR accounts and no enquiries about source of money. You can get your money back any time you want it. It will be repatriated in time, in the currency in which the deposit account is maintained, to your country of residence or in foreign exchange at the rate of exchange prevailing on the day of remittance to any other country or external account group without an approval from the Reserve Bank of India (RBI).
  
  
• Any amount may be withdrawn for local disbursement. However, once withdrawn, it cannot be recredited to Indian rupees to the account without RBI's approval.
  
  
• You can also invest your valuable deposits on a repatriable basis and on non-repatriable basis in shares, debentures, National Savings Certificates and other government securities. You can also invest in residential property and Central Bank will provide you the services through HDFC and LIC.

Central Bank of India

Chander Mukhi, Narman Point, Mumbai – 400 021
Tel.: 022 – 6638 7777
www.centralbankofindia.co.in
Email: zmmmzo@centralbank.co.in