Cent Param

Salary/ Pension :

Salary / Pension is to be credited into Cent Param Salary Accounts in various branches by last working day of the month or on dates communicated in writing by the Salary / Pension Disbursement Authorities. The salary / Pension cheque alongwith account details are to be furnished by the Salary / Pension Disbursement Authorities three working days before the date of actual disbursement of salary. It should be ensured by the Branches that the salary is credited to respective accounts and is available for withdrawal at the start of the normal banking hours on the scheduled date of disbursement of salary.

 Sundry Payments during the Month

All other sundry payments during the month are also to be remitted to individual account holders as per details provided by Salary Disbursement Authorities. For all non -salary payments, money will be transferred to respective Accounts within 24 hours/one working day of realization of cheque.

 Others:

1. Existing salary accounts of defence personnel / personnel of Para military Forces / Civilians drawing salary from defence accounts, will be converted to Cent Param Salary / Pension Accounts subject to an application-cum-undertaking to be submitted by the account holder as per specimen attached in Annexure I. As contained in the same Annexure1, all personnel who have opened Cent Param Salary Accounts, whether new accounts or converted, will undertake to obtain no objection certificate (NOC) from the Bank as per Annexure II in the event he/she desires to change to another Bank for credit of salary.
2. It is pertinent to note that all facilities under Cent Param Scheme will cease to continue once a Cent Param Salary / Pension Account holder desires to change to another Bank for credit of salary/ Pension.
3. Personal should be got adjusted prior to such transfer of Salary / Pension accounts to other Banks
4. However, other Retail Loans such as Housing Loans, Cent Vidyarthi Loans, Cent Vehicle Loans may be allowed to continue subject to satisfaction of repayment capacity and other criteria as per the respective schemes. It is needless to mention here that all concessions extended to such loans under Cent Param Scheme will stand withdrawn at the time of transfer of Salary / pension account, even if they are allowed to continue.
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   RL-Centralbankofindia/en/Cent_param
   The scheme was designed as under for the three wings of the defence forces:

5. Cent Sthall Shakti (Army Accounts)
6. Cent Jal Shakti (Navy Accounts)
7. Cent Vayu Shakti (Air Force Accounts)

8. Features of Cent Param Salary Accounts:

9. Salary/ Pension : Salary/ Pension  is to be credited into Cent Param Salary Accounts in various branches by last working day of the month or on dates communicated in writing by the Salary/ Pension  Disbursement Authorities.  The salary/ Pension cheque along with account details are to be furnished by the Salary/ Pension Disbursement Authorities three working days before the date of actual disbursement of salary.  It should be ensured by the Branches that the salary is credited to respective accounts and is available for withdrawal at the start of the normal banking hours on the scheduled date of disbursement of salary.
10. Sundry Payments during the Month All other sundry payments during the month are also to be remitted to individual account holders as per details provided by Salary Disbursement Authorities. For all non-salary payments, money will be transferred to respective Accounts within 24 hours/one working day of realization of cheque. 
11. Others:
12. Existing salary accounts of defence personnel/ personnel of Para military Forces/ Civilians drawing salary from defence accounts will be converted to Cent Param Salary / Pension Accounts subject to an application-cum-undertaking to be submitted by the account holder as per specimen attached in Annexure I. As contained in the same Annexure I, all personnel who have opened Cent  Param Salary  Accounts , whether new accounts or converted, will undertake to obtain no objection certificate (NOC) from the Bank as per Annexure II in the event he/she desires to change to another Bank for credit of salary.
13.  It is pertinent to note that all facilities under Cent Param Scheme will cease to continue once a Cent Param salary/ Pension Account holder desires to change to another Bank for credit of salary/ Pension.
14.  Personal Loans should be got adjusted prior to such transfer of salary/ Pension accounts to other Banks.
15. However, other Retail Loans such as Housing Loans, Cent Vidyarthi Loans, and Cent Vehicle Loans may be allowed to continue subject to satisfaction of repayment capacity and other criteria as per the respective schemes. It is needless to mention here that all concessions extended to such loans under Cent Param Scheme will stand withdrawn at the time of transfer of salary/ pension account, even if they are allowed to continue.
16. Salary Package under Cent Param Salary Accounts :

17.  

    Eligibility (Army)	PBORs(Personnel below the rank of Officers)			Lts. to  Majors		Lt Cols to Cols	Brigadiers and above
    Eligibility (Navy)	PBORs			Midshipman,  to Lt. Cdr.		Cdr to Captain	Commodore  and above
    Eligibility (Air Force)	PBORs			Flying Officer to Sqn Ldr.		Wing Cdr to Group Captain	Air Commodore and above
    Eligibility (Coast Guards)	PBORs			Asstt. Commdnt. To Dy. Commndt.		Commandant(JG) to  Commandant	DIG and above
    ( Note : Categories of other Para Military Forces etc. under the scheme will be notified subsequently)
    Account opening charges			Nil
    Minimum Balance Requirement/ Maintenance Charges			NIL
    Lifetime Unique Account Number			Available across all Branches. Convertible to pension account on retirement.
    Direct credit of salary			On pre determined date
    Access to the account			Through any Branch of the Bank and ATMs/ /Mobile Banking. Flexibility to Withdraw/ Deposit/ Transfer from any Branch in India.
    Internet/Mobile Banking/SMS Alert			Free along with e-account statement.
    Joint Account Facility			With spouse/ any other family member with either or survivor facility.
    PAN Card			Bank to arrange for applying for PAN Card wherever required (PAN Card application fee prescribed by IT Deptt. ,Subject to maximum of Rs.75/- per PAN Card)
    Instant Credit of PF cheques			Available
    Facility for Standing Instructions			Free
    ATM /Debit Card			Free ATM/Debit Card on opening of Cent Param account. Free supplementary ATM/Debit Card for joint account holder.
    Transactions at ATM			Any number of transactions subject to a maximum limit of Rs 40000/- per day at CBI ATMs. Free at all ATMs of other Banks, subject to RBI regulations as applicable from time to time (Currently 5 free transactions (inclusive of financial and non-financial transactions) every month with other banks ATMs.
    Core Power a)Transactions at Non-home branches b)Transfer of funds between CBI branches			Free for Cent Param account holder and for the beneficiary.   Free third party withdrawal up to Rs. 50,000 at non home Branches.
    Instant credit of outstation cheques			up to Rs. 25,000/
    Cheque Book			Unlimited and free. (Except for bulk requirement for EMIs payable to other banks/FIs/NBFCs)
    Multi City Cheques (payable at par at all Branches)			Cheque Leaf Charges: NIL Payment Charges: NIL
    Draft Issue -only if issued through transfer from Cent Param – Salary account. (Not applicable for cash entries)			Unlimited
    Remittances by Nepali Gorkha soldiers under Nepal Express Remittance Scheme (NERS) and Indo Nepal Remittance Scheme (INRS)			Free
    Remittance through RTGS/NEFT			Free
    Preferential allotment of Lockers			Available
    Utility Bill Payments through Internet			Free of Cost (as per the present scheme)
    Cent Samvridhi (Auto Sweep Facility)			Threshold Amount: Rs.15,000 Fixed Deposits to be created for a minimum amount of Rs 10,000 (and in multiples of Rs 1,000) in any one instance..
    Passbook			Available for all accounts – Free updating at Non Home Branches
    Interest concession on all Retail Loans including. Home Loans, Car Loans, Education Loans  and Personal Loans			50 bps less than the card rate. After completion of 5 years from the date of opening and maintaining the salary account further reduction of 0.25% in interest rate allowed. Subject to eligibility and other condition as per the policy in vogue & Concessional rate not less than RBLR or MCLR of the Bank.
    Fast Track Processing of Retail Loans			Applicable to all Retail Loans applied for by Cent Param Account Holders.
    Processing charges on Retail loans			Waived
    Cent Personal Loan			Minimum gross salary-Rs2.00 lakh p.a   Twenty times of gross  salary subject to maximum of Rs.15,00,000/-and net take home pay 50% of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the installment of proposed loan.   RBLR(Repo Rate +Spread )+CRP (Credit Risk Premium) Repayment 84 months or within left over service period whichever is less. Loan period  will be 12, 24, 36, 48, 60, 72 or 84 months (i.e multiples of 12 only) depending on residual  months of service .  {Interest concession @0.50% available subject to  Concessional  rate not less than RBLR(Repo+ spread)+CRP(Credit Risk Premium)  of the Bank} Will be sanctioned solely at the discretion of the Bank and will be subject to the fulfillment of conditions as laid down by the Bank from time to time
    Eligibility for Housing loans and Vehicle Loans
    Housing loan for paying application/ registration amount on  allotment of house / plot/ flat from the concerned military / Para Military Welfare Organization		RBLR+ Concession/CRP As per CIC score  Rs. 50,000 on production of letter from concerned military / Para Military Welfare Organization			RBLR+ Concession/CRP As per CIC score Rs. 1,00,000 on production of letter from concerned military / Para Military Welfare Organization
    Takeover of existing Housing Loan availed from concerned Service Organizations such as NGIF OR AGIF etc.		Allowed
    Repayment period of Housing Loans		Period of 30 years or 75 years of age, whichever is earlier.
    Interest on Housing Loans		Please go through our Bank web site. (Interest concession @0.50% available subject to  Concessional  rate not less than RBLR or MCLR of the Bank)
    Prepayment Charges in Housing Loans		No Prepayment Charges.
    Eligibility of  Housing Loan Amount		Income of Spouse/ Children can be included to arrive at eligible quantum of Loan.
    Cent Home  loan Plus		Loan for repairs/ Renovation of existing house/ Refurbishing/purchase of house hold gadgets and furniture. Loan upto Rs.10.00 Lakhs. For existing Housing loan borrowers having minimum 36 months satisfactory repayment. Interest rate as applicable of Repairs and renovation scheme.
    Margin Requirement for Housing loan		10% of cost for loans upto Rs.30 lakh 20% of cost for loans above Rs.30 lakh upto 75 lakh 25% of cost for loans above 75 lakh
    Margin requirement Vehicle Loan (for new vehicles  only)		5 %
    Vehicle Loans (Cent Vehicle)		Vehicles  on easy terms : Repayment Period- I)In case  of new vehicle :for wheeler up to Maximum 84 month For two wheelers =60 month New vehicles  rates of interest= RBLR+CRP( As per CIC score) Interest concession @0.50% available subject to Concessional rate not less RBLR or MCLR of the Bank)
    Education Loan (Cent Vidyarthi)		Loan Amount                                           Security Up to Rs 4.00 lakh: Above Rs.4.00 lakh and up to Rs 7.50 lakh   Mandatory to be covered under Cent Vidyarthi-NCGTC Guarantee Scheme (Please refer Scheme circular) Above Rs 7.50 lakh Tangible collateral security of minimum realizable value equivalent to the loan amount Female/SC/ST/Student will get 0.50% concession. Simple interest during moratorium period and compounded thereafter ROI=RBLR+CRP( Credit Risk Premium) Repayment Repayment of the loan will be in equated monthly installment for a period of maximum 15 years for all categories after the moratorium period. Other information is required on these product .Please go through our Bank web site. ( Interest concession @0.50% available subject to Concessional  rate not less than RBLR or MCLR of the Bank)
    Interest application on Loans		On diminishing balance on the last day of the month.
    Demat accounts		Initial one time account opening charges waived.
    Complaints Redressal and Review Mechanism		A Special Relationship Manager will be nominated at every Regional Office having concentration of Cent Param accounts at Branches under their control.