|Period||< 1 Cr|
|Interest Rate||Senior Citizen Rates|
|7 -14 days||4.75 %||5.25 %|
|15 - 30 days||5.50 %||6.00 %|
|31 - 45 days||5.50 %||6.00 %|
|46 - 59 days||5.50 %||6.00 %|
|60 - 90 days||5.50 %||6.00 %|
|91 - 179 days||6.50 %||7.00 %|
|180 - 270 days||6.50 %||7.00 %|
|271 - 364 days||6.50 %||7.00 %|
|1 year to less than 2 yrs||6.60 %||7.10 %|
|2 year to less than 3 years||6.50 %||7.00 %|
|3 year to less than 5 years||6.50 %||7.00 %|
|5 years & above upto 10 years||6.50 %||7.00 %|
|555 days||6.50 %||7.00 %|
|777 days||6.50 %||7.00 %|
|Cent Double||6.50 %||7.00 %|
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One of the most important banks in India is Central Bank of India The bank has a history of more than a century since establishment. The bank came into existence in the year 1911. The bank claims being the first swadeshi bank and was founded by Sir SorabjiPochkhanawala .He described the bank as an asset of the nation. The bank focused on the women customers since the early days and always felt that the women are the drivers of this nation, and therefore created a separate ladies department for serving the women customers of the bank in as early as 1924. This legacy of Central Bank of India is still being followed and later on the country saw a bank in the name of BhartiyaMahila Bank which was created by the Government of India on the lines to serve the women of this country. Thus the idea what Central Bank of India started in the early years, transformed into a bank itself and such is the power of thinking.
The bank presently operates through its 4728 branches and has the pan India presence. Being the bank from central part of India, the maximum concentration is in that area and with the other places the bank covers the sufficient customer base. The bank is presently headed by its Chairman &Managing Director ShriRajeev Rishi and has three Executive Directors ShriRaj Kumar Goyal, Shri B K Divakara and Shri R CLodha. The bank has the corporate office in Mumbai which is the financial capital of India. The bank has the tagline of “Central to you since 1911”.
The bank has the total global business of Rs456337Crore which is equivalent to 67.16 billion USD. The total domestic deposits areRs266184Crore which is equivalent to 39.17 billion USD. The bank has the advances (Loans) of 27.98 billion USD. The bank in its total more than 105 years of the presence has become global bank and also one of the largest public sector banks in the mid-size category of the banks. The bank is under 100% CBS enabled environment and all branches are linked to the network as of now. The bank has the good and loyal customer base which is its core strength. The bank has the total number of 37685 employees.
The bank has the CRAR, a measure of the risk bearing capabilities of the bank globally as per its asset size, of 10.41% as on 31 March 2016 as per the Basel III compliance. However the bank is still to complete the targeted 11.50% as per the mandated RBI guidelines and on or before 31 March 2019.
The bank has the gross NPA of 11.95% which includes the provisioning on the advances as per the mandated guidelines of the Reserve Bank of India. The net NPA of the bank stands at 7.36% at present. The bank is not an exception from the whole industry when the non-performing assets have increased in the industry as a whole. The bank has two subsidiaries in the name of Cent Bank Home Finance Ltd and a wholly owned subsidiary in the name of Cent Bank Financial Services Ltd.
The bank offers the loan services in every field where the other banks have the presence. The bank has adopted the MCLR system as per the RBI guidelines and has the MCLR rates ranging from 8.90% to 9.35% as of now. So if you are a borrower in the bank and you prefer to bank with a nationalized bank in India, you must be cheerful since you would have a bank which has one of the lowest rate of interests amongst the peer group of nationalized banks. If you are a depositor also, it is time for you to cheer up since the bank has the deposit rate as high as 7.65% and which is above par from other such banks operating in the country. The bank has the The MCLR of Syndicate Bank is at par with the banking industry standards as of now. The bank has recently installed the JeevanPramaan which is Digital Life Certificate Generation from any Regional / Zonal Office of the bank. The bank facilitates the senior citizens who have to come to the bank for the submission of the Life Certificate as per the mandatory pension guidelines. The bank is equipped with all kinds of next generation IT services and has launched the applications on the internet and also on the mobile which can be downloaded from the stores like Google plays.
One of the oldest banks with the loyal customer base, a wide variety of the products and apart from the regular innovation in the IT services make the bank a suitable choice for all strata of the customers.