Central Bank of India Central Classic Card From Download

This document outlines the formal Terms, Conditions, and Application Framework for the “Centralcard Visa Classic” credit card issued by the Central Bank of India.

• Age Bracket: Applicants and add-on members must be Indian residents between 21 and 60 years of age.
• Discretionary Approval: The bank reserves absolute right to decline any application or transaction without providing a justification.

• Zero Initial Cost: There are no joining fees and no annual/membership enrolment fees.
• Finance & Late Charges:
  • Revolving credit incurs a finance charge of 2.5% per month (compounded) from the transaction date.
  • Late payments attract a flat penalty of ₹100 per month.
  • Bounced or returned cheques carry a penalty of ₹150 per event.

• Statement Cost: Standard and duplicate account statements are provided at no charge (NIL).

• Revolving Credit: Users can opt for revolving credit by paying a Minimum Amount Due (MAD) of 5% of the total outstanding balance monthly.
• Automatic Recovery: Cardholders must keep a sufficient balance in their linked Savings, Current, or Overdraft accounts to allow automatic debiting of dues.
• Right of Set-Off: The bank is legally authorized to consolidate any outstanding card debt with other accounts the cardholder maintains at the bank to recover unpaid balances.
• Payment Allocation Order: Payments received are applied first to clear administrative fees, interests, and finance charges, and secondly to clear the underlying purchase or cash advance principal.

• Theft/Loss Protocol: If a card is lost or stolen, the user must immediately notify the bank via telephone/telegram and submit a copy of the police FIR via Registered AD letter. Financial liability only ceases once the bank logs the report.
• Card Ownership: The card remains bank property; it terminates automatically upon the holder’s death, bankruptcy, or if their location becomes unknown.
• Cancellation Notice: If a cardholder decides not to automatically renew, they must serve a 3-month notice before the expiry date to avoid ongoing charges.

When submitting the form, the bank requires the following 6 documents to be attached:

1. PAN Card copy
2. Valid Address Proof
3. Income Proof
4. Income Tax Return (ITR) copy
5. Recent Salary Slip
6. Bank account statements covering the last 12 months

If you are calculating your potential payments or preparing the application, let me know if you would like to:

• Look into how the 2.5% monthly compound interest builds up if you choose the revolving credit option.
• Walk through how to document your financial balance sheet (Assets vs. Liabilities section).
• Understand the specific criteria for setting up an Add-On member.

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