Current Accounts
Current Accounts are usually
maintained by all commercial, institutional and business organizations.
Individuals can maintain current accounts to avail overdraft facility from bank
against some security or otherwise. The salient features of Current Accounts
are as under:
Who can open?
·
Individuals,
·
Partnership firms,
·
Private and public limited
companies,
·
Specified associations,
·
Societies,
·
Trusts etc.
Requirements
Individuals: The formalities for opening
of Current accounts by individuals are the same as listed under Savings Bank
Accounts Others:
- Completed duly signed Account opening form along with photographs of all authorized signatories. The identification proof as stated above in case of individual account should be attached with the forms.
- As per the constitution of account the relevant papers are required e.g
·
Partnership deed for
Partnership firms,
· Board resolution, Article
and Memorandum and Association for Limited Companies,
· Letter from Boards to
authorize the signatory to operate the accounts to be obtained for Institution
and organizations,
· By laws and resolutions to open the accounts
for Clubs, Associations and Religious Institutes.
·
Trust deed for Trust
accounts.
3. The minimum initial deposits
should be of USD 20 or its equivalent to other currencies for individuals.
Schedule of Charges:
If the balance of account
goes below USD 20 or its equivalent to other currencies during any month bank
will deduct penalty as approved by banks management per month from the account.
As per the constitution of account the relevant papers are required. Like
- · Partnership deed for Partnership firms
- Board resolution, Article and Memorandum and Association for Limited Companies,
- · Letter from Boards to authorize the signatory to operate the accounts to be obtained for Institution and organizations,
- By laws and resolutions to open the accounts for Clubs, Associations and Religious Institutes.
·
Trust deed for Trust
accounts.
Maximum Amount:
No Maximum limit
Rate of Interest:
No interest is paid on
Current Accounts.
Other Features:
- · Statements of accounts are issued by bank at monthly intervals and on more frequent intervals at the request.
- · Local and outstation cheques are accepted for realization.
- · Service charges are recovered for cheques returned unpaid.
- · No operation in the account for 12 months makes an account 'Dormant'/'Inoperative'.
- · Bank shall offer various other facilities/services with these accounts like ATM cards, ATM-cum-Debit cards, Credit cards, Online or Internet banking etc at a later date to be notified.
- · Standing instructions are accepted by bank in these accounts, subject to payment of stipulated charges.
- · Payment of cheques can be stopped by the holder(s) of the account.
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