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Current Accounts

Current Accounts

Requirements:

Individuals : The requirements for opening of accounts by individuals are the same as listed under Savings Bank Accounts

Trusts :
i. Copy of Trust Deed
ii. Copy of minutes of the meeting for opening, conduct and operation of the bank account of the trust.
iii. Any other relevant document(s) required by the bank.

Societies :
i. Copy of By-laws of the society.
ii. Copy of minutes of the meeting for opening, conduct and operation of the bank account of the society.
iii. Any other relevant document(s) required by the bank.

Partnership Firms :
i. Copy of Partnership Deed
ii. Any other relevant document(s) required by the bank.

Companies :
i. Certificate of Incorporation
ii. Certificate of Commencement of Business
iii. Copy of Board Resolution for opening, conduct and operation of the bank account of the company.
iv. Any other relevant document(s) required by the bank.

Other features:

  • Overdraft facility can be availed in Current Accounts. Current Accounts are maintained by individuals mainly for availing overdraft facility.
  • Statements of accounts are issued by banks at monthly or more frequent intervals.
  • Local and outstation cheques are accepted for realization. Service charges are recovered for cheques returned unpaid.
  • Amount can be withdrawn in cash from banks by cheque or from ATMs.
  • Immediate credit is usually provided for outstation collections up to Rs 20000/- for accounts that are satisfactorily conducted.
  • Banks pay interest for delays in collection of outstation cheques.
  • No operation in the account for 6 / 12 months, makes an account ‘Dormant’/’Inoperative’.
  • Banks offer various other facilities/services with these accounts like ATM cards, ATM-cum-Debit cards, Credit cards, Online or Internet banking etc.
  • Standing instructions are accepted by banks in these accounts, subject to payment of stipulated charges.
  • Service charges and rules vary from bank to bank.
  • Payment of cheques can be stopped by the holder(s) of the account.

Current Accounts

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