Current Accounts are designed to meet the needs of such sections of the public who operate their account regularly and frequently. i.e., Traders, Businessmen, Corporatebodies or the like who receive money and make payments very often. Current accounts are suitable to such category of customers as there are no restrictions on the number of withdrawal or deposit. Current accounts can be opened by individuals,Proprietary concerns,Partnership firms, Private & Public Ltd Co., HUFs/Specified associations, Societies,Trusts,Liimited Liability Partnerships etc.
As required by law, while opening the account, the Bank will satisfy itself about the identity, including verification of address of the person/s seeking to open an account to assist in protecting the prospective customers, public and ourselves against fraud and other misuse of the Banking system duly
observing the KYC guidelines of RBI.
The Bank is required to obtain 3 photographs of all the person/s who are opening and operating the account.
The Bank is required to obtain Permanent Account Number [PAN] or alternatively obtain declaration in Form No.60 as per the Income Tax Act [vide Section 139-A] from the person/s opening the account [i.e., including partners or registered/unregistered partnership as also registered/incorporate bodies/companies].
The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account. Minimum Balance as stipulated from time to time is required to be maintained by the customers.
No interest is paid on credit balance kept in Current Account. Service charges are levied for:
Cheque leaves issued
Non-maintenance of minimum balance
Return of cheques, etc.
Duplicate pass sheet charges
Annual Maintainece charge for Mobile Banking And ATM Cards