- A current account is a type of deposit account for those who need to make a substantial number of transactions on a regular basis. Current accounts are most commonly used by professionals, entrepreneurs and large and small-scale businesses.
- One of the most important advantages of having a current account for your business is that there is no constraint on the number of transactions. You can transact any number of times at whatever frequency you need to. This enables your business to have maximum fluidity in terms of operations
- Unlike savings accounts, current accounts generally have no transaction limits and lets the holder opt for overdraft facilities
|
Eligibility |
- Individuals,
- Joint accounts (not more than 4),
- Primary Agriculture Co-operative Societies, Urban Co-operative Banks/Socities, Co-operative Souhard Socities , Milk Producer’s Co-operative Socities ,
- Proprietory concerns,
- Partnership firms,
- HUF,
- Public and Private Limited Companies,
- Limited Liability Partnership,
- Registered or Unregistered Societies or Associations,
- Trust / Executors and Administrators,
- Govt./Semi Govt. Dept, Taluk /District Boards,
- Charitable & Religious Institutions.
|
Documents Required For Opening the Account |
- Application in the Banks’ prescribed form,
- Identity proof, Address proof, Photos,
- Memorandum and Articles of Association,
- Certificate of Commencement of Business,
- Partnership Deed, (wherever required)
- Certificate of Incorporation and Board Resolution,
- Registration Certificate (in the case of a registered concern)
- Certificate / Licence issued by the Municipal Authorities under Shop & Establishment Act etc.,
|
Minimum Deposit Amount |
Rs.1000/- in Rural/Semi-urban,
Rs.5000/- in Urban |
Periodicity of Deposits |
Running (Operative) Account |
Interest |
Not eligible for interest |
TDS |
Not applicable |
Nomination Facility |
Available for Individual Accounts,
Joint Accounts,
Proprietorship Accounts. Not available for accounts held in representative capacity viz., partnerships, Joint Stock Companies, Associations, Clubs and other organizations. |
Loan Facility |
Not applicable |
Other Facilities |
ATM cum Debit Card for individuals, Pass Sheet, Standing Instructions, Collection of local and outstation Cheques (at the cost of the account holder) etc. |
Application and Documents |
Application in the Banks’ prescribed form
Specimen Signature Card
Copy of PAN Card/Form 60 or 61(if customer does not have PAN Card)
Photograph of Account holders/ Authorised signatories (2 copies each)
Proof of Identity and address as per KYC Norms
Any other related documents applicable to proprietor ship concern, Partnership Firm, Company, HUF etc. |