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Last Modified : Apr 23, 2007 12:01 PM
Current Account

 


Opening of Account
Obtaining of Photographs
Minimum Balance / Amount Required to Open An Account
Interest on Credit Balance
Incidental / Folio / Handling Charges
                                      

 
Opening of Account


The following persons, firms, etc, who are properly introduced, may open Current account by signing the prescribed account opening form(s), along with PAN / GIR Numbers or declaration in Form No.60/61.
  • An individual in his/her own name;
  • More than one individual in their joint names payable to all of them jointly or any one or more of them or survivor(s).
  • A Hindu Undivided Family, a Proprietorship concern, a partnership firm, a Company, a trust, a local body, Govt. Department, etc., in its own name by giving clear operational instructions.
 
Obtaining of Photographs

In terms of Reserve Bank of India's guidelines, photograph should be given at the time of opening of all categories of deposits accounts  (including Current Account) of both resident and non-resident account holders inclusive of persons authorised to open / operate the  accounts as applicable.
 
Minimum Balance / Amount Required to Open An Account

A Current Account may be opened with a minimum of Rs.1000/- in fully / partially computerised branches and Rs.500/- in other branches irrespective of the location of the branches. However at Specialised Commercial & Personal Banking branches this is Rs. 10,000/- for current Accounts.

If the prescribed minimum balance is not maintained in the current account Rs.28/- per occasion with a maximum of Rs.500/- per month will be collected..
 
Revision in 'Minimum Balance' to be maintained with effect from 15.02.2007, is as shown below:

  Rural/Semi Urban Urban / Metropolitan
Current Account 500 1000
ATM Card Holders: Current Account 1000 1000
 
Interest on Credit Balance

Interest is not allowed on the credit balance maintained in current accounts.
 
Incidental / Folio / Handling Charges

Bank will collect charges for the ledger folios used in Current accounts at the rate prescribed below:

Rs. 66/- per ledger page (40 entries or part thereof considered as one ledger page) and Rs.83/- per computer statement sheet on a half-yearly basis subject to the concessions provided on maintenance of average balance.
 
Average Credit Balances Free ledger folio pages allowed peryear
Up to Rs.25,000 Nil
Above Rs.25,000/- up to Rs.50,000/-
3
Above Rs.50,000/- up to Rs.1,00,000/- 6
Above Rs.1,00,000/- up to Rs.2.00 lakhs 11
Above Rs.2.00 lakhs All
Debt Waiver / Relief Beneficiaries
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