Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc.
Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts. For partnership firms, limited companies HUFs, trusts etc the documentation formalities will be provided to you on request.
No interest is payable on credit balances in Current Accounts.
The customers may receive the statements of account according to the frequency desired by them.
Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques. A cheque should not be issued for an amount of less than Rs. 50/-.
A cheque which is presented more than 6 months after the date of issue will be treated as "stale" and shall not be paid. Such cheques shall be paid only after revalidation by the drawer.
Cheques should not be drawn without adequate balance or against uncleared effects, in order not to attract the penal provisions of section 138 of the Negotiable Instruments Act.
The cheque book should be kept safely to prevent any misuse and consequential loss to the depositor(s). The loss of any cheque or the cheque book should be promptly reported to the Bank.
Payment of a cheque can be stopped by the drawer, by giving notice in writing to the Bank, mentioning full details of the cheque, before the cheque is presented for payment. The Bank will not pay this cheque after recording 'stop payment' in its books.
Standing Instructions (S.I.) are accepted in Current Accounts.
As per RBI directive, the applicant for Current Account should declare in the account opening form or separately that he/they is/are not enjoying any credit facility with any Bank and if he/they does/do enjoy any credit facility, he/they should declare full particulars thereof indicating the name of the Bank/branch concerned.
The minimum balance required to be maintained in a Current Account w.e.f. 01.01.2001 is as under:
Service charges for non-maintenance of the above mentioned minimum balance in account will be recovered based on the average minimum balance maintained during each quarter.
In Personal Banking Branches, minimum balance of all deposit accounts is Rs.50,000/- in Metro/Urban branches and Rs.25,000/- in Semi-urban centres.
For pension drawing accounts, a 50% concession is allowed both in minimum balance requirements as well as in service charges.
Facilities like local clearing, immediate credit of outstation cheques etc are as applicable to savings accounts.
For details of service charges applicable to current accounts, please refer Annexure 2.
. The service charges/minimum balance requirements are subject to change. For the latest rates please feel free to contact the branch where you maintain the account or call our helpline numbers mentioned in page