Current Account

Who can open Current Account?

  • Individual in personal capacity
  • Individuals in joint names
  • Partner / Sole proprietorship firms
  • Non-individual accounts such as companies, organisation, Corporations, clubs, societies, etc.

Who cannot open a Current Account?

  • Minor
  • Mentally retarded person
  • Illiterate person (singly)
  • Non-residents
  • Pardanasin lady

Formalities for opening an account

  • Application Form
  • Introduction
  • Proof of residence
  • Photograph

For Company Accounts

  • Board Resolution
  • Memorandum of Association
  • Articles of Association
  • Certificate of Incorporation
  • Certificate of Commencement of Business (for public limited companies)

Minimum Balance

  • For individuals : Rs.3,000
  • For institutions: Rs.5,000

Facilities

  • No restriction on number of operations in the account
  • Nomination (for personal and sole proprietorship accounts)
  • Collection of cheques, bills, drafts
  • Temporary Overdraft