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| Current accounts are cheque operated accounts maintained for mainly business purposes. Unlike savings bank account no limits are fixed by the bank on the number of transactions permitted in the Account. Bank generally insists on a higher minimum balance to be maintained in current account. Considering the large number of transactions in the account and volatile nature of balances maintained overnight banks generally levy certain service charges for operating a Current account. |
| What we ask for opening a Current Account ? |
| Documents required for opening of Current Account by a Partnership Concern / Institution / Companies |
- Partnership Firm :
- Partnership Deed
- Partnership Letter
- Account opening form
- Specimen Signature
- Institution
- Documents required as in case of Savings Bank Account
- Company
- Certificate of Incorporation
- Memorandum of Association
- Articles of Association
- Certificate of commencement of business
- Resolution to open Current Account
- Specimen Signature
- Account opening form
- List of Directors
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| Account Opening Form |
- Minimum monthly average Balance of Rs. 3000.00 to be maintained in Current Account. If the average monthly balance falls below the prescribed minimum balance, then charge will be levied.
- In terms of RBI directive bank is not allowed to pay any interest on the balances maintained in Current accounts
However, legal heirs of a deceased person are paid interest at the rates applicable to Savings bank deposit from the date of death of the account holder till the date of settlement. |