Current accounts are cheque operated accounts maintained for mainly business purposes. Unlike savings bank account no limits are fixed by banks on the number of transactions permitted in the Account.
In terms of RBI directive banks are 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.
Features / Facilities available
- Nomination Facility is available – for Individual and sole proprietorship accounts
- Cheque Book facility – First cheque book free with account opening and subsequently with applicable charges
- Can transfer funds instantly between our branches. Funds transfers can be effected through our Core Banking Software system (CBS)
- Free monthly account statement – by post / email at the address recorded with us.
- ATM card / Internet-Banking Facility
- Remittances – Can remit and receive funds across PAN India through RTGS and NEFT platform.
- Local Cheque Deposit Facility for local / MICR clearing
- Can purchase Pay Orders and Demand Drafts
- Inter Branch Cash Deposit/Withdrawal Facility – Deposit/withdrawal of cash (subject to conditions of the bank).
- Customers to maintain a minimum balance of Rs. 25,000