Current Account

Terms and Conditions:

1. Account Opening & Eligibility:
   • Current Accounts may be opened by individuals, proprietorships, partnerships, companies, and other business entities.
   • The account shall be opened only after completion of KYC (Know Your Customer) verification and submission of required documents.
   • The institution reserves the right to accept or reject any application based on internal policies and due diligence.
2. Nature & Purpose of Account:
   • A Current Account is a non-interest-bearing demand deposit account primarily designed for business transactions and high-volume fund flows.
   • It allows unlimited deposits and withdrawals, subject to available balance.
3. Minimum Balance Requirement:
   • Customers are required to maintain a Minimum Average Balance (MAB) or Quarterly Average Balance (QAB) as specified by the institution.
   • Non-maintenance of the required balance may attract applicable penalties or service charges.
4. Deposits & Withdrawals:
   • Deposits can be made through cash, cheque, NEFT/RTGS, or other approved channels.
   • Withdrawals can be made via cheque, withdrawal slip, ATM, or digital banking.
   • There is generally no restriction on the number of transactions, making it suitable for business operations.
5. Interest on Current Account:
   • No interest is payable on Current Account balances, as per standard banking practice.
6. Charges & Fees:
   • The institution may levy charges for:
   • • Non-maintenance of minimum balance
     • Cash handling beyond limits
     • Cheque book issuance
     • Transaction services
   • Charges are subject to revision and will be communicated as per policy.
7. Account Operations:
   • Accounts may be operated:
   • • Individually or jointly
     • By authorized signatories in case of firms/companies
   • Mode of operation (e.g., Jointly, Either/Survivor) must be specified at the time of account opening.
8. Regulatory Guidelines (RBI Compliance):
   • Opening and operation of Current Accounts are subject to RBI guidelines on credit exposure and account monitoring.
   • Banks may restrict opening of current accounts for customers having existing Cash Credit (CC) or Overdraft (OD) facilities with other banks.
   • For large borrowers, accounts may be operated under escrow or monitoring mechanisms to ensure financial discipline.
9. Transaction Monitoring & Compliance:
   • All transactions are subject to monitoring as per regulatory norms to prevent misuse and ensure compliance with applicable laws (e.g., AML, FEMA).
10. Dormant / Inactive Accounts:
    • Accounts with no transactions for a specified period may be classified as inactive or dormant.
    • Reactivation requires proper verification and customer request.
10. Account Closure:
    • The account holder may close the account by submitting a written request.
    • The institution reserves the right to close accounts in case of:
    • • Policy violations
      • Suspicious transactions
      • Regulatory non-compliance
11. Amendments & Governing Law:
    • These terms are governed by applicable banking laws and RBI regulations.
    • The institution reserves the right to modify terms and conditions from time to time.