CURRENT ACCOUNT

Who can open an account

Current account can be opened by individual / HUF, a proprietary concern, a partnership firm, a company, a trust, a local body, Govt. department by signing prescribed account opening form(s) and with proper introduction, identification, address proof etc., accompanied by prescribed documents.

Know Your Customer (KYC) norms

1. The prospective account holder should comply with the 'Know Your Customer (KYC)' norms by producing one or more of the following documents in support of identity and address:

Accounts of companies
Name of the company Principal place of business Mailing address of the company Telephone / Fax Number	Certificate of incorporation and Memorandum & Articles of Association Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account Power of Attorney granted to its managers, officers or employees to transact business on its behalf Copy of PAN allotment letter Copy of the telephone bill

Accounts of partnership firms
Legal name Address Names of all partners and their addresses Telephone numbers of the firm and partners	Registration certificate Partnership deed Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf with ID Proof Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses Telephone bill in the name of firm/partners

Accounts of trusts & foundations
Names of trustees, settlers, beneficiaries and signatories Names and addresses of the founder, the managers / directors and the beneficiaries Telephone / fax numbers	Certificate of registration Power of Attorney granted to transact business on its behalf Any officially valid document to identify the trustees, sheltors, beneficiaries and those holding Power of Attorney, founders / managers / directors and their addresses Resolution of the managing body of the foundation / association Telephone bill

Introduction

1. The prospective account holder should be introduced by a third party, acceptable to the Bank.

Minimum Balance

1. Minimum balance for opening and maintaining Current Account:

Current Accounts	Minimum balance to be maintained
(i) For opening / maintaining CA Account (without cheque book facilities)	Rs.1000/-
(ii) For opening / maintaining CA Accounts (with cheque book facilities)	Rs.2000/-

Pass books / Statement of accounts

1. Computerised account statements are issued in lieu of pass book. Such statements will be sent in soft copy to the available e-mail ID of the customer, if he/she so desires.


2. Any unreasonable delay in getting statement of account periodically should be brought to the notice of the Branch Manager


3. No entry should be made in the statement of account by the deposit / account holder


4. Any manual entry made by the Bank's staff in the statement of account should be insisted for authentication by the Officer / Branch Manager


5. The depositor should check up the entries in the statement of account and report immediately to the Branch Manager if any discrepancy is observed / found


6. If no representation is received within 3 days from the date of updating the passbook, the Bank will presume that the entries are correct and will bind on the customer


7. If the depositor desires additional statement of account, the same will be issued against written request for which the depositor has to pay prescribed service charges of the Bank

Transactions

1. In the counter, credit to account shall ordinarily be through pay-in-slip supplied by the Bank unless otherwise permitted by the Bank and will be acknowledged by authorised officials of the Bank


2. Depositor can remit to the accounts from other banks through the 'Alternate Delivery Channel' like NEFT / RTGS / ECS / Net banking / Mobile Banking etc., duly complying with the conditions stipulated therein


3. Deposit to the account shall be in multiple of Re.1/- subject to minimum of Re.1/- per occasion


4. Withdrawals shall be ordinarily made only by way of cheques supplied by the Bank. However the Bank, at its discretion, may allow payments by way of withdrawal slips, ECS, electronic media, mandates, cheque images, where cheque truncation is provided, etc


5. If a customer having cheque books, needs to do cash / non-cash transaction without using the cheque book, such requests may be considered by the Bank on merit only in the parent / base branch


6. Cheques / bills, pay orders, demand drafts, pension bills, dividend warrants, refund orders, etc., may be collected through account on behalf of the depositor on payment of collection charges stipulated by the bank from time to time. The proceeds of the instruments accepted for collection will be credited to the account on realisation and even if credited before realisation, withdrawals are permitted only after realisation of the instruments. The bank, therefore, has the right to debit the customer's account, in the event advance credit has been given in respect of instrument accepted for collection and such instrument is returned unpaid. The bank will not be responsible for any loss that may occur by delay or otherwise in transmission or collection


7. All the cheques, drafts and other valuable instruments sent by a customer by post must be transmitted only by means of registered post, failing which the bank will be absolved of all liability arising from any fraud in respect of such instruments lost or stolen in transmission


8. Should the bank receive notice form the drawer of the loss of the cheque or to stop payment of a cheque, such notice will be registered, but the bank will not be responsible should the cheque be paid on presentation by oversight of such notice or otherwise. If such a Notice is given by telegram, it should at once be confirmed by a letter. Service charges as stipulated from time to time will be collected for recording stop payment of cheques


9. The Bank is not bound to give notice of dishonour of cheque, etc., until dishonoured instrument is received by the Bank


10. While returning a cheque, the bank need not mention the name and address of the drawer of the cheque even if a request is made by the payee. It may be disclosed only under the following circumstances
    o Disclosure is necessitated as per the Court's order
    o Disclosure is to be made to an agency of the State duly empowered under the Statue
    o Drawer of the cheque has consented for such disclosure
    


11. No account will be allowed to be overdrawn except by special arrangement with the bank. Interest on the amount overdrawn will be calculated at the rate prescribed by the bank from time to time on the daily balance and the same will be charged to the account on the last day of the quarter in which the account was overdrawn or even earlier if the bank thinks it desirable. The amounts overdrawn should be paid within a week from the date of overdrawal even if not demanded by the Bank earlier.


12. When the depositor wishes to transfer his account from one branch of the bank to another branch, upon his written request, and surrender of cheque leaves, the transfer will be made free of charge, but the depositor will be required to pay service charges as stipulated form time to time for a new pass book which will be supplied to him


13. The account will be closed on a written request of the depositor(s) and the balance to the credit, if any, will be paid to the depositor on surrendering the unused cheque leaves and the pass book, if provided. The passbook will be returned to the depositor after closing the account

Cheque book facility

1. All current account holders are provided with cheque books, collecting the cost of such cheque books

Inoperative Accounts

1. If the account is not operated by the account holder, the account will be transferred to 'Inoperative Account' on completion of 24 months from the date of last operation


2. All 'Inoperative Accounts' attract maintenance charges at the rate prescribed by the Bank from time to time. The following is the latest rate of service charges:

Details	Non - individuals	Individuals
i) Where the balance is less than the required minimum balance	Nil	Nil
ii) Where the balance is more than the required minimum balance	Nil	Nil



3. With the levying of service charges to inoperative accounts, the account may tend to zero. All such accounts with zero balance will automatically get closed and these accounts will not be reviewed for bringing the account back to 'Operative' status. In other words, a new account can be opened duly complying with 'KYC' norms / AML guidelines.


4. All inoperative accounts are barred for 'Anywhere Banking facility' and thereby can be operated only at the base branch. With this, Internet / Mobile / Tele banking, ATM / Debit cards, Credit Cards, RTGS / NEFT facilities are not available for inoperative accounts.


5. The cheques presented on the inoperative account in other than base branch will be returned with the reason "Inoperative Account. Present in base branch". Similarly, the credits received at other than in base branch for further credit to the inoperative account will be returned with the reason "Inoperative Account - Credit at the base branch"

Review of inoperative accounts

1. Inoperative account shall be reviewed by the Bank at its discretion to bring back to the 'Operative Status', if the account holder requests in writing duly complying with KYC norms like furnishing of latest passport size photograph, address proof in support of address given, latest specimen signature with operation instructions etc

Dormant Accounts

1. If an account in 'Inoperative' status is not operated in the parent branch by the account holder, the said account will be treated as 'Dormant Account' on completion of 36 months from the date of previous operation by the customer in inoperative status or on account of becoming 'Inoperative' whichever happens later. Such 'Dormant Accounts' are not eligible for operations therein by the customer nor for review for bringing the account back to 'Operative' status. However, the entire balance in the 'Dormant Account' can be claimed by the account holder in the base branch personally by submitting a written application, establishing his / her identity and surrendering the unused cheque leaves, if any


2. All dormant accounts attract service charges as applicable to inoperative accounts


3. All dormant accounts tending to zero, while collecting service charges or otherwise, will automatically get closed

Interest and charges

1. No interest will be paid on Current Account.


2. Bank reserves the right to levy service charges on current account from time to time on various counts, which is presently as under:
   
   * Minimum of Rs.100/- and thereafter Rs.10/- per page for every half yearly


3. If the account is closed incidental charges will be recovered (except where premature closure of an account is due to the death of the account holder, transfer to another branch, transfer for term deposits or for opening another joint account)

Nomination facility

1. Nomination facility is available for individuals and proprietary concerns

Alternate Delivery Channel

1. The depositor can avail 'Any Bank / Any branch / Any time Banking facility' provided by the Bank complying with the terns conditions stipulated thereon. This presently includes 'Inter Branch remittance' facility, RTGS / ECS / NEFT facility, V-Net Banking / Mobile Banking / Tele Banking facility, ATM / Debit / Credit card facility etc.


2. Standing instructions shall be accepted at the base branch against prescribed fee / charges wherever applicable. Depositors, who have to make remittances / payments / credits of recurring nature such as payment of insurance premium / subscriptions, transfer of funds, instalments to deposit or loan accounts or the like, may in advance, instruct by giving standing instructions to the office in which their account stand to make such payments / remittances credits on their behalf on the specified dates by debiting their accounts. The bank, however, will not be held responsible if the instructions could not be carried out for reasons beyond Bank's control such as non-maintenance of sufficient balance, strikes, riots, civil commotion, acts of God etc. The bank renders service as above against payment of service charges stipulated from time to time.


3. Request for chequebooks, entertaining ECS facility, noting of stop payment instructions / missing blank cheque leaves will be entertained only in the parent branch, with charges as applicable.


4. Cash withdrawal in other than base branch: Account holder can withdraw cash for self from his own account through a cheque leaf from the cheque book issued to him in any branch other than the base branch complying with the terms and conditions set for the said facility.


5. The account holder can deposit cash in any branch other than the base branch for the credit of his own account, duly complying with the terms and conditions stipulated for this purpose.


6. If a cheque under an inoperative account is presented in clearing, where inward clearing is centralised, such a cheque cannot be debited to the respective account through inter-SOL and hence, the same will be returned with the reason "Inoperative Account - Present in the base branch".

Customer's Obligations

1. Depositor should keep the cheque book under safe custody. The loss of cheque book or blank cheque leaves or completed cheques should be immediately reported to the Bank. The Bank will not be responsible for any loss arising out of non-observance of these precautions


2. Customer shall file with the Bank his latest style of signature / photograph by a letter whenever there is change in the style of his / her signature or once in 10 years from the date of previous updating whichever is earlier. Failing this the Bank will treat this inaction as an irregularity in the account and thereby the Bank shall have the rights (a) to return any or all cheques presented thereafter with the reason 'Refer to drawer' and (b) to close the account and refund the balance, if any


3. Customer/s should inform the Bank, change of their address, telephone number, if any, failing which the account holder is liable for charges incurred by the Bank in locating the customer/s


4. If a cheque is deposited for collection, the account holder shall ensure that the realization proceeds is credited to his account within a reasonable time; else the matter will be referred to the Bank either at the base branch or where deposited


5. Customer/s should inform the Bank, change of their constitution, operation instructions etc., if any