DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
CURRENT ACCOUNT
Who can open a Current Account
- Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:
- any one or more of them.
- any one or more of the survivors.
- either or anyone one or more of them or the survivors jointly, or survivor.
- ‘former or survivor’ or ‘either or survivor’, subject to the condition that the second (first in the case of either or survior) named account holder will be entitled to the balance lying in the account only on the death of the former (either in the case of either or survivor) account holder.
- Accounts can be opened for sole proprietorship firms, partnership firms, private limited and public limited companies, joint Hindu families, trusts, clubs, associates etc. satisfactorily introduced to the Bank and on fulfilling laid down procedures and tendering required credentials.
- Accounts can be opened by minors of 14 years and above, if able to read and write, in their sole names.
How to open a Current Account
- Application to open an account must be made in Bank’s prescribed account opening form. All signatories are required to come in the bank to sign the account opening form. Required credentials depending upon the type of constitution of the prospective accountholder are to be submitted to the bank.
- Each applicant will be required to sign a declaration to the effect that he has read and accepted Current Account Rules. A copy of the rules is displayed on the notice board.
- A recent passport size photograph of every account holder, proprietor/partners/directors of the company/office branches/trustees and other officials authorized to operate upon the account, is required to be given to the bank.
- The account is to be introduced by an exsisting current/cash credit accountholder having minimum six months old satisfactorily and actively conducted KYC compiled account with the bank.
