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
- 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.
Who can not open a Current Account
Current account should not be permitted in the name of minor in general but account
opened in the name of minor to be operated upon by natural guardian/guardian appointed
by court may be allowed by the bank. But under no circumstances overdraft shall
be allowed in such cases.
Blind persons should not be allowed to open current account with the bank. However
even if an account holder becomes blind subsequently, he shall be allowed to close
the account and advised to open saving account.
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
- 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.
Interests on Current Account
No interest will be given on balance in current account. But bank shall pay interest
on deceased account at the rate of saving bank account on the balance in the account
from the date of death of accountholder (or from 1st May 1983 which ever is later)
to the date of payment of balance to the legal heirs/representatives/nominees.
Issue/Revocation of stop payment of cheques in case of joint accounts
In the case of joint accounts (operated jointly or separately) any one of the joint
account holder can stop the payment of a cheque drawn by other. The bank is bound
to take notice of such instructions. If the instructions to stop payment of a cheque
given earlier is to be revoked, it requires the signature of all account holders.
Procedure for obtaining declaration of sole proprietorship
The declaration of sole proprietorship should be obtained from the intended customer
on the affadavit. He should sign the declaration form in his individual capacity
and not under the seal of trade name or firm name.