|
Common Areas of Customer -
Banker Relationship
Current Account
A foundation stone of business relationship.
Current deposits are the most flexible deposit option for those whose transactions take the form of an everyday exercise. It is the backbone of all trading activities.
“Current Account” means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit;
Who can open the account - These accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associates, societies, trusts etc.
Documents required - As per KYC norms the following documents duly verified from original are required to be submitted in case of individuals.
- Two passport size photographs
- Proof of residence i.e. Pass port/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity
- An introduction
- PAN or GIR number / Declaration in form no.60 or 61 as per the Income Tax Act 1961
Different set of documents are required to be submitted as per bank’s norms if accounts opened by partnership firms, private and public limited companies, HUFs/specified associates, societies, trusts etc.
Minimum balance required for opening account
| Sr.No |
Area |
Minimum Amount (in Rs) |
| Personal |
Other |
| 1. |
Rural |
1000/- |
1000/- |
| 2. |
Semi Urban |
1000/- |
1000/- |
| 3. |
Urban |
2000/- |
3000/- |
| 4. |
Metro |
3000/- |
5000/- |
Terms and Conditions
- Non compliance to maintain minimum balance will attract service charges. No interest is paid on credit balances kept in current account.
- If the account is in not operated by the account holder for two consecutive half years it is termed as in-operative account and shall be liable for levying of service charges.
- Cheques/instrument in the name of account holder including endorsed instrument in favour of the account holder are collected through Current Account on satisfaction to certain conditions.
- For deposit and withdrawal of Rs.50,000/- and above in cash, providing of PAN is mandatory as per RBI and Income Tax rules.
- As per Government guidelines 0.1 % Banking Cash Transaction Tax (BCTT) is presently levied in following cases :-
| For |
In Case |
| Individual or Hindu undivided family |
If cash withdrawal from an account, i.e. from a single account (by whatever mode) on any single day exceeds Rs.25,000/- |
| Person other than Individual or Hindu undivided family |
If cash withdrawal from an account, i.e. from a single account (by whatever mode) on any single day exceeds Rs.1,00,000/- |
For opening special types of current accounts like for Executors, Administrators, Trustees, Liquidators etc., the Branch Manager may be contacted who will help in opening these type of accounts.
Facilities
A multi-city cheque facility is being offered to current account customers maintaining a balance over Rs.50,000/-. Under this facility the customer will get personalized multi city cheque book from which he can issue at par cheques to his clients at MCC centers. The facility is being offered “Free of cost” at present.
The Bank has introduced the following scheme under current account. (Details of the scheme can be found on the bank’s website www.bankofbaroda.com)
> Premium Current a/c. (Metro & Urban)
> Our Commitment and Responsibilities
> Common Practices followed by our Branches
> Safeguards
> Common areas of Customer – Banker relationship
> Time - Norms for various banking transactions
> Extended Banking Hours
> Customer Communication
> Banking Ombudsman Scheme, 2006
> Redressal of Complaints
> Other customer centric initiatives
|
Deposit