Current Account

ELIGIBILITY CRITERIA

• Individuals
• Hindu Undivided Families (HUF)
• Proprietary concerns
• Partnership firms
• Companies
• Trusts
• Local bodies

To open a current account, the account holder must sign the account opening form(s) and provide the prescribed documents for verification.

Minimum Deposit & Balance

• Initial Deposit: ₹2,500 (for Proprietary Firm) 5,000 for (Partnership firms)
• Minimum Balance: ₹2,500 (for Proprietary Firm) 5,000 for (Partnership firms)

RATE OF INTEREST & CHARGES

• Current accounts typically do not offer interest on balances, as they are meant for active transactions rather than saving.

REQUIRED DOCUMENTS

Identity and Address Proof (Any one of the following):

• Aadhaar Card
• Passport
• Voter ID
• PAN Card
• Government-issued Identity Card
• Utility Bills (Electricity, Water, Telephone, etc.)
• Rent Agreement
• Bank Account Statement

Business Proof(For Non-Individual/Business Account):

• Business Registration Certificate
• Partnership Deed (for partnership firms)
• Certificate of Incorporation (for companies)
• GST Registration (if applicable)
• Trade License

Photographs:

• Recent passport-size photographs (usually 2-3).

Additional Documents (if applicable):

• PAN Card of the entity or individual
• Resolution from the Board of Directors (for companies)
• Memorandum and Articles of Association (for companies)

Additional documents may be required for businesses, such as partnership deeds, company registration certificates, etc.

Who is a nominee?

A nominee is the individual who will receive the investment proceeds in case of an investor's demise. In other words, the nominee will be the recipient or the beneficiary of the investments, assets and other funds when their owner passes away.

Who can be a nominee?

Given the nature of this position, a nominee should ideally be a family member who is close to you, like your spouse, your children, or your parents. In some cases, you may assign the position of a nominee to someone else you trust as well, like a close friend.

In case your nominee is a minor, you will also have to provide the details of the minor's guardian, like their name, address and contact information.

Type of Nomination:

Successive – Next nominee will get the amount / contents of locker only if the earlier nominee is not alive.

Simultaneous – All nominees will get the amount together as per their share.

Maximum 4 Nominations are allowed in both cases.