Current Account

🏦 Current Account - Jijamata Mahila Sahakari Bank Ltd Pune

Purpose

A Current Account is primarily suited for:

♦ Business Firms: Proprietorships, Partnerships, Private Limited Companies, Public Limited Companies.

♦ Institutions: Trusts, Associations, Societies, etc.

♦ It facilitates a large number of transactions, making it ideal for running day-to-day business operations.

Key Features (General Cooperative Bank Standards)

1. High Liquidity: Allows unlimited deposits and withdrawals (subject to adherence to RBI regulations and bank limits).

2. No Interest: Current Accounts typically do not earn any interest on the balance held.

3. Cheque Book Facility: Provided for easy payments and withdrawals.

3. Minimum Balance Requirement: The account is subject to a minimum average balance requirement. As per the bank's service charges, a minimum balance charge is applicable for Current Accounts.

• Note: The exact minimum balance amount should be confirmed directly with the bank.

4. Overdraft Facility: May be available, subject to a separate arrangement, eligibility, and the bank's terms and conditions.

5. Fund Transfer: Facilitates interbank fund transfers using services like RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer).

Eligibility (Who Can Open)

The bank generally permits the opening of accounts by:

• Individuals (for business purposes)
• Co-operative Societies
• Hindu Undivided Family (HUF)
• Charitable Institutions
• Trusts
• Clubs and Associations

Documentation Required

Standard documents required for account opening typically include:

1. Proof of Identity (e.g., Aadhaar Card, Passport, Driving License, Voter's ID card)

2. Proof of Address (e.g., Aadhaar Card, Passport, Driving License, Voter's ID card)

3. PAN Card (or Form 16 if PAN is not available)

4. Recent Passport-sized Photographs

5. Relevant Business/Institutional Documents (e.g., Partnership Deed, Memorandum & Articles of Association, Trust Deed, Registration Certificate, Board Resolution, etc.)

Key Charges & Fees

The bank publishes a schedule of service charges. Charges associated with the Current Account may include:

• Minimum Balance Charges: If the required minimum average balance is not maintained.
• Cheque Book Charges: For issuing cheque books beyond a certain free limit.
• Cheque Return Charges: For outward or inward cheque returns.
• Stop Payment Charges.
• Account Closing Charges: If the account is closed within a specific period (e.g., 12 months).

Disclaimer: The specific features, current minimum balance requirements, and exact charges can vary and are subject to change by Jijamata Mahila Sahakari Bank. Ltd Pune For the most accurate and up-to-date information, it is highly recommended to contact the nearest branch of Jijamata Mahila Sahakari Bank Ltd Pune directly.