Current Account for Financial Institution

Overview

This product will address the account opening needs of Non-Banking Financial Companies (NBFC)/Asset Finance Companies/Asset Management Companies, chit funds and both public and private sector Insurance Companies.

Financial institutions are organizations/companies engaged in business that dealing monetary transactions, such as deposits, investments, private loans and currency exchange.

Financial Institutions encompass a broad range of business operations within the financial service sector including Trust Companies, Insurance Companies, Asset Management Companies (Mutual Funds), brokerage companies and investment dealers. These companies being Non-Banking Financial Companies (NBFC’s), banks are key points for their daily financial transactions.

Salient Features

  • Unlimited cash withdrawal at base branch
  • Zero Balance account with NIL AQB Charges
  • Unlimited free DD/POs
  • Free RTGS & NEFT
  • Free unlimited cheque leaves
  • Free ECS return charges and stop payment charges

Eligibility

  • Non-banking Financial Companies (NBFC), Leasing Companies, Joint Ventures, Liaison Office/Representative Office, Branch Office, Project Office, Mutual Funds, Asset Management Companies, chit funds

Documentation

  • All extant KYC guidelines applicable to opening Current Accounts for Financial institution shall be adhered to.

Interest Rates & Charges

Sr.No Feature CA for Financial Institutions (NBFCs)

1

Average Quarterly Minimum Balance(AQMB) NIL

2

Cash Remittance
At Base Branch 12 Times of MAB ,above the free limit cash remittance will be charges at Re.1/- per Rs. 1000/-
At Non base Free up to Rs. 1,00,000/-per day. Thereafter Re. 1/- per Rs. 1000/- 

3

Cash withdrawal
At base Branch Free
At Non base Free up to Rs. 1, 00, 000/per day. Thereafter Re. 1/- per Rs. 1,000/- 

4

Inward Clearing Charges
At base Branch/At non base branch Free

5

Outward Clearing Charges
At base Branch/At non base branch Free

6

Inward Clearing  Return Charges at base / non-base branch Rs. 100/- per cheque

7

Outward Clearing  Return Charges at base / non-base branch Rs. 50/- per cheque

8

Collection  charges for Outstation cheques Nil

9

Outstation cheque collection return charges Rs. 50/- per cheque plus other bank charges and out of pocket expenses if any

10

DD/PO Charges Free

11

RTGS and NEFT Free

12

Quarterly Folio Charges Free

13

Cheque Book  Free

14

Statement of account Free email statement

15

Debit Card NA

16

Stop Payment Free

17

Net Banking Facility Free

18

Transfer of funds between CBS branches Free

19

IMPS(Handy Pay) NA

20

Charges for non-maintenance of AQMB NA

21

SMS Alerts Mandatory transaction SMS alert free, others chargeable. SMS will be sent in case there is any change in day end balances. 

22

Account Closure charges Free

23

Standing Instruction Free

24

ECS Return (charges/Penalties levied by destination branches for ECS(debit) returns due to non-availability of funds in customer account Free

25

Cash Management Service Available, as per agreement with the customer.