Current Account for Government Department

Overview

This product will address banking requirements of Government departments/bodies/agencies in respect of grants/subsidies.
Government bodies handle a lot of financial transactions on a daily basis, such as passing on grants and subsidies to citizens, which could be ad hoc in nature, or in specific periodicities.

These will be done in accordance with policies and schemes as laid out by the government. This makes banking a key element in the effective working of government bodies, especially with day to day banking transactions, and cash management services.

Salient Features

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

Eligibility

  • Government Entities incorporated under Companies Act 1956 or Societies Act, as well as Statutory Bodies formed/ incorporated by legislation {Central Government / State Government) or Act of Parliament.

Documentation

  • All extant KYC guidelines applicable to opening Current Accounts for Government entities shall be adhered to.

Interest Rates & Charges

Sr.No Feature Current Account for Government  Departments

1

Average Quarterly Minimum Balance(AQMB) NIL

2

Cash Remittance
At Base Branch Free
At Non base Free

3

Cash withdrawal
  At base Branch Free
At Non base branch Free up to Rs. 1, 00,000/-per day.
Thereafter Re. 1/- per Rs 1000/- 

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 of 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 FolioCharges 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)returnsdue to non-availability of funds in customer account) Free

25

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

 

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