Current Account for Insurance Company

Overview

This product offers the banking solution for the private and public sector insurance companies. These companies being Insurance Companies, banks arekey points for their daily financial transactions.

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

  • Private and public sector insurance companies.

Documentation

  • All extant KYC guidelines applicable to opening Current Accounts for Insurance Companies shall be adhered to.

Interest Rates & Charges

Sr.No Feature CA for Insurance Companies

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 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.