Corporation Bank Current Account
Corporation Bank Current Account
Corporation Bank Current Account is a type of bank account that is offered to people in business and trade. Corporation Bank has an array of carefully crafted current account types for regular large corporate, companies, importers & exporters, and even for niche industries. In this article, we will look at the various types of Corporation Bank Current Account in detail.
Benefits of Corporation Bank Current Account
Benefits and features of opening a Corporation Bank current account are listed below:
- Corporation Bank current account enables businesspeople and traders to make direct payments using cheques, demand drafts, or pay orders
- Corporation Bank current account allows for prompt business transactions
- No limit on deposits in the Corporation bank home branch
- No limit on withdrawals
- This type of current account provides an overdraft facility
- Corporation Bank offers internet banking and mobile banking facilities
Applicability – Corporation Bank Current Account
The following types of individuals/entities are allowed to open IndusInd Bank current account
- Individuals of sound mind and who have attained majority
- Two or more individuals in their joint names
- Proprietary Concerns (Sole Proprietorships)
- Partnerships Firms
- Hindu Undivided Families
- Companies
- Clubs
- Societies
- Associations
- Committees
- Schools
- Trusts
Joint Current Account
Two persons or more than two persons having contractual capacity can open a Corporation Bank Joint current account in any one of the following forms. Accounts in the name of Mode of Operation
- A & B Either or Survivor
- A & B Jointly or Survivor
- A & B Former or Survivor
- A, B & C Anyone or Survivors or Survivor
Note: Instructions regarding operations of the Joint account will be given at the time of opening a joint account.
Account of Minors
Minor’s current account can also be opened at the sole discretion of the Corporation bank by following ways.
- Through the natural guardian either joint with the minor or singly
- By guardians appointed by a competent court
Only guardians will be permitted to operate such Corporation bank currents accounts. The Guardian has to furnish the date of birth of the minor when the account is opened. When the minor attains majority, the right of the guardian to operate on the report will automatically cease and on furnishing proof of his age to the satisfaction of the Corporation Bank, will be allowed to operate the account.
Corporation Bank Current Account Products
As stated above the Corporation Bank has an array of current account services, the businessman can choose any current account as per the business specific needs. The Corporation Bank offers the followings current account services.
- Corp Bank Normal Current account
- Corp Bank Corp Privilege
- Corp Bank Corp Club
- Corp Global Current Account
Corporation Bank Current account Details
Corporation Bank Current account features are tabulated here:
|
S.No |
Current account Features | Normal Current account | Corp Privilege |
Corp Club |
| 1 | Quarterly Average Balance (QAB) |
Rs. 5000 for Urban and Metro, Rs. 2500 for Sub-Urban and Rural area |
Rs 2.5 lakh | Rs.1 Lakh |
| 2 | Charges for Non-maintenance of QAB |
Rs. 250 |
Rs. 2000 | Rs. 1000 |
| 3 | SMS Alerts | Rs. 100 | Free | Free |
| 4 | Bulk Upload (Intrabank & NEFT) | Chargeable | Concession on float basis | Concession on the float basis |
| 5 | Multiple A/c Sweep facility | Free | Free | Free |
| 6 | Email Account Statement | Free | Free | Free |
| 7 | Payment Gateway facility | As per card rate | Available at discount | Available at discount |
| 8 | EDC Terminals | Available | Available | Available |
| 9 | Signature Debit Card to Promoters/ Directors | As per normal eligibility | Free | Free |
| 10 | Demand Draft |
Rs. 2.50/1000 [Min. 30 & Max. 10,000] 50% Concession through Net |
Free |
Free up to Rs.10 lakh per day (Max. 5 DDs) Above which Rs.1/1000 (Min 30 & Max.10000) Free through Net |
| 11 | Pay Order |
Rs. 2.50/1000 [Minimum 30 and Maximum 10,000] 50% Concession through Net |
Free | Free |
| 12 | RTGS Transaction |
Normal RTGS charges 50% Concession through Net |
Free | Free |
| 13 | Outstation Cheque collection | Normal Cheque Collections charges | Free | Normal Cheque Collections charge |
| 14 | Cheque book charges | 100 leaves free per year and Additional Rs. 3 per leaf | Free | 200 leaves free per year and Additional Rs. 3 per leaf |
| 15 | Stop Payment charges |
Rs. 50 Cheque or Rs. 250 Range Free through Net |
Free | Free |
| 16 | Mandate Debit | Available | Available | Available |
| 17 | Bulk Cheque Writing facility | Available (in Mumbai & Delhi) | Available | Available (in Mumbai & Delhi) |
| 18 | Account Closing Charges (closure within one year) | Rs. 250 | Rs. 250 | Rs.250 |
| 19 | Fee Collection facilities | Available | Available | Available |
| 20 | Ledger Folio Charges | Rs.250 | Free | Free |
Corp Global Current Account
Corp Global Current Account is a unique product that crafted for Exporters and importers who are not enjoying any credit limits and customers having Forex remittance (Outward) business. For adding value to the business, Corporation Bank is providing this best product for corporations.
- All Designated Branches for foreign exchange Business (DBs) and other branches (Linked Branches)
- Linked branches have to route their foreign exchange transactions through the DB linked to them
Branches for Corp Global Current Account
- All Designated Branches for foreign exchange Business (DBs) and other branches (Linked Branches)
- Linked branches have to route their foreign exchange transactions through the DB linked to them
Variants Details
It is a comprehensive suite of two current account variants to cater to the needs of Exporters and importers and established corporate.
- Variant 1: QAB – Rs. 1 lakh
- Variant 2: QAB – Rs. 2.50 lakh
Facilities with Rebate in services Charges
Rebate in service charges relating to export/import/remittance transactions in two value slabs based on the QAB.
- For QAB Rs. 1 lakh : Collection of Export Bill (ECFC/EBFP), Import Bill (IMCD/IMAR/IMDR) & Outward Remittance (ORTT) at Rs. 1000 up to transaction value of USD 50,000
- For QAB Rs. 2.5 lakh : Free Collection of Export Bill (ECFC/EBFP), Import Bill (IMCD/IMAR/IMDR) & Outward Remittance (ORTT) up to transaction value of USD 50,000
Other Free Facilities of Corp Global Current Account are listed below:
- FIRC
- BRC
- NEFT
Note: Facilities provided for Corp Club and Corp Privilege will be extended to the above mentioned two variants
Charges for Non-maintenance of QAB
- For Variant 1: Rs. 1000
- For Variant 2: Rs. 2000
Notes:
- Transactions exceeding USD 50,000 are eligible for 50% concession on schedule charges.
- The remittance towards capital account transactions, viz; ECB repayments, remittance under ODI etc. is outside the purview of this product.
Nomination Facility
Nomination facility is available in Corporation bank. Nomination can be made at the time of opening Corporation bank current account. It can also be cancelled or varied. At the time of opening the Corporation bank current account, the account holder has to instruct the bank if the nomination is not explicitly required.
Note: Nomination will be in favour of an Individual only.
Applicable Fee
Charges in connection with the operation of the Corporation bank current account and the services will be levied at the rates as indicated on the Corporation bank official portal from time to time and as per the current account services offered to the businessman/trader.
Note: The charges will be debited from the account at defined frequencies as per Corporation banks internal policies.
Documents Required
Documents need to be furnished for opening Corporation Bank Current Account is given below:
Identity Proof
For Identity Proof copy of any one of the following documents is required
- Passport
- PAN Card
- Voter ID Card
- Identity Card [subject to the Bank‘s satisfaction]
- Driving license
- Letter from recognized public authority or public servant verifying identity and residence of the customer to the satisfaction of the Bank
- Aadhaar card
- The letter issued by UIDAI containing a name, address and Aadhaar number (where applicable)
Proof of address
For Proof of address, the copy of any one of the following documents is required
- Electricity Bill
- Telephone Bill
- Bank account statement
- Ration Card
- Letter from recognized public authority to the satisfaction of the Bank
- Letter from employer (subject to the satisfaction of Bank)
- Aadhaar Card (where applicable)
Other Documents
- Photograph of authorized signatories
- Partnership Deed in case of partnership concern
- Memorandum of Association and Article of Association in case of Company
Procedure to open a Corporation Bank Current Account
Persons desiring to open a Corporation Bank current account must visit the Indian bank in their locality.
Step 1: The applicant (individual or entity) need to furnish the appropriate form of application and documents to open a Corporation Bank current account. The particulars required in the current account application form must be filled in.
We have herewith enclosed the application form (Individual, Joint Hindu Family, Partnership, Sole Proprietorship) for opening Corporation Bank Current Account.
SB application formStep 2: Once the application is submitted, the applicant has to pay the initial deposit. After the verification account will be opened in the name of the applicant. The bank manager will issue Cheque Book and all other documents.
Interest Rate
Corporation bank current accounts are non-interest bearing accounts, and the Reserve Bank of India regulates this.
Settlement of deceased claim
Regarding deceased depositors’ accounts, the settlement amount will be made by furnishing the following documents.
- In case of nomination registered – Death Certificate, Duly filled claim forms
- In other cases – Death Certificate, Duly filled claim form, Indemnity bond with surety/ succession certificate (depends upon claimed amount)
Transfer of Account
At the request of the account holder, Corporation bank current accounts can be transferred from one office to another office in India free of charge and on the return of the unused cheque leave
Request letter for transfer of account can be submitted to any branch, i.e. transferor or transferee branch. Account transfer will be done within three working days.
Inoperative / Dormant of Current Accounts
- The bank will be informed at least three months before the account is classified as inoperative or dormant and the consequences and also send an SMS/e-mail advising that your account is being classified as inoperative/dormant.
- Bank will inform the account holder about the procedure to be followed if you want to activate the account.
Note: Bank will not levy any charge merely because an account is inoperative or dormant and also will not charge for activation of the inoperative account.
Closure of Accounts
Under normal circumstances, Corporation bank will not close the current account without giving at least 30 days’ notice indicating the reasons for such closure. In such cases, the account will be required to make alternate arrangements for cheques already issued and desist from issuing any fresh cheques on such account.
An account holder may close his Corporation bank current account and receive the balance in credit less incidental charges against his cheque on surrender of unused cheque leaves and ATM/Debit Card.
