RBL Bank Current Account
RBL Bank Current Account
RBL bank is India’s fast-growing public sector banking company which provides personalised business banking solutions. RBL Bank (Ratnakar Bank Limited) is a scheduled commercial bank and it offers various customized current account banking products and services to individuals as well as businesses. A current account can be opened by business owners and professionals who deal with a number of transactions on a daily basis. A current account is a type of demand deposit account which includes deposits, withdrawals of funds, and business transactions. A current account allows the business people to carry out unlimited transactions without any limit, subject to a banking cash transaction tax if any levied by the government. In this article, we look at the variuos types of RBL Bank Current Account in detail.
Features and Benefits – RBL Bank Current Account
The following are some of the main features and benefits of opening a current account with RBL Bank (Ratnakar Bank Limited).
- A current account is designed to enable businesspeople and self-employed professionals to conduct their business transactions efficiently.
- Current accounts do not provide any interest on the balance lying in current accounts with the bank.
- It offers a facilities outstation cheque collection for the quicker mobilisation of your funds.
- RBL Bank current account offers a premium internet banking facility mainly to manage the accounts and fund transactions and secure bill payment.
- It also offers with the easy payment of direct taxes through online.
- It provides the account holders with the access to over 200 branches across the country for the business transactions.
- It offers with the comprehensive Trade Finance & Foreign Exchange (FOREX) services and also offers with the loans to expand the business.
- Holding the current account with RBL bank offers with the low costs in inter-city transactions for payable-at-par cheque issuance, funds transfer, NEFT, RTGS or DD/PO.
Eligibility Criteria – RBL Bank Current Account
In general, the below-specified business entities can open an RBL Bank Current Account
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Public Limited Company
- Limited Liability Partnership (LLP)
- Trust/ Association/ Club/ Society
- Foreign Institutional Investor (FII)
- Foreign National Residing in India
Documents Required
The below listed are the KYC documents need to be furnished at the time of opening a current account in RBL Bank.
Resident Individual
- Prescribed Application Form
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
- Two passport size colour photographs
- Account opening Cheque from existing Savings/Individual Current Account
Hindu Undivided Family (HUF)
- Id Proof and Address Proof of the Karta
- Deed of declaration of HUF
- Photos of karta.
Sole Proprietorship Firm
- Pan Card of the firm/ID or address proof
- Photos of the partners
- ID proof of the person holding POA
- Partnership deed
- Partnership registration certificate
Public/Private Limited Company
- ID proof of all directors
- Pan card with authorized signatures
- Incorporation Certificate
- Memorandum of Association (MoA)
- Articles of Association (AoA).
- Board Resolution (BR).
Trust, Society, Association & Club (TASC)
- Constitution document of the entity
- The updated directors list to be submitted.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
Limited Liability Partnership (LLP)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs
- LLP agreement.
- Designated partners updated list.
RBL Bank Current Account Products
RBL Bank Current Account products have been customised to provide business banking solutions for different kinds of businesses. Entrepreneurs can select from the current account products from the below list that suits their business requirements. The below following are the some of the RBL bank current accounts.
- Traders Current Account
- Exceed Business Banking
- Business Account
- Self Employed Professional Current Account
- India Start-Up Club (ISC) Current Account
- Exceed Global Trade Current Account
Traders Current Account
This current can be opened by the traders who run small businesses with the need for specific requirements for the business. This current account for the traders serves the financial obligations of the fast-growing business.
- Free cash deposit up to Rs.15 lakhs per month.
- RTGS and NEFT inward fund transfers (within RBL Bank) are free with this account.
- Demand Draft at RBL Bank Branch locations are free (if beyond the free limit – Rs. 50)
| RBL Current Account | RBL Current Account Average Monthly Balance (AMB) Requirement | Non – Maintenance of AMB | Cash Deposit Requirement | Cash Withdrawal | ||
| Home Branch | Non-Home Branch | Home Branch | Non-Home Branch | |||
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Traders Current Account
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Rs. 75,000 per month | Rs. 1000 for AMB greater than Rs. 50,000/- |
Rs. 2/1000 Min Rs. 50 per transaction |
Rs. 2/1000 Min Rs. 50 per transaction |
Free (Unlimited) | Rs. 1/1000 Min Rs. 25/Txn |
Exceed Business Banking
This current can be opened by the business entities which provide the account holders with the banking support in terms of its business expertise.
- Free unlimited ATM transactions at any bank’s ATM
- RTGS and NEFT inward fund transfers (within RBL Bank) are free with this account.
- Demand Draft at RBL Bank Branch locations is free (if beyond the free limit – Rs. 50)
| RBL Current Account | RBL Current Account Average Monthly Balance (AMB) Requirement | Non – Maintenance of AMB | Cash Deposit Requirement | Cash Withdrawal | ||
| Home Branch | Non-Home Branch | Home Branch | Non-Home Branch | |||
Exceed Business Banking
|
Rs. 50000 per month |
If AMB is lesser than or equal to 50% – Rs.600 If AMB is >= 50% – Rs.400 |
` 2/1000 Min ` 50/Txn | 2/1000 Min ` 50/Txn | Free (Unlimited) | Free (Unlimited) |
Business Account
This account provides the account holders with many business opportunities using the bank’s financial services.
- Demand Draft at RBL Bank Branch locations is free (if beyond the free limit – Rs. 50)
- Visa International debit card is free of cost on opening this account.
- Free unlimited ATM transactions at any bank’s ATM
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RBL Current Account
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RBL Current Account Average Monthly Balance (AMB) Requirement
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Non – Maintenance of AMB
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Cash Deposit Requirement
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Cash Withdrawal
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| Metro | Urban | Rural/ Semi-Urban | Metro | Urban | Rural/ Semi-Urban | Home Branch | Non-Home Branch | Home Branch |
Non-Home Branch |
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Business Account
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Rs. 5,000 | Rs. 3,000 | Rs. 1,000 | If AMB is <=50% – Rs. 150 | If AMB is <= 50% -Rs 300 AMB is >50% – Rs. 100 | If AMB is >= 50% -Rs 200 AMB is <= 50%-Rs. 75 | Rs. 2.5/1000 Min Rs. 50/Txn | Rs. 2.5/1000 Min Rs. 50/Txn | Free (Unlimited) | Free Rs. 1 Lac per day |
Self Employed Professional Current Account
This account aims at providing a specialised educational training and legal qualification for the people who opt for the training to become a part of a professional body.
- Free cash deposits up to Rs.5 lakhs per month at all RBL Bank branches.
- Free unlimited ATM transactions at any bank’s ATM
- This account offers a free Platinum debit card to the customers on opening this account.
India Start-Up Club (ISC) Current Account
This current account is a designed for the start-ups that will enable them to run their business by offering convenient services.
- Free unlimited ATM transactions at any bank’s ATM.
- Account holders can avail the comprehensive trade finance and foreign exchange (FOREX) services.
- It also offers with the bank’s partner services that include company registration, taxation services, CRM solutions, office space, and social media marketing.
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RBL Current Account
|
RBL Current Account Average Monthly Balance (AMB) Requirement
|
Non – Maintenance of AMB
|
Cash Deposit Requirement
|
Cash Withdrawal
|
||||
| Metro | Urban | Rural/ Semi-Urban | Home Branch | Non-Home Branch | Home Branch | Non-Home Branch | ||
|
India Start-Up Club (ISC) Current Account
|
Rs. 20,000 per month | If AMB is <=50% – Rs. 150 | If AMB is <= 50% -Rs 300 AMB is >50% – Rs. 100 | If AMB is >= 50% -Rs 200 AMB is <= 50%-Rs. 75 | Rs. 2.5/1000 Min Rs. 50/Txn | Rs. 2.5/1000 Min Rs. 50/Txn | Free (Unlimited) | Free Rs. 2 Lacs per day |
Exceed Global Trade Current Account
This current account is a designed for the individuals to cater their financial needs of those who carry-out cross border business transactions in addition with domestic transactions. This account comes up with two variants that are explained below:
• Exceed Extra Current Account
• Exceed Express Current Account
• Exceed Elite Current Account
| S.No. | RBL Current Account | RBL Current Account Average Monthly Balance (AMB) Requirement | Non – Maintenance of AMB | Cash Deposit Requirement | Cash Withdrawal |
| 1. | Exceed Extra Current Account | Rs. 50000 | If AMB is <= 50% – Rs.600 If AMB is >= 50% – Rs.400 | Rs. 2/1000 Min Rs. 50/Txn | Free ( Unlimited) |
| 2. | Exceed Express Current Account | Rs. 100000 | If AMB is <=50% – Rs.750 If AMB is >=50% – Rs.500 | Free 10 Times previous month’s MAB | Free ( Unlimited) |
| 3. | Exceed Elite Current Account | Rs. 200000 | Rs. 300 for MAB > 1.5 lakhs | Free 15 Times previous month’s MAB | Free ( Unlimited) |
Application Procedure
To open a current account with RBL Bank online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the appropriate details. In the case of the latter, the bank official may contact the applicant to take the process further.
