Vijaya Bank Current Account

Current accounts are used by companies, firms, public enterprises, businessmen who require a high number of regular transactions. This particular account provides deposits, withdrawals and contra-transactions. A current account can be opened in most commercial banks. A current account holder does not have a limit on the number of transactions. This article takes a closer look at the various types of Vijaya Bank current account in detail.

Eligibility

Current accounts can be opened by an individual/ HUF, a proprietary concern, a partnership firm, a company, a trust, a local body, Government establishments signing prescribed account opening forms, and with proper introduction, identification, address proof, etc, accompanied by prescribed documents.

KYC Norms

The account holder has to comply with the ‘Know Your Customer’ (KYC) norms by furnishing one or more of the following documents for identity and address proof.

Companies
Name of the company Principal place of business The mailing address of the company Telephone / Fax Number	Incorporation certificate along with Memorandum and Articles of Association Resolution of the Board of Directors in account opening and identification of those who have authority to operate the account A Power of Attorney granted to the managers, employees or officers to transact business on its behalf Copy of PAN allotment letter Copy of the telephone bill
Partnership Firms
Legal name Address Names of all partners and their addresses Telephone numbers of the firm and partners	Registration certificate, if registered Partnership deed A Power of Attorney given to a partner or an employee of the firm for business purposes on its behalf Any officially valid document that mentions the partners and the persons holding the Power of Attorney and their addresses Telephone bill of the firm/partners
Trusts and Foundations
Names of trustees, beneficiaries, settlers, and signatories Names and addresses of the managers/directors, founder, and the beneficiaries Telephone / fax numbers	Registration certificate, if registered A Power of Attorney given to transact business on its behalf Any officially valid document that mentions the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/ managers/directors and their addresses Resolution of managing body of the foundation/association  Telephone bill

Minimum Balance

Every individual is required to maintain a minimum balance for current accounts.

1. A sum of Rs. 3,000 is required for banks situated in urban and Metropolitan regions.
2. A sum of Rs. 2,000 is required for banks situated in rural/ semi-urban branches.

Penalty/ Statement of Accounts

• A computerized account statement is issued instead of passbooks. This statement will be directly sent to the account holder’s E-Mail ID.
• Any delay made in receiving the account statement should be reported to the Branch Manager.
• No entries should be made in the account statement by the deposit/ account holder.
• Every manual entry made by the Bank’s staff should be insisted for authentication by the Officer/ Branch Manager.
• The depositor should check the entries made in the statement account and report it immediately to the Branch Manager.
• If there is no representation within 3 days from the date of updating the passbook, the bank assumes that all the entries are correct.
• If the depositor desires for an additional statement of account, it will be issued when a written request is submitted to the bank.

Transactions

• The account credits will be given through pay-in-slip that is given by the bank unless if the bank permits which will be acknowledged by authorized officials of the bank.
• A depositor can remit through other branches by using an ‘Alternate Delivery Channel’ such as NEFT / RTGS / ECS / Net banking / Mobile Banking etc.
• Withdrawals can be made by submitting a cheque to the bank.
• A customer can do cash/ non-transaction without using chequebooks.
• All cheques, drafts and other instruments sent by a customer by post should be transmitted only be registered post.
• The bank is not liable to give notice of dishonour of cheque until the bank acquires the dishonoured instrument.
• While returning a cheque, the bank does not requires to mention the name and address of the cheque drawer even if a request is made by the payee.
• Disclosure will be decided according to the Court’s order.

Interest and Charges

• No interest will be paid on a Current Account.
• Bank reserves the right to charge service charges on current account from time to time on various counts.
• Cash deposited over and above the prescribed limit, shall attract service charges as given by the Bank.
• On closing the account, incidental charges will be levied (except if an account is closed due to the death of the account holder, transferring the account to another branch, the transfer for term deposits or to open another joint account).

Nomination Facility

Nomination facility is available for both individuals and for proprietary companies.

Types of Current Account

Vijaya Bank provides five types of Current Account to its customers. They are

1. Current Account Ordinary
2. Current Account Platinum
3. Current Account Silver
4. Current Account Gold
5. V Plus Current Account

Current Account Ordinary

Current Account Ordinary is applicable for individuals, joint names, partnership, companies, trusts, HUF, Government Department and other.

Minimum Balance

Minimum balance for opening and maintaining Current Account.

For banks in urban and metropolitan branches, a minimum balance of Rs. 3,000 is required.

For banks in other regions, a minimum balance of Rs. 2,000 is required.

Current Account Platinum

The minimum average quarterly balance is Rs. 3,00,000 and provides 100% concession on various charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals. There are no charges applicable on  Standing instructions within the Bank, Mobile Banking, Net Banking, ATM card issue, Credit card issue, Temple donations, RTGS/NEFT through V-Net Banking for all three variants of Current accounts. A sum of Rs. 650 is required for Point of Sale installation.

Particulars	Platinum
Minimum Quarterly Average Balance	Rs.3,00,000
Folio Charges	Free
Cheque book charges	Free
Fund Transfer NEFT/RTGS transactions	Free
Internal transactions	Free
Cash remittance Limit	Free
Outstation cheques collections Charge	Free
Credit Card	Free
Demand Draft Charges	Free
Service charges on cash deposits or withdrawals	Free
Standing Instruction Charges within the Bank	Free
Temporary Overdraft Facility	As per the Lending Policy
Mobile Banking Charges	Free
Net Banking Charges
ATM Card Cash Withdrawal Limit	Up to Rs. 50,000
Demat Account Charges	Free
Monthly e-statement through e-mail	Free
Charges for not maintaining AQB	Rs. 128 p.m.
NEFT/RTGS Transfer through V-Net Banking	Free
Donation for Temples	Free
Cash handling charges	Free
Point of Sale Installation	Rs. 650
Point of Sale (Commission)	2% of the transaction amount.

Current Account Silver

Particulars	Silver
Minimum Quarterly Average Balance	Rs. 1,00,000
Folio Charges	50%
Cheque book charges	50% Discount
Fund Transfer NEFT/RTGS transactions	50% Discount
Intersol transactions	50% Discount
Cash remittance Limit	Free
Outstation cheques collections Charge	50% Discount
Credit Card	Free
Demand Draft Charges	50% Discount
Service charges on cash deposits or withdrawals	50% Discount
Standing Instruction Charges within the Bank	Free
Temporary Overdraft Facility	As per the Lending Policy
Mobile Banking Charges	Free
Net Banking Charges	Free
ATM Card Cash Withdrawal Limit	Up to Rs. 50,000
Demat  Account Charges	–
Monthly e-statement through e-mail	Free
Personalized ATM Card	Free
Charges for not maintaining AQB	Rs.  128 p.m.
NEFT/RTGS Transfer through V-Net Banking	Free
Donation for Temples	Free
Cash handling charges	Free
Point of Sale Installation	Rs. 650
Point of Sale (Commission)	2% of the transaction amount

V Plus Current Account

The bank has not specified any details regarding this current account.

Current Account Gold

The Minimum Average Quarterly balance required is Rs. 2,00,000 and provides a concession of 75% on various service charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals.

Particulars	Gold
Minimum Quarterly Average Balance	Rs. 2,00,000
Folio Charges	75% Discount
Cheque book charge	75% Discount
Fund Transfer NEFT/RTGS transactions	75% Discount
Intersol transactions	75% Discount
Cash remittance Limit	Free
Outstation cheques collections Charges	75% Discount
Credit Card	Free
Demand Draft Charges	75% Discount
Service charges on cash deposits or withdrawals	75% Discount
Standing Instruction Charges within the Bank	Free
Temporary Overdraft Facility	As per the Lending Policy
Mobile Banking Charges	Free
Net Banking Charges	Free
ATM Card Cash Withdrawal Limit	Up to Rs. 50,000
Demat Account Charges	Free
Monthly e-statement through e-mail	Free
Personalized ATM Card	Free
Charges for not maintaining AQB	Rs. 128 p.m.
NEFT/RTGS Transfer through V-Net Banking	Free
Donation for Temples	Free
Cash handling charges	Free
Point of Sale Installation	Rs. 650
Point of Sale (Commission)	2% of the transaction amount.