Current Accounts
Customers are required to submit specific documents when opening a Current Account:
For Documents Required are
For Company Accounts:
• Certificate of Incorporation
• Memorandum and Articles of Association
• Board of Directors’ resolution and power of attorney granted to managerial officers or employees for conducting transactions on behalf of the company
Officially valid identification documents for managers, officers, or employees authorized to transact on behalf of the company
For Partnership Firm Accounts:
For Trust Accounts:
• Registration Certificate
• Trust Deed
Officially valid identification documents for the person authorized to transact on behalf of the trust
For Unincorporated Association or Body of Individuals Accounts:
• Resolution from the managing body of the association or body of individuals
• Power of attorney granted to transact on behalf of the association or body of individuals
• Officially valid identification documents for the person authorized to transact on behalf of the association or body of individuals
• Any additional information required by the bank to establish the legal existence of the association or body of individuals
For Proprietorship Concern Accounts:
• Registration certificate (if applicable)
• Certificate or license issued by municipal authorities under the Shop & Establishment Act
• Sales and income tax returns
• CST/VAT certificate
• Certificate or registration document issued by Sales Tax/Service Tax/Professional Tax authorities
• License or certificate of practice issued in the name of the proprietorship concern by a professional body incorporated under a statute
• The complete Income Tax return (not just the acknowledgment) in the name of the sole proprietor, reflecting the firm’s income, duly authenticated or acknowledged by the Income Tax Authorities
Officially valid identification documents for the person authorized to transact on behalf of the proprietorship concern
RATE OF INTEREST BEGINNING ON MAY 1, 2023 FOR DEPOSITS
Period (Rate of interest)
14 days to 30 days | 3.75% | |
30 days to 90 days | 4.00% | |
91 days to 180 days | 4.50% | |
181 days & above but less than 1 year | 5.50% | |
1 year and above but less than 2 year | 7.00% | |
2 year and above but less than 3 year | 7.25% | |
3 year and above | 6.75% | |
S.B. deposits (on daily balance) | 3.00% | |
For Senior Citizens on Term Deposits | 0.50% extra | |
* There is no fee for early withdrawal; interest is paid at the rate in effect when the deposit period has expired. * Savings deposit interest is calculated and credited on the last day of each month: 30 June, 30 September, 31 December, and 31 March. | ||
INTEREST RATES ON LOANS AND ADVANCES AS OF MAY 1, 2023
UNSECURED LOAN |
| |
Personal Loan |
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Upto ₹ 5.00 Lakh | 17.00% | |
SECURED LOAN |
| |
Housing Loan |
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Upto ₹ 50.00 Lakh | 8.50% | |
above ₹ 50.00 Lakh & upto ₹ 140.00 Lakh | 8.75% | |
Business Loan |
| |
Against Hyp. of Machinery, Hyp. of Stock/Book Debts for Cash Credit, Mortgage of business /purchase/ construction of Commercial Property/ expansion of business and other activities | ||
upto ₹ 25.00 Lakh | 10.50% | |
above ₹ 25.00 Lakh | 10.25% | |
Rebate on interest @ 1% p.a. is allowed to Micro Small Medium Enterprises (MSMEs) |
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Vehicle Loan |
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for Personal use | 8.25% | |
for Commercial use | 9.25% | |
Education Loan |
| |
Higher Education in Abroad | 11.50% | |
Higher Education in India | 10.50% | |
Others |
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Against pledge of NSCs/LIC Policy/Eligible Bonds | 11.00% |