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THE BHUJ MERCANTILE
CO-OP BANK LTD.

Current Account

Manage all your business transactions swiftly & effortlessly with a range of Current Accounts that aim to enhance your productivity. You can now enjoy higher daily transaction limits (subject to QAB) and convenient access to your funds at a wide network of branches as well as via the Net Banking (View), Rupay ATM Card, Any Branch Banking, Website, and SMS channels. No Interest is paid in for the balances lying at the end of the Day Current Account, except in Flexi Unicorn types.

 

Choose from a wide range of Current Accounts, custom-made for your business needs.

 

Our Bank offers Three Types of Current accounts as follows:

 

Types of Current Accounts with Service and Benefits

Current A/c General (114)

Current A/c Exclusive (117)

Current A/c Vishesh (122)

Minimum Balance

2500

25000

50000

Rupay Card *

CBS = Any Branch Banking

RTGS / NEFT / Transfer

CBS = Any Branch Banking

Clearing (I/w, O/w, ECS) *

CBS = Any Branch Banking

DD / PO / Chequebook Request *

CBS = Any Branch Banking

Cash deposit Facility *

CBS = Any Branch Banking

Balance Certificate

CBS = Any Branch Banking

Monthly E-statement

Free

Free

Free

Internet Banking

Free

Free

Free

SMS Facility

Free

Free

Free

Closing Facility *

Home Branch

Home Branch

Home Branch

*Subject to Service Charges in A/cs w.e.f 01-06-2020

(https://bhujbank.com/service/service-charges-wef-01-06-2020)

 

Who can Open a Current Account:

  • Individuals / Proprietorship Concern
  • Partnership Firm
  • Private Limited Co
  • Public Limited Co (Unlisted).
  • Trust

 

KYC documents for Current Account:

  • CKYC Form (Mandatory w.e.f 01-04-2017)
  • Current Account Form (available at any Branch)
  • Proof of Identity (as per Bank’s KYC Policy in line with RBI’s KYC Master Direction)
  • Proof of Address (as per Bank’s KYC Policy in line with RBI’s KYC Master Direction).
  • Any Two Proofs of business / activity in the name of the Proprietary Concern / P’Ship / Company / LLP / Trust as well as Contact Point Verification as would be required to establish the existence of such business
  • Customer Due Diligence measures for Sole Proprietorships and Legal Entities as deem fit by the Bank (as per Bank’s KYC Policy in line with RBI’s KYC Master Direction dtd 20-4-2020 and further amended from time to time).

 

FAQs:

  • I approached the Bank in the status of a legal person such as a company trust etc. and not as a natural person. Do I still need to submit information mentioned above:
    • For legal persons, the Bank is required to obtain the proof of the existence of entity (such as copy of the certificate of incorporation, memorandum/articles of association, trust deed etc. as may applicable) along with a copy of the resolution from the entity's managing body (such as the Board of Directors or the Board of Trustees as may be applicable to it) to open the account. Further, the person interacting with the Bank for operating the account on behalf of the entity needs to obtain a mandate to that effect from the entity and establish his identity (photo identity and photograph of the person is required). Please contact our branch official to assist you in terms of the documents that could be submitted for a legal person.
  • I am doing a large cash withdrawal (above Rs. 10 lacs) and the cashier is insisting to provide ITR of last Three Years otherwise TDS will be deducted at existing rates and that that I should provide him information on the purpose of withdrawal. After all, I am withdrawing money from my own account and therefore, why should I share this information with the Bank?:
    • The extant regulations of RBI require the Banks to closely monitor the large cash transactions and the teller is just discharging his regulatory obligation. Such an information assists the Bank in identifying any unusual transactions that are being routed through it.
  • You are repeatedly mentioning that the extant regulations of RBI and the rules notified under Prevention of Money Laundering Act, 2002. What do they really talk about and try to achieve?
    • The regulations and the rules referred to above deal with what is called as an initiative of Anti Money Laundering (AML) and Countering the Terrorist Financing (CTF). These rules and regulations try to prevent the process of money laundering (i.e., the process of dealing with criminal proceeds and projecting it as untainted property through banking channels) and financing of terrorism related activities. The regulations, in the broadest sense, require the banks to know their customers (popularly known as the Know Your Customer or KYC regulations) and to monitor their transactions. Further, specified information under the PMLA about the cash and suspicious transactions need to be submitted to the Financial Intelligence Unit, India (FIU- IND, a Government of India department, which analyses and forwards the intelligence information to the law enforcement agencies). Compliance with AML regulations assists the banks and the society at large in keeping a close watch on the transactions to identify suspicious transactions, if any, and thereby provide intelligence information (through reports to FIU-IND) to the law enforcement authorities to deal with such transactions as per the applicable laws and regulations. Co-operating with the Bank by providing required information, assists the Bank and the society in a long way in their fight against money laundering and terrorist financing.

 

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