CURRENT DEPOSIT

  • The minimum amount required for opening a current account is RS 200/- and same shall be the minimum balance.
  • Amount in the account can be withdrawn through withdrawal slips which will be provided to the member with a passbook.
  • Joint account is also permissible.
  • Any amount can be deposited and withdrawn from the account. However no overdrawal will be permitted.
  • Remittances can be either by cash or cheque/drafts or other bank of which the depositor is the drawer or holder in due course. However in latter case the account will be credited only on realization of the proceeds of the instruments. No withdrawals on the strength of the cheques/drafts will be permitted pending collection of the same.
  • Though the withdrawal slip can be drawn in favour of another person, it cannot be transferred by endorsements ie, the withdrawal slip is not a negotiable instrument within the meaning of the Negotiable Instruments Act.
  • The account holder will be free to close the account at any time in which case he will have to submit application expressing his intentions with a slip for withdrawing the balance in full. He shall have to surrender the unused paying slips and the Pass book also.
  • No facility for discounting cheques and permitting withdrawals on the strength of discounted cheques will be available.