Current Account

Key Benefits :

• Ideal for business people & traders.
• Anywhere Banking facility (Cash withdrawal & Deposit at CBS branches)
• Absolute liquidity.

Rules And Regulation Governing Current Accounts

1. Opening Of Current Accounts –

Current accounts are opened with a minimum sum of Rs. 1000/- and upwards in the name of such parties which are known to the bank and or Property introduced by such a person/account holder, who is an existing customer of the Bank. Minimum Balance requires to maintain the account Rs. 1000.

3. Withdrawal From Accounts –

3.1 Withdrawals from current account are allowed only by cheques issued from the cheque book supplied by the Bank.

3.2 Application for cheque book must be made by the constituents on the requistion slip placed in each cheque book or by the call in the bank person.

3.3 In drawing cheque the amount both in words and the figures should be written distinctly and in the way to prevent the insection of any other word or figure.

Any material alteration made in the cheque should be veritied by the drawer under his full signatures to avoid refusal of payment.

3.4 No. extraneous matter of any kind should be put in cheques as the bank has the right to refuse payment of such cheques.

3.5 Signatures on cheques which do not correspond with the signature,furnished to the bank shall not be honoured.

3.6 Cheques drawn in excess of balance at credit or over and above the financial arrangement made with the bank shall not be paid.

3.7 Cheques should not be drawn against credits unrealized unless specially arranged for previously with the bank.

3.8 Cheques post dated i.e. Bearing a date subsequent to the date of presentation or Stale cheques i.e. cheques bearing date over six months prior to the date of presentation will be refused payment.

3.9 It is expected of the constituent to keep his cheques book under proper lock and key as the bank does not hold itself responsible in any way for any unauthorised payments resulting from negligence on the part of the customer in the safe keeping of the cheque book.

4. Stop Payment Of Cheques –

The bank will register instructions from the drawer of a cheque to stop payment of it but cannot undertake responsibility in case such instructions are over looked.

5. Remittances In The Account –

5.1 All payments to current accounts made by local constituents should be accompanied by paying-in-slip. Paying-in-slip books re supplied free of charge to customer. Up country constituents hould send a covering letter with remittance which will be acknowledged by returned by post. Any constituent not receiving such an acknowledgement should at once communicate with the Manager.

5.2 Separate paying-in-slip should be prepared for cash, clearing and collection of cheques on the local banks and also for cheques on outstation Banks.

5.3 Constituents are particularly requested to cross all cheques intended for collection before paying them into their accounts.

6. Pass Book And Entries Therein –

6.1 Pass Book and statements of account are issued to contituents free of charge. The Bank requests that depositors will refrain from making entires themselves in Pass Book that is provided.

6.2 If a Pass Book is lost a duplicate commencing with first of the month in which it is issued will be supplied at the charge of Rupees 50/- but if a copy of the whole account is required a separate charge varying with the work involved will be made.

6.3 Pass book should be sent in to the bank at least once a fort-night to be written up. The entries in them should be carefully Examined. If any errors or ommissions are discovered the attention of the Bank should immediately be drawn to them otherwise the return or the pass book or the rendering of a statement of the accountto the constituent will be treated as a settlement of the account are acknowledgement of its correctness to date. The Bank does not hold itself responsible to idennily the customers against any loss resulting from a wrong entry unlesspointed out by the customers within, three months from the date of such an entry appearing in the Bank’s books and the customer’s Pass Book or statement of account.

6.4 It must be distinctly understood that though entries may have been made to the credit of an account and initialled for in the pass book, or statement of account, should such credits be made up of cheques which areto- be collected they are not available for drawing against until the proceeds have been realised by the Bank, in case such credits are allowed to be drawn against, it should not be as�sumed that the proceeds have actually been realised in as much as the bank reserves to itself the right to debit the customer’s account in case such cheques happen to be returned unpaid.

6.5 When an item is once entered in the pass book, a separate receipt there of becomes pull and void.

7. Miscellaneous –

7.1 The bank reserves to itself the right of closing any account if it is not operated upon satisfactorily or for any reasons what-so ever.

7.2 The Bank reserves to itself the right to alter or to add to these rules at any time at its discretion. Such change in the rules shall be deemed to be intimated to the clients of the bank and public when the same is notified through the press. Upon such notification it will come into immediate effect.