Current Accounts
Accounts deigned for small-mid size business or an enterprise
Kotak Mahindra Bank offers you unparalleled advantages with its three Current Account offerings. Whether you have a small/ mid size business or you are an enterprise spread across multiple locations in the country, you would find a Current Account that's just designed for you. With features ranging from Free DDs, Free Cheque Collection, Free At -Par Cheque facility to Free Trading Account & free Demat Account, and more!
Learn more about Current Accounts:
Neo Current Account
Edge Current Account
Pro Current Account
Elite Current Account
Ace Current Account
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Current Account is primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions. Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts. In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account.
As per RBI directive banks are not allowed to pay any interest on the balances maintained in Current accounts. However, in case of death of the account holder his legal heirs are paid interest at the rates applicable to Savings bank deposit from the date of death till the date of settlement. Because of the large number of transactions in the account and volatile nature of balances maintained, banks usually levy certain service charges for operating a Current account.
Current Account can be opened by:
An individual who has attained majority.
Two or more individuals in their joint names.
Sole proprietorship concerns.
Partnership concerns.
Hindu Undivided Family (HUF).
Limited Companies.
Clubs, Societies.
Trusts, Executors and Administrators.
Others - Govt. and semi Govt. bodies, local authorities etc.
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At Kotak Mahindra Bank, we know how critical it is for your business to have quick and timely access to funds. We also understand how important smooth and seamless banking transactions are for business relationships.
Our Current Accounts have been designed to help you compete effectively in the contemporary business environment. They include a 2 Way Sweep feature that delivers liquidity combined with higher returns.
Minimum Account Balance required is Nil
2 Way Sweep for liquidity and higher returns
Free-up country cheque collection for 13 locations
Personalised Cheque book
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All attestations to be done by Company Secretary/2 Directors/ existing banker/ registered Chartered Accountant.
Latest (not more than 3 months old) list of all Directors with their Addresses.
Certified "True and Updated" Copy of Certificate of Incorporation.
Certified "True and Updated" Copy of Certificate of Commencement of Business (In case of Public Ltd. Co.).
Certified "True and Updated" Copy of Memorandum and Articles of Association.
Extract of Board Resolution, signed by 2 Directors or Company Secretary with mode of operation & list of authorised signatories with designated powers.
Existing Banker's Verification required, if the Certifying director and authorised signatory is same (In case of Pvt. Ltd. Co.).
Proof of Form 32 filed along with ROC acknowledgement/Latest printed Balance Sheet giving the names of existing directors, in case of change of Director/s.
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