Updated on: November 5th, 2018 10:06 AM

Karur Vysya Bank Current Account

The corporate banking division of Karur Vysya Bank (KVB) offers current accounts for business purposes. The bank offers current accounts for a sole proprietor, partnership, a limited company and for trust. This article discusses in detail the various features of Karur Vysya Bank current account in detail.

Types of Current Account

There are two types of current accounts that are offered by the bank. They are

• Current Account
• Multicity Current Account

Documents Required

Given below are the documents that are required at the time of opening an account.

For Sole Proprietorship

• Registration Certificate
• Certificate or the license issued by the municipal authorities under Shop and Establishment Act.
• Sales and Income tax returns.
• CST/ VAT certificate.
• Certificate/ registration document that is issued by the sales tax/ professional tax authorities.
• The license issued by the Registering authority such as the Institute of Chartered Accountants of India, Institute of company secretaries of India, Indian Medical Council, Food and Drug Control authorities, etc.
• Existing bank statement from the current banker which has to be for a minimum period of 6 months.
• Registration or licensing document issued by the Central Government or State Government Authority/ Department.
• Importer Exporter Code (IEC) that is issued by the Office of Directorate General of Foreign Trade (DGFT) etc. (Any two of the above documents would suffice. These documents should be in the name of the proprietary concern).

Know more about proprietorship.

For Partnership Firms

• Registration Certificate, if the firm is registered.
• Partnership Deed.
• A Power of Attorney granted to a partner of an employee of the firm to transact business on its behalf.
• Attach Proof to identify and proof of address of the main partners and persons holding the PoA apart from the above.
• Attach Proof of Legal name, a telephone number of the firm and partners apart from the above.

For Limited Liability Partnership

• Copy of the LLP agreement.
• Copy of the Incorporation documents and DPIN of the designated partners.
• Copy of the certificate of Registration that is issued by the ROC concerned.
• Copy of LLP-IN issued by the ROC.
• Copy of the Resolution to open an account and list of authorized person/s with the specimen signatures to operate the account duly attested by Designated Partners.
• Copy of PAN allotment letter.

Know more about LLP.

For Companies

• Certificate of incorporation and DIN.
• Memorandum & Articles of Association.
• Resolution of the Board of Directors that is used to open an account and list of officials authorized to operate the account.
• Identification of authorized signatories should be based on photographs and signature cards duly attested by the company.
• Power of Attorney, if granted, to its managers, officers or employees to transact business on its behalf.
• Copy of PAN allotment letter.
• List of directors and a copy of Form 32 (if directors are different from AOA).
• Certified true copy of Certificate of commencement of business (public limited company).
• Attach Proof of the name of the company, Principal place of business, the mailing address of the company, Telephone/Fax number.

Know more about Company.

For Trusts/ Association/ Club/ Society

• Certificate of Registration, if registered.
• A Power of Attorney granted to transact business on its behalf if any.
• Any document listing out the names and addresses of the trustees, sellers, beneficiaries, and those holding power of Attorney, and other key officials involved in the day to day management of the trust to the satisfaction of the bank.
• A resolution of the managing body of the foundation.
• Declaration of Trust/ Bye-Law of society/Bye-law of Association/Bye-law of the club.
• Attach the Proof of name and address of the founder, Manager/director and the beneficiaries, telephone/fax number, Telephone bill, Utility bill apart from the above.

For HUF

PAN card of the HUF/ PAN Intimation letter/GIR No./Form 60/HUF Declaration and Identity and Address proof of the Kartha.

Application Form

Current Account

Current Accounts are opened by the proprietary concerns, partnership firms, Joint Hindu Families, Private and Public Limited Companies, public corporations, societies, clubs, associations or trusts, executors and administrators, temples and Government Departments. Internet banking and mobile banking facilities are also provided for current accounts.

Terms and Conditions

• An account holder has to maintain a minimum of Rs. 3000 in his/ her current account.
• A penalty of Rs. 200 will be charged for non-maintenance of minimum balance.
• The applicant at the time of applying should provide genuine address and ID proof.
• Adequate balance should be maintained in the account at the time of issuing cheques.

Multicity Current Account

The Multicity Current Account is for those individuals who carry their business in several cities of the country. This current account offers benefits through which various concessions on Monthly Average Balance that benefits the account holder.

Features and Benefits

• There are several services that are available at concessional rates.
• The monthly average balance that has to be maintained in the account will determine the concessions that are available to the customer for the following month.

Account Type

Economy

Standard

Classic

Premium

Gold

Platinum

Monthly Average Balance Required

₨.10,000

Rs.25,000

Rs.50,000

Rs.1,00,000

Rs.5,00,000

Rs.10,00,000

Cash Remittance at the base branch and the non-base branch

1.For MAB maintaining less than Rs.3 Lakh-Free Cash Remittance up to 15 times of MAB (both base and non-base branch put together) 2. For MAB maintaining Rs.3 Lakh and above-Free Cash remittance up to 18 times of MAB (both base and non-base branch put together). Charges applicable is Rs.2.00 per 1000 at both base and non-base branch beyond 15/18 times. In case of bullion/ jeweller customers Rs. 5 per 1000.

Cash withdrawal made at Base Branch

No ceiling

Cash withdrawal made at Non-Base Branch

Max Rs. 50000/day for self-cheques only

Collection of local clearing cheques (All local branches treated as a base branch)

Free

Collection of clearing cheques(local) at the non-base branch (All local branches treated as a base branch)

Free

Clearing cheque return charges Inward clearing charges

One day interest at BR with a minimum of Rs.500 and a maximum of Rs.7500

Clearing cheque return charges Outward clearing charges

Rs. 50

Free

Outstation cheques were drawn on centres (centres where there are branches) given for collection at the base as well as non-base branch

Rs.20 up to Rs.200: Rs.50 from Rs.2001-Rs.10000: Rs.75 from Rs.10001-Rs.20000 Rs.100 from Rs.20001 – Rs.1 Lakh and Rs. 150 above Rs.1 Lakh.

Rs. 20 up to Rs. 2000: Rs. 50 from Rs. 2001 -Rs. 10000: Rs.60 above Rs. 10000

Free

Outstation cheques drawn on centres (centres where there are NO branches) given for collection at the base as well as non-base branch

Charges as above plus Other bank charges

Other Bank charges

Monthly Average Balance

₨.10000

Rs.25000

Rs.50000

Rs.100000

Rs.500000

Rs.1000000

DD/ PO charges (Charges subject to max of Rs.10000)

Rs.1.50/ 1000 subject to min of Rs.20/ instrument up to Rs.1 Lakh per day. Beyond Rs.2/ 1000

At par up to Rs.1 Lakh per day. Beyond Rs.1.50/ 1000 subject to min of Rs.25/instrument

At par up to Rs.2 Lakh per day. Beyond Rs.1.50/ 1000 subject to a minimum of Rs.25/instrument

At par up to Rs.5 Lakh per day. Beyond Rs.1.50/ 1000 subject to a minimum of Rs.25/instrument

Free

RTGS (To be allowed only at base branches)

Rs.2 Lakhs to Rs.5 Lakhs at Rs.15/txn. Above Rs.5 Lakh at Rs.30/txn.

Free

NEFT

Up to Rs.1 Lakh at Rs.5/txn. Above Rs.1 Lakh to Rs.2 Lakh at Rs.15/txn. Above Rs.2 Lakh at Rs.25/txn

Free

Payment made between CBS branches for clearing debits at non-base branches

Free

Charges for non-maintenance of MAB( minimum MAB-Rs.10000 )

Rs.500/pm

Cheque book charges

If the Annual Average Balance of the previous year is lesser or equal to Rs.25,000- 200 leaves free. If AAB is greater than Rs.25,000 and lesser or equal to Rs.100000- 300 leaves free. If AAB is greater than Rs.1,00,000- 500 leaves free. Beyond the free limit, Rs.3 is charged for per leaf.

Stop payment charges (permitted only at the base branch)

Rs.70/chq

Statement of account by E-mail

Free

Folio Charges

Nil