Ratna Vyapar Plus Current Account

A

Name

Ratna Vyapar Plus

B

Scheme available at

All Branches under CBS

C

Eligibility

All individuals / entities eligible to open normal current account are entitled to open account under the scheme.

The account should be operated to facilitate genuine business transactions. If it is observed that the account is not operated for the same, Bank retains the right to discontinue special facilities allowed under the scheme or to discontinue the account by giving suitable notice.

D

Rules to open account and operate the account

Submission of duly completed account opening documents and complying with requirements for proper introduction and Know Your Customer norms. Account would become operational for debits only on approval of the account by the Centralized Processing Cell.

Features

E

Minimum Balance

Rs 25,000/-

F

Multi City Cheques

100 leaves per annum of multi city cheque book would be provided absolutely free in two lots.

Multi city cheque leaves can be utilized for withdrawal from any CBS branch of the Bank. Maximum amount of withdrawal per instrument would be Rs 25000/-. Payment shall be made only against available clear balance in the account.

Payment of multi city cheque issued on the account at any branch outside the clearing area of the home branch would be free upto Rs 2,50,000/- per instrument. For amounts beyond Rs 2,50,000/- charge of Rs. 1 per thousand would be levied on the entire amount of the cheque. In case of transaction amongst the branches of the Bank, the charges shall be fixed – Rs 50 per instrument which is beyond Rs 2,50,000/-

G

Multi Location Deposit

Cash / Cheques can be deposited at any CBS branch at charges applicable to normal current account.

H

Sweep Out

Sweep out facility would operate on clear balance above Rs. 50,000/- by automatic transfer of funds to term deposit having tenure of 365 days at specified interest rate for the scheme provided it is in multiples of Rs 10,000/-

I

Sweep In

Sweep in facility would operate automatically in the event of requirement of funds for honoring any debits to the account if adequate balance is not available. The last sweep out transactions would be utilized for the sweep in and would be in multiples of Rs 10,000/-

J

Interest

Interest on the sweep out held would be credited to the account either on maturity date or on its premature payment and would be subject to TDS etc if so applicable.

Interest rates on sweep out amount
   Period for which held in sweep out

Subsequent to 365 days, the sweep amount would be automatically renewed for a further period of 365 days

.

K

Schedule of Charges

A cheque book of 50 multi city cheques free for every half year. Subsequent cheques – Rs 5/- per leaf.

For violation of minimum balance condition – Charge of Rs 200 per month would be levied.

For cheques issued but dishonored on financial grounds of the account- Rs 500/-. For cheques deposited but returned back- Rs 100/- These charges are for each instrument / instance.

The charges for depositing cash in the account at a branch other than the Home Branch are as follows

1. Deposit up to Rs 10,000/- per day  - Free
2. Deposit in excess of Rs 10,000 per day – Rs 2 per thousand for such excess amount maximum Rs.15000/=
3. No charges are applicable if the instrument deposited pertains to clearing area of the upcountry branch. (Local clearing)

If the account is closed within a year from the date it is opened, a penalty of Rs 250/- shall be levied.

L

Lien / Loan against Sweep out

No lien mark or loan against the sweep out amount shall be allowed.

M

General

Interest rates and all rules and terms and conditions are subject to change at the sole discretion of the Bank and would be considered to have been notified to all depositors by display of changes on the notice board of the branch and/or hosting of such information on the web site of the Bank.
The Bank shall provide a statement containing the sweep in and sweep out transactions.