Overview
This scheme facilitates with multifaceted benefits for merchant and other entities who can avail PoS terminals as well as special Auto Sweep facility from the Bank. The following benefits shall be attached to the account -
- Minimum monthly average balance of Rs.3,50,000/-
- If opted, Auto Sweep of balance over Rs.3.50 lakh to Term Deposits for period 7 to 30 days. Auto Sweep in multiples of Rs.1,00,000.00 to take place when the credit balance is Rs.4.50 lakh and above. Interest payable as per prevailing Card rate.
- Transfer of part of Term Deposit to Current Account (reverse sweeping) to honour cheques presented on the account in multiples of Rs.1,00,000.00
Features
- Auto sweep facility for conversion of excess balance to term deposits.
- POS facility with no rentals.
- Cheque facility without charges.
- Free Balance Certificate.
- Free Signature verification
- Free Remittance through NEFT and RTGS
- Free Account Statements (Two times in a month)
- Free Cash Handling Charge
- Waiver of Processing charge on Car loan proposals in the name of Account Holder
- Preference in locker allotment
Eligibility
- Resident individuals of age 18 years & above, proprietorship, partnership firms etc.
Balance requirement
Minimum monthly average Balance of Rs 3,50,000.00.
Required documents
- Permanent Account Number(PAN)/ Aadhaar/ Passport / Driving Licence / Voter's Identity Card of individual/proprietors/partners as applicable.
- Recent Passport size photographs of proprietors/partners
- Trade License & GST registration certificate
- Partnership deed or certificate of incorporation (for companies)
- Board resolution (for companies or trusts)
- Address Proof such as utility bills etc.
Service Charge for default
Rs.254.00 per month inclusive of Service Tax
Rate of Interest
As per term deposit table
