Bandhan Bank is relatively new to the Indian banking field. The bank was established in December 2014 and is owned by one of the country’s largest microfinance organisations. The bank has grown at an exponentially high rate since its establishment and now caters to the banking needs of over 13 million customers. It offers customers a wide range of financial products and services that come with a host of benefits.
One of the products that Bandhan Bank offers its account holders is the current account. A current account is a type of bank account that provides account holders with high liquidity. The account is most often held by business people who require a steady cash flow to run their operations. The account has high limits on the number of cash deposits and transactions that can be made to the account in a given month.
Features and Benefits
- A current account is meant for business people and self-employed professionals to operate their business cash transactions efficiently.
- Current accounts do not hold any interest rate on balance.
- It offers a facility of outstation cheque collection for the prompt mobilisation of funds.
- Bandhan Bank offers convenient access to funds at a wide network of branches and ATMs. It also provides safe online banking services through Net banking, Mobile applications and SMS banking channels.
- It offers a debit cum ATM card for easy withdrawal of cash from Bandhan bank or other bank ATMs.
- Bandhan bank accepts At-Par Cheques as “Local Clearing Cheques” which saves on charges associated with the ordering a Demand Draft (DD).
- Multi-city chequebooks are given at the time of account opening, and nomination facility is also accessible.
- Bandhan Bank current account offers a premium internet banking facility mainly to manage the accounts and fund transactions and secure bill payment.
Eligibility Criteria
- Resident Individual
- Hindu Undivided Family (HUF)
- Partnership Firm
- Sole Proprietorship firm
- Private or Public Limited Company
- Trust / Association / Club / Society
- Limited Liability Partnership (LLP)
- Foreign National Residing in India
- Foreign Institutional Investor (FII)
Current Account Products
- Biz Premium Current Account
- Biz Advantage Current Account
- Biz Standard Current Account
- Biz TASC Current Account
- Biz GOS Current Account
| Type of Current Accounts | Minimum Balance (Monthly) Requirement | Cash Deposit Requirement | Cash Withdrawal Requirement |
| Biz Premium | Rs. 1,00,000 | Rs. 25 lakhs or 20 times of MAB whichever is higher as per month free | Free cash withdrawal at any ATMs. 50 transaction per month DD/PO facility |
| Biz Advantage | Rs. 25,000 | Free cash Deposit limit at branch – Rs. 15 lakhs per month | Free cash withdrawals at any ATMs – 15 transactions per month |
| Biz Standard | Rs. 5000 | Free cash Deposit limit up to Rs. 5 lakhs per month | Free cash withdrawals at any ATMs – 10 transactions per month |
| Biz TASC | Rs. 25,000 | Free cash Deposit limit up to Rs. 25 lakhs per month or 20 times of monthly average balance whichever is higher | Unlimited withdrawal at home branch |
| Biz GOS | NIL | The unlimited cash Deposit facility is available | Unlimited withdrawal at home branch |
Documents Required
For HUF (Hindu Undivided Family)
- Application Form (duly filled)
- Identity Proof of the Karta: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof of the Karta: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Duly signed HUF letter by Karta and all Co-Parceners.
- Passport-size photographs.
For Sole Proprietorship
- Registration certificate
- Sales and income tax returns.
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- ID proof of the person holding POA.
- CST/VAT registration Certificate.
- Passport-size photographs
For Partnership Firm
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Partnership Registration Certificate (in the case of a registered concern).
- Partnership Deed
- Passport-size photographs of the partners.
For Public / Private Limited Companies
- Application form in the prescribed form.
- Memorandum and Articles of Association.
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Commencement of Business Certificate.
- Incorporation and Board Resolution Certificate.
- Registration certificate
- Licence Certificate issued by the Municipal Authorities under Shop & Establishment Act.
- Passport-size photographs
For Clubs / Societies / Trusts
- Registration certificate (if registered).
- Documents listing the name and address proof of the trustees, sellers, beneficiaries, and the persons holding the Power of Attorney (POA).
- Constitution document of the entity.
- The updated directors list to be submitted.
- Application Form (duly filled).
- Power of Attorney
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
For Limited Liability Partnerships (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: Aadhar Card, PAN Card of the entity.
- Address Proof: Aadhar of the sole proprietor/entity, Valid Passport, etc.
- Two passport size colour photographs.
- LLP agreement.
- Designated partners updated list.
FAQs
How can one apply for a Bandhan Bank Current Account?
Interested individuals or businesses can apply for a Bandhan Bank Current Account by visiting their nearest branch or through their official website. They need to fill out the account opening form, submit the required documents, and fulfill any specific criteria set by the bank.
Are there any charges associated with maintaining a Bandhan Bank Current Account?
Yes, Bandhan Bank may levy charges for non-maintenance of minimum balance, cheque book issuance, and other services as per their schedule of charges. It’s advisable to check with the bank for details on applicable fees.