Corporation Bank Current Account

Corporation Bank was established more than a century ago in Udupi. The bank was nationalised in 1980 and now the bank has branches all over the country. The bank was established as a way of inculcating the habit of saving among the Indian public and has now branched out greatly in terms of the services it offers customers.

One of the services that Corporation Bank offers its customers is the current account. A current account is a type of bank account that provides account holders with high liquidity. The account is usually held by individuals who run businesses. The account permits the account holders to make unlimited withdrawals and provides significantly higher limits on the deposits made.

Corporation Bank has 4 variants of the current account. Each of these accounts differs in terms of the types of services that they offer the customer. The following are the current accounts offered by Corporation Bank:

Corporation Bank Current Account- The following are the features and benefits of the current account:

• The quarterly average balance to be maintained in this account is Rs.5,000 for accounts held in urban and metro branches and Rs.2,500 for accounts held in semi-urban and rural branches.
• Account holders are charged a penalty fee of Rs.250 for non-maintenance of the quarterly average balance.
• The bank provides its sweep facility to its customers free of charge.
• Account holders receive a free monthly email statement for transactions made against their account.
• Account holders receive a concession on the rates for Demand Drafts and Pay Orders.
• The bank provides account holders with 100 free cheque leaves per year.
• Individuals who are above the age of 18, sole proprietors, partnership firms, Hindu Undivided Families (HUFs), schools, trusts, societies, and associations are eligible to open this type of account.

Corp Bank Corp Club Current Account- The following are the features and benefits of the Corp Club Current Account:

• Corp Club Current Account holders are expected to maintain a quarterly average balance of Rs.1 lakh. Account holders will be charged a penalty fee of Rs.1,000 for non-maintenance of the quarterly average balance.
• Individuals who are above the age of 18, sole proprietors, partnership firms, Hindu Undivided Families (HUFs), schools, trusts, societies, and associations are eligible to open this type of account.
• Account holders have the privilege of availing the bank’s multiple account sweep facility without having to incur any additional charges.
• Corporation Bank provides account holders with monthly email account statements and SMS alerts free of charge.
• The bank provides account holders with a discount on its payment gateway facilities.
• Corporation Bank issues 200 cheque leaves free of charge per year to its Corp Club account holders.

Corp Global Current Account- The following are the features and benefits of the Corporation Bank Corp Global Current Account:

• The account comes in 2 variants that are differentiated based on the quarterly average balance requirement.
• The quarterly average balance requirements for variant 1 and variant 2 of the accounts are Rs.1 lakh and Rs.2.5 lakh, respectively. The non-maintenance charges for these accounts are Rs.1,000 and Rs.2,000, respectively.
• The bank also provides its FOREX services to the account holders.
• Account holders who hold variant 1 and variant 2 on the Corp Global Current Account receive a rebate in the service charges levied on import and export transactions in two slabs. This is applicable when the transaction value is up to US $50,000 and the second slab is applicable for transactions above US $50,000.
• Customers who have the second variant of the account are entitled to avail free collection of their export bill, import bill, and outward remittance charges, while for the second variant, they can be availed at Rs.1,000 for transactions up to US $50,000.
• Individuals who are above the age of 18, sole proprietors, partnership firms, Hindu Undivided Families (HUF), schools, trusts, societies, and associations are eligible to open this type of account.

Corp Privilege Current Account- The following are the features and benefits of the Corp Privilege Current Account:

• Account holders are expected to maintain a quarterly average balance of Rs.2.5 lakh. Account holders will be charged a fee of Rs.2,000 for non-maintenance of the quarterly average balance.
• Account holders receive free SMS alerts and monthly email statements for transactions made against their account.
• The bank provides its payment gateway facility at a discounted charge to its Corp Privilege account holders.
• The bank’s outstation cheque collection facility, internet banking facility, Demand Drafts, and pay orders are free of charge.
• Individuals who are above the age of 18, sole proprietors, partnership firms, Hindu Undivided Families (HUFs), schools, trusts, societies, and associations are eligible to open this type of account.

Corporation Bank provides its customers with all the financial assistance that they require for successfully running their business. The added advantage of having exclusive privileges for their current account makes the customers’ banking transactions seamless and flexible.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.