Karur Vysya Bank (KVB) originated in the year 1916 is headquartered in Karur, Tamil Nadu. It is a private sector bank providing banking services and financial products to its commercial as well as retail consumers. The Bank has spread its wings across the country with 782 branches in 20 States and 3 Union Territories.
Types of Current Account
- Current Account
- Multicity Current Account
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.
Documents Required
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).
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.
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.
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.
FAQs
What are the types of current accounts offered by Karur Vysya Bank?
Karur Vysya Bank offers various types of current accounts to cater to different business needs. These include:
- Basic Current Account
- Classic Current Account
- Premium Current Account
- Smart Business Account
- Business Advantage Account
- Smart Business Silver, Gold, Platinum, and Diamond Accounts
Each account type has different features and benefits designed to meet the specific requirements of businesses.
What are the eligibility criteria to open a current account with Karur Vysya Bank?
To open a current account with Karur Vysya Bank, the applicant must be:
- A resident individual, sole proprietorship, partnership firm, company, trust, or association
- Able to provide necessary KYC documents such as identity proof, address proof, and business proof (if applicable)