Opening of Accounts

Current accounts would be opened for approved persons/firms such as >

1. Individual - Single Accounts.
2. Two or more individuals - Joint accounts
3. Sole proprietary concerns.
4. Partnership Firms.
5. Joint Hindu Families or Firms.
6. Limited Companies.
7. Associations, Clubs, Societies, etc.
8. Trusts.
9. Executors and Administrators.
10. Provident Funds.
11. Liquidators.
12. Other Banks.
13. State Financial Corporations.

Note: In approved cases, branches may open non-operating accounts called "Collection Accounts".

Account Opening Form

Common Account Opening Form and Bill Indemnity Letter (Form Bills 1005) should be completed in all respects and signed by all the account holders irrespective of the mode of operations on the account.

Opening and Introduction of Accounts/
Identification of the Customer

The account shall be opened on the basis of any of the documents stipulated below, and in their absence, opened on the basis of introduction by an existing customer or any person, who is in a position to satisfy the Bank by submitting his/her documents. Such documents are Passport/PAN Card/Voter’s Identity Card/Driving Licence and recent passport size Photograph/Employer’s ID Card (or satisfactory confirmation/letter from Employer)/Letter from a recognised public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Bank/Photo Credit Card.

Address Proof

Passport/Ration Card/Electricity or Telephone Bill would serve the proof of address. If Passport or any of the other documents listed above shows the current address also, no need to submit additional proof of address.

Declaration re. Borrowing Facilities with Other Banks

Depositors enjoying any credit facilities with other Bank(s) must furnish full particulars of such facilities with the name(s) of the banks concerned. The Bank has every right to refer to the lending Banks concerned for Status reports/No Objection Certificate before opening such other bank borrowers’ CD accounts with the Bank.

Minimum Deposit For Opening the Account

Rs.5000/= for Individuals.
Rs.10,000/= for Firms/Business Establishments.

Restrictions

NIL (as to the number of deposits into and withdrawals from the account per day).

Joint Accounts of Individuals

Can be opened with operational instructions “Either or Survivor” or Former or Survivor” or “Any One/All of the Joint Account Holders”.

Other Accounts

While the operational instructions can be in any manner (say either or survivor or former or survivor or any one Partner/Director/Trustee etc,), the same would be jointly authenticated in the account opening form in case of Partnership Firms and in case of Limited Companies or Trusts or Societies etc would be in accordance with the Board Resolution or the Trust Deed or the Bye Laws as the case may be.

Alterations in Operational Instructions

Are possible with the consent of ALL the joint account holders. Bank will not be bound to act on the instructions of one or some only of the joint account holders regarding such alteration.

Death of a sole depositor or last surviving Depositor

Balance in the account shall be paid to the legal representative of such sole depositor or the surviving or the last surviving depositor, as the case may be.
Legal representative shall mean either the executor or the administrator who has obtained  Probate or Letters of Administration or the holder of a grant of Succession Certificate  or of any other proper grant of legal representation to the estate of such deceased depositor. In the case of the firms or companies etc fresh operational instructions may be given upon the death of any authorized signatory.

Deposits are made by means of

A Paying-in-slip, obtainable from the Branch. In addition to Cash and Currency notes, the Bank receives for collection and credit to customers’ accounts, bills, notes, cheques, Hundies, Interest and Dividend Warrants etc.
However, separate pay-in-slips should be deposited for the different instruments listed above. In respect of cheques, separate pay-in-slips should be deposited for local and upcountry collections. So also, separate pay-in-slips should be deposited for cheques drawn on Bank of India-local and upcountry branches. Customers are particularly requested to cross all cheques intended for collection before paying them into their accounts. Such deposits of cheques can be at any other CBS/MBB branch for credit to parent account at a CBS/MBB branch.

Cheque Books

Cheque book will be issued and  the depositor is required to tick in the relevant box in the account opening form itself. The same will be issued upon the Bank’s discretion and subject to recovery of stipulated charges.
Account holders are requested to examine carefully the cheque books issued to them and to verify that the number of forms in each cheque book issued is correct and that the running numbers of cheques are in serial order.
Subsequent cheque books will be issued upon submission of the duly completed requisition slip in the last-used cheque book.
Depositors should ensure safe custody of their cheque books and follow all the instructions contained in the cheque books themselves carefully.

Drawing of Cheques
&
Cheques Drawn to Order or for smaller amounts

Writing should be clear, distinct and legible.
Cheques must be drawn on the printed forms provided by the Bank in such a way as to prevent alterations or addition after issue.
The Bank reserves the right to itself to refuse payment of cheques drawn otherwise or to  ‘Order’ or for smaller amounts.  
Cheques must not be post-dated.
The amount of a cheque must be stated both in words and figures. 
The Bank will refuse payment of cheques on which the signature does not exactly correspond with that on record at the Bank.

Crossing of Cheques & Alterations therein

No alteration canceling the crossing of a cheque will be recognized unless the full signature of the drawer is appended to the alteration and the altered cheque is presented for payment by the drawer or his known agent. Otherwise the cheque will not be paid.

Stop payment Instructions

The Bank will register instructions from the drawer of a cheque to stop payment of it, but cannot undertake any responsibility in case such instructions are overlooked in the absence of any written confirmation or if the cheques had already been paid in the normal course. Acknowledgement would be given by Bank for such instructions.

Interest on Current Deposits

No interest will be allowed on balances on Current Accounts. However, Sweep-Out/Sweep-in facility is available under CD Plus/CD Super Plus deposit accounts. 

Charges

All Bank’s charges levied for different types of transactions/services are displayed in the Bank’s website www.bankofindia.com.
A charge may be made on all accounts where the average balance does not in the Bank’s view, compensate for the number of cheque forms and amount of stationery used and  labour involved in keeping the account.

Minimum Balance Charges

Minimum balance as stipulated above should always be maintained. Otherwise, penalty would be levied for non-maintenance of the requisite minimum balance. The Bank reserves the right of closing any account after previous intimation if it is not operated upon satisfactorily, or if a minimum average credit balance is not maintained or for any other reason whatsoever.

Issuance of Cheques beyond available funds

Cheques must not be issued before the necessary funds have been credited to the relative account and clear balance is available.  If cheques be presented when there are insufficient funds to meet them, payment will be refused and the cheques returned.  Repeated disregard of these instructions will entail the summary closing of the account.
Accounts must not be overdrawn without any prior arrangement/approval of the appropriate authorities.

Nomination Facility

The nomination may be made in the account opening form itself in all personal accounts/sole proprietary accounts whereever such nomination is desired by the account holder(s).

Dormant/Inoperative Accounts