The Current Accounts are opened by customers who desire that their accounts have substantial volume of transactions to meet their day to day business operational requirement. The current account and the fund balances in it are meant for operational purposes of the customers. The current account is not for saving purposes and therefore does not earn interest on deposit or balance. The account is also known as Demand Deposit Account.
- Business Entities
- Current Deposit Opening Form
- Trade/Business License copy
- CID copy and Passport size photographs of the Proprietors/Authorized Signatories
- To be operated by the Proprietors/Authorized Signatories
- Unrestricted amount of Deposit & Withdrawals.
- Can be linked for Internet and SMS Banking Services.
- Fund transfers through different mediums and loan installments can be processed through this account with standing instructions.
- The account can be operated on the following modes:
- Jointly by all
- Either or Survivor (EorS)
- Any Two or Survivor.
- The payments to creditors can be settled by issuing cheques and the payments received from the debtors can be deposited in the account for collection.
- The account can be opened with a minimum balance of Nu. 1,000.00 and nominal penalty is levied for violation of this clause. There is no restriction on the number and amount of deposits and withdrawals.
- As the account is designed for the business entrepreneurs and business entities for transacting unrestricted volume of transactions, no interest is paid thereon.
- The account holder can apply for the certificate of Creditworthiness based on the conduct of this account.
- The business accounts can be reconciled by use of their bank statements over a specific period of time.
Download Current Account Opening Form