National Toll Free No1800 425 00 000
 
National Toll Free No1800 425 00 000

Premium Current Account

Premium Current Account

Premium Current A/c with Sweep Facility

Salient Features

  • A Current Account with an option to convert  excess funds in the account to Term Deposit every Sunday i.e.  Short Term Deposit  (STD) upto 180 days
  • Sweep – Every Sunday – Minimum Rs.25000 and multiples
  • Customer can issue the cheque freely upto the balance in the MOD (multioption deposit ) plus the balance in the Current Account

Minimum balance requirement

  • Minimum Quarterly average balance Rs.1 lakh  (Total products of Rs.90,00,000 per quarter i.e. 90 days X Rs.1,00,000/-)
  • Threshold limit Rs.2,00,000/- (i.e. Sweep would be effected only when the balance exceeds Rs.2,00,000/-)
  • Cut off balance for transferring to MOD A/c (Threshold balance) will be Rs.2,00,000 or more, at the option of the depositor.
  •  Period of Term deposit
  •  Minimum 15 days to 180 days
 

Value added

  • Push Sweep – The amounts lying in the Account over the threshold balance, will be transferred to Short Term Deposit  STD (Multi option Deposit – MOD) automatically in multiples of Rs.25,000/-
  • Interest will be paid at the time of maturity / closure
  • Suitable for Corporates, Traders, Businessmen, Entrepreneurs and HNI’s
  • Customer can issue cheques freely upto the balance in the MOD
  • Frequency of transfer to MOD – Every Sunday (Period – Minimum 15 days, Maximum 180 days)
  • 6 DDs at par upto a maximum of Rs.3 lakhs per quarter each not exceeding Rs.50000/- and no charges for stop payment and signature attestation
  • No charges for Intra / Inter city transactions
  • ATM / Debit card One year from the date of first use – FREE
  • Non maintenance of minimum balance – If the average minimum balance in the Current Account falls below Rs.1,00,000/-, i.e. if the total products are less than 90,00,000 in a quarter, a penalty of Rs.573/- per quarter inclusive of Service Tax will be levied.
  • Pull Sweep – When a cheque is received for payment or an ATM withdrawal transaction is initiated and the balance in the Current Account is not sufficient, then on Last In First Out (LIFO) basis, the latest MOD (STD) will be prematurely closed and transferred automatically to the Current Account to meet the payment. The PULL Sweep will be in multiples of Rs.25,000/- only and the customer has no option to change the same.
  • Moreover, the funds to be transferred as a pull sweep to the Current Account will also meet the requirement of maintaining the required minimum balance.