Business Plus Account

Business Plus Account is a bespoke solution curated for self-employed Individuals and Proprietors. It enables customers to earn similar interest, being offered on Savings Bank deposits, on the surplus balances held in Virtual Savings Account.

Along with the Business Plus Account, a Virtual Savings Account will be opened (in the name of Proprietor) which will be linked to the Business Plus Account. At the end of the day, balance held in Business Plus Account above 1,00,000/- for Metro and Urban banking outlets and above 50,000/- for Semi-Urban and Rural banking outlets will be automatically transferred (sweep-out) to the linked Virtual Savings Account, thereby emphasizing liquidity with higher interest returns on surplus funds. Unlike FDs this will give an edge to the customers to earn interest on overnight balance as well.

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  • Nil "Non-Maintenance Charges".

  • Monthly Free Cash Deposit limit at Base Branch of 10 Lakh and at Non- base Branch of 5 Lakh.

  • No TDS deduction on accrued interest in Virtual Savings Account.

  • Auto sweep-in/sweep-out facility available. Customer may transfer or withdraw funds from branch /ATM anytime. Money will be automatically swept-in from his/her linked Virtual Savings Account (Provided sufficient balance is available in Virtual Savings Account).

  • Unlimited free Cash Withdrawal transactions at base branch.

  • Free Online transactions through Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT)

  • Free Email Statement.

  • Doorstep Banking Services(as per applicability).

  • Issuance of RuPay Platinum Debit Card, with option of Card upgradation program.

  • Earn interest on balance maintained in Virtual Savings Account*.

* T&C Apply
*Applicable rate of interest of Savings Bank Account shall apply on the balance held in the linked Virtual Savings Account.

BUSINESS PLUS CURRENT ACCOUNT
Average Balance Requirement AQB
Metro & Urban [MU] Branches

1,00,000/-

Semi-Urban & Rural [SURU] Branches

50,000/-

Charges for Non-Maintenance

₹1,500/- per quarter

Sweep-in Criteria Any surplus amount in Business Plus Account [BPA] above ₹1,00,000/- in MU Branches & ₹50,000/- in SURU Branches auto sweep-in to Virtual Savings Account [VSA]**, at EOD. 
Sweep-out Criteria If balance in BPA falls below ₹1,00,000/- in MU Branches & ₹50,000/- in SURU Branches, the short fall amount auto sweep-out from the linked VSA to maintain the balance in BPA
Demand Drafts/Pay Order
Demand Drafts payable at own Bank Locations Upto ₹10,000/- ₹50/-
Above ₹10,000/- ₹4/- per ₹1,000/-
[Min ₹50/- & Max ₹1,000/-]
Demand Draft Revalidation

100/- per instance

Duplicate Demand Draft Issuance

100/- per instance

Demand Drafts/Pay Order Cancellation

100/- per instance

Cheque Issuance/Collection Charges
Free leaves Two cheque book free per quarter[50 leaves]
Charges Beyond Free Limit

2/- per leaf
[100/- per cheque book]

Local Cheque Collection and Payments at Base Branch Location & Fund Transfer Free
Cheque Return Charges [Outward]

200/- per cheque

Cheque Return Charges [Inward]

500/- per cheque

Branch Cash Transactions
Cash Deposit Transactions - Free Limits/Month[Base/Non Base Branch] 20 times of MAB# maintained in previous month in BPA, 
upper cap ₹20 Lakh [MU] & ₹10 Lakh [SURU]##
Cash Deposit Transactions - Charges beyond Free limit

3/- per 1000/- [Min 50/-]

Cash Withdrawal [Base Branch] - Free Limit/Month Unlimited
Cash Withdrawal[Base Branch] - Charges Beyond Free Limit Not Applicable
Cash Withdrawal [Non- Base Branch] - Free Limit/Month Free upto ₹10 lakh
Cash Withdrawal [Non-base Branch] - Charges Beyond Free Limit

2/- per 1,000/-

Account Maintenance - Free Limit[Cash, Clearing & Intra-bank transfer]

Unlimited

Account Maintenance - Charges Beyond Free Limit

Not Applicable

NEFT/RTGS Transactions
RTGS Inward and Outward Free
NEFT Inward and Outward Free
IMPS Payments 1 - 1,000 - 2.50/-
1,000 - 25,000 - 5.00/-
25,000 - 5,00,000 - 15.00/-
Doorstep Banking Services
Doorstep Banking Services
[Within City limits] Cash
Please contact the nearest branch
Doorstep Banking Services
[Within City limits] Cheque
Please contact the nearest branch
Other Service Charges
Physical Account Statements [Quarterly] Free
Email Account Statements [Quarterly] Free
Stop Payment Instructions

100/- per cheque

Signature Verification/Address Confirmation

100/- per instance

Confidential Report/Credit Confirmation Free
Solvency Attestation Free
Photo Attestation Free
Activation of Inoperative Account Free
SMS Alerts

25 paisa per SMS Subject to maximum amount of ₹ 25/- per quarter or actual amount whichever is lower.     

Account Closure Charges
Account Closure Within 14 days - Nil
After 14 days to 12 months- 500/-
Above 12 months:250/-

*Note:
1. *AQB shall be computed on the combined balance of BPA & VSA.
2. **VSA is automatically opened and linked with BPA. No charges applicable in VSA.
3. # MAB stands for Monthly Average Balance in BPA only.
4. ##Free cash deposit upto ₹20 Lakh for MU Branches & ₹10 Lakh for SURU Branches, for account opening & subsequent month. 20 times of MAB maintained in previous month, upper cap ₹20 Lakh for MU Branches & ₹10 Lakh for SURU Branches in BPA [Current Account] will not be considered in the account opening & subsequent month. It will be applicable thereafter.

For complete details on Fees and Charges effective from 1stJuly 2025, please click here


 

 

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Loan calculator

Amount ()

1 Lac

10 Cr

Tenure ( )

1 Month

120

Interest Rate (%)

1%

31%

line-chart-pattern-bg
Equated Monthly installments (EMI)

2,10,651

Need more Information?
Deposit Amount
Interest Earned

Interest Rate

8.00%

Interest Earned

3,50,452

Maturity Value

13,50,452

Maturity Date

20 Apr 2023

(Indicative interest rates for calculation only. click here for latest rates.)

FAQs

An Individual and a Sole Proprietorship concern can open a Business Plus Account.

Business Plus Account is linked to a Virtual Savings Account wherein, any account balance held above minimum average balance in Business Plus Account will get transferred to the linked Virtual Savings Account at the end of the day, thereby emphasizing liquidity with higher interest returns on surplus funds and offering maximum returns to customers. Unlike FDs this will give an edge to the client to earn interest overnight.

Minimum initial funding requirement of 1,00,000 for Metro/Urban Branches and 50,000 for Semi-Urban/Rural Branches.

Monthly free cash deposit limit at base branch of 10 lakhs and at non-base branch of 5 lakhs.

Two cheque books containing 50 leaves each per quarter shall be issued.

No, there is NIL "Non-Maintenance Charges" in Business Plus Account.

The surplus amount in Business Plus Account above minimum average balance requirement will be automatically swept into the Virtual Savings Account at the end of day [EOD].

If the aggregate balance falls below the requirement minimum average balance in Business Plus Account, then the system will automatically sweep-out the short fall amount from the linked Virtual Savings Account thereby maintaining the requisite minimum average balance.

If amount is retained overnight in Virtual Savings Account, it earn interest for that day on the amount parked in the virtual savings account.

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