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 balances held in Current Accounts.

Along with the Current Account, a Virtual Savings Account will be opened (in the name of Proprietor) which will be linked to the Current Account. At the end of the day, balance held in Current Account above 50,000 for Metro and Urban banking outlets and above 25,000 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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Cash withdrawal on Utkarsh Bank ATMs

  • 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 Savings Bank 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 home 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

Minimum Balance Requirement
Business Plus Current Account Virtual Savings Account [linked with Business Plus Account] 
AQB
Metro & Urban Branches

50,000/-

Nil

Semi-Urban & Rural Branches

25,000/-

Nil

Charges for Non-Maintenance

Nil

Nil

Sweep in/Sweep Out Balance Criteria If the aggregate balance falls in Business plus Account below
50,000/- in Metro & Urban Branches
25,000/- in Semi-Urban & Rural Branch
then system will sweep out the short fall amount from the linked Virtual Savings Account and maintain the balance in
Business Plus Account

The surplus amount in Business plus Account above  50,000/- in Metro & Urban Branches & 25,000/- in Semi-Urban & Rural Branch , will be automatically sweep-in  to Virtual Savings Account, at End of Day [EOD]. 

Initial funding requirement

25,000/- for Metro & Urban Branches
12,500/- for Semi-Urban & Rural Branches

Not Applicable

Demand Drafts/Pay Order
DD Revalidation

100/- per instance

Not Applicable

Duplicate DD Issuance

100/- per instance

Not Applicable

Demand Drafts payable at own bank locations Upto10,000/-50/- Above 10,000/-
4/- per 1,000/-[Min 50/- Max 1000/-]

Not Applicable

DD/PO Cancellation

100/- per instance

Not Applicable

Cheque Issuance/ Collection Charges
Cheque Book [50 leaves] Two free cheque book per quarter

Not Applicable

Charges Beyond Free Limit

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

Not Applicable

Local Cheque Collection and Payments at Base Branch Location & Fund Transfer Free

Not Applicable

Cheque Return Charges [Outward]

200/- per cheque

Not Applicable

Cheque Return Charges [Inward]

500/- per cheque

Not Applicable

Branch Cash Transactions
Cash Deposit Transactions - Free limits/month Base Branch: 10 lakhs
Non-base Branch: 5 lakh

Not Applicable

Cash Deposit Transactions - Charges beyond Free limit

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

Not Applicable

Cash Withdrawal [Base Branch] Unlimited

Not Applicable

Cash Withdrawal charges beyond free limit Not Applicable

Not Applicable

Cash Withdrawal [Non- Base Branch] - Free limit Free upto 5 lakhs per month

Not Applicable

Cash Withdrawal [Non-base Banking outlet] - Charges beyond Free Limit

2/- per 1,000/-

Not Applicable

NEFT/RTGS Transactions [Branch Banking]
RTGS Outward Free

Not Applicable

NEFT Outward Free

Not Applicable

IMPS Payments

Upto ₹1 lakh - ₹5/-

Above ₹1 lakh upto ₹2 lakh - ₹10/-

Above ₹2 lakh upto ₹ 3 lakh - ₹15/-

Above ₹3 lakh upto ₹ 5 lakh - ₹20/-

Not Applicable

Phone/Mobile Banking
Phone Banking Free

Not Applicable

SMS Alerts

25 paisa per SMS

Subject to maximum amount of ₹ 25 per quarter

or

actual amount

whichever is lower.     

Not Applicable

Doorstep Banking Services
Doorstep Banking Services
[Within City limits] Cash
Please contact the nearest Branch

Not Applicable

Doorstep Banking Services
[Within City limits] Cheque
One Pickup free per day
[at selected locations]

Not Applicable

Other Service Charges
Physical Account Statements [Quarterly] Free

Not Applicable

Email Account Statements [Quarterly] Free

Not Applicable

Stop Payment Instructions

100/- per cheque

Not Applicable

Signature Verification/Address Confirmation

100/- per instance

Not Applicable

Balance Certificate Free

Not Applicable

Confidential Report/Credit Confirmation Free

Not Applicable

Solvency Attestation Free

Not Applicable

Photo Attestation Free

Not Applicable

Activation of Inoperative Account Free

Not Applicable

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

Not Applicable

For complete details on Fees and Charges effective from 01st May 2023, 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 25,000 for Metro/Urban Branches and 12,500 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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