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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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 |
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 |
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 | Free |
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
Apply to Business Plus Account
Loan calculator
|
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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