img

Current Plus Deposit Scheme

The “Current Plus” Deposit Scheme allows the customers to simultaneously enjoy the benefit of both Current Account as well as Fixed Deposit Account.

The Scheme:

The Scheme “Current Plus” account (CP) will comprise of two components viz. Current account and Fixed Deposit account. In current a minimum balance of Rs.1.00 lac is required to be maintained and amount exceeding Rs.1.00 lac will be automatically transferred to fixed deposit account for a period of 15 days in multiple of Rs.10,000.00.

Account Opening Form :

Usual Current Account opening form/ specimen signature card etc. will be used while opening the account along with taking proper introduction as per Bank’s guidelines. In addition, a separate undertaking is required to be obtained from the depositors. No separate application form for fixed deposit account is required for “Current Plus” account and no receipt for fixed deposit amount is to be issued.

Automatic Transfer of Fund to Fixed Deposit and Period of Fixed Deposit :

The scheme will provide facility for automatic switching over of excess balance of Rs.1,00,000/- from Current A/c to Fixed Deposit A/c and vice versa. The amount exceeding minimum balance of Rs.1,00,000/- will be transferred automatically to fixed deposit account for a period of 15 days in multiple of Rs.10000/- with the provision of automatic renewal of the balance after every 15 days. Interest accrued in the fixed deposit account will be credited to the Current Account at the time of renewal.

Procedure for Reverse Sweep :

The balance available in the Current Plus account will be deemed to be treated as combined balance of Current Account and Fixed deposit account for honouring the cheque of the party by automatically transferring the balance of Fixed Deposit Account to Current account at the multiple of Rs.10000/. The reverse sweep of Fixed Deposit shall be on “last in first out” basis

Anyone who is eligible to open Current Deposit A/c of the Bank is eligible to open the Current Plus (CP) account either singly or jointly with minimum balance of Rs.1,00,000.00. Existing Current Deposit A/c may also be converted into the new deposit scheme subject to giving an undertaking for maintaining a minimum balance of Rs.1,00,000.00 per day.

LEDGER FOLIO CHARGES

In case of current accounts, a per annum ledger folio charge of Rs.70/- per folio (one side of a ledger page containing approximately 40 entries) is to be charged with the following exemptions. This Incidental Charges are, however, not to be levied on Current accounts in the name of defense personnel/units etc.
For more details, Please contact the Allahabad Bank nearest to you

Payment of Interest :

Interest will be paid at the rate as applicable for 15 days FDR from time to time on the balance in Fixed Deposit Account. No interest will be paid on the balance in Fixed Deposit account for the period less than 15 days.

Deduction of Income Tax and Service Tax at Source :

Income tax on interest component of Fixed Deposits, under the scheme and Service Tax (as applicable) shall be deducted as per instruction issued by the bank from time to time and the bank shall issue TDS certificate to the depositor.

Premature Withdrawal of Fixed Deposit :

No penal interest shall be levied on premature withdrawal of Fixed Deposit in Current Plus Account irrespective of amount under this scheme.