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 from 7 days to 180 days.
  • Suitable for Corporate, Traders, Businessmen, Entrepreneurs and HNIs.
  • Sweep is affected weekly every Sunday by default. However an option is given to customer to effect sweep as per their choice.
  • Receipts are not issued for MOD deposit however a statement is pushed every month giving details of break out in sweep account.
  • Customer can issue the cheque freely upto the balance in the MOD (multiple option deposit) plus the balance in the Current Account.
  • An average Minimum Balance of Rs. 1,00,000/- (total products of 90,00,000 per quarter i.e. 90 days X Rs.1,00,000/-)
  • Threshold limit of Rs.2,00,000/- for transferring to Term Deposit. (i.e. Sweep would be effected only when the balance exceeds Rs.2 Lakhs).
  • Amount lying in the Account over the thresh hold balance, will be transferred to Short Term Deposit (STD) automatically in multiples of Rs.25000/-
  • Interest will be paid on maturity.
  • 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 multiple of Rs.25000/- only and the customer has no option to change the same.
  • Foreclosure charges applicable on premature closure.
  • Auto Sweep available.

Minimum balance requirement


Non maintenance of Minimum balance

If the average minimum balance in the current account falls below Rs.100000/- , i.e. if the total product are less than Rs.90,00,000/- in a quarter, a penalty of Rs.570/- per quarter inclusive of Service Tax will be levied.

Maximum Amount

No limit

Value added

  • 6 DD at par upto a maximum of Rs.3,00,000/- per quarter each not exceeding Rs.50000/-.
  • Stop payment instructions & signature attestations carried out free of cost.

( Last modified on Oct 05, 2021 at 01:10:53 PM )