V Plus Current Account

V-Plus Current Account

  1. Minimum balance requirement is  5,00,000/-.
  2. The excess amount over and above the minimum limit i.e.  5,00,000/- will be transferred to term deposit account in multiples of  1,00,000/-.
  3. The term deposit will be opened for a period pre-specified by the depositor in the account opening form/separate letter at the time of opening of V-Plus Current account. The period of term deposit should be between 46 days to 179 days.
  4. Sweeping of balances takes place once in a week i.e., on every Saturday. In case particular Saturday is a holiday, sweep will be effected on next working day.
  5. Whenever the balance in a V-Plus Current account falls below the minimum prescribed level, the required deficit amount shall be transferred from V-Plus term deposit amount available under the party’s account by breaking the term deposit on a ‘Last – in – First – out’ basis, to bring back the ‘V-Plus Current account’ balance to Rs.5.00 lakhs.
  6. In case, the balance under ‘V-Plus Current account’ remains below Rs.5.00 lakhs for 3 months, ‘V-Plus Current account’ shall be transferred to Current account, after closing all V-Plus Term Deposits under the account.
  7. All other rules of business including calculation of interest, particularly with respect to number of withdrawals etc. should be as applicable to Current account Deposit scheme. For term deposits under the scheme, all rules of business as applicable to the general term deposit accounts would apply, except that no separate deposit receipt will be issued.

    For further details, please contact the nearest branch.

 

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