Current Account
An account for shops, traders, and professionals who transact often.
A current account is for business transactions. Shops, traders, professionals, and small firms use it to deposit collections and pay expenses through the day. It is not a savings account and it is not a fixed deposit.
The society has not published a separate interest rate for the current account. Charges, operating rules, and any interest, if the society applies it, are explained at the Kotoli branch when the account is opened. Do not assume the 5% savings rate applies to a current account.
Why members choose this
Built for transactions
Meant for frequent deposits and withdrawals, rather than a locked saving.
For a business
Shops, traders, professionals, and small firms can ask the branch to open it in the right name.
Branch at Kotoli
The account is operated from the society's office on Main Road, Kotoli.
Payments
Ask the branch which of the society's NEFT, RTGS, and UPI facilities can be used on a current account.
Who it is for
Shopkeepers and traders
Daily collections and payments in one business account.
Professionals
Receipts from clients kept separate from household savings.
Small businesses
A current account in the firm's name, with the papers the branch asks for.
Frequent transactions
Members who move money often and do not want a fixed tenure.
Documents to bring
- Identity proof of the applicant, such as Aadhaar
- PAN
- Address proof
- Passport-size photographs
- Business proof when the account is for a shop or firm, such as a registration, licence, or partnership paper
Terms and conditions
- A current account is for transactions. It is not the savings account and not a fixed or recurring deposit.
- The society has not published an interest rate for this account. Confirm terms at the branch.
- Business accounts need the identity of the operator and papers that show the business.
- The branch may set a balance or operating condition. That condition is part of the account opening.
Frequently asked questions
Who can open a current account?
Shops, traders, professionals, and small businesses. An individual who needs a transaction account can also ask the branch.
Does the current account earn the 5% savings rate?
No. 5% is the published rate for savings and pigmy deposits. The current account does not have a separate published rate. Ask the branch what applies to your account.
What documents are needed?
Identity proof, PAN, address proof, and a photograph. A shop or firm should also bring business papers such as a registration or licence.
How do I open it?
Visit the Kotoli branch or send an enquiry from the contact form. The office will tell you the form, the documents, and the operating terms.
Related services
Open a current account
Talk to the Kotoli branch about a business account. Bring identity, PAN, and your business papers.
Contact the branch