Current (Demand) Account
Demand Account (current ) is a non-interest bearing account opened or operated by literate customers only, whereby, the operation is normally made by a cheque, which is issued by the Bank to the account holder.
The main features of current account is that there is neither restriction on the amount of funds to be withdrawn at a time nor advance notice is required as long as there are sufficient funds in the account to cover the payment.
To open Demand (Current or Checking ) account the applicant shall fulfill the following requirements:-
- Submit an ID Card, it can be driving license or passport or tax payer ID …etc
- Renewed trade license, registration certificate, tax identification certificate
- One passport size photo of the applicant or Managing Director
- Article & memorandum of association, an authorization letter to open an account, signatory assignment letter and any
- Supporting letter by the concerned organ
- Giving specimen signatures on the Bank’s specimen card
- Filling the check requisition form of the Bank
Additional things to be noted
- The Bank may, however, authorize opening of an account with out trade license if convinced or considered genuine Issuing a dishonored check due to insufficient fund is strictly prohibited
- Deposit and withdrawal can made through check, CPO ,written application or other electronic media that will be introduced soon.