Eligibility and Availability
- Yes, current accounts can be opened in cooperative banks.
- Most urban and rural cooperative banks offer current account services.
- These accounts are available to businesses, traders, professionals, and institutions.
- Individuals engaged in commercial activity may also apply.
- The account is subject to the bank’s membership or approval process.
Application Process
- Visit the nearest cooperative bank branch with the required documents.
- Fill out the current account opening form with business and personal details.
- Submit identity, address, and business registration documents for KYC.
- Cooperative societies or firms may need approval from governing boards.
- An initial deposit is typically required to activate the account.
Required Documentation
- Business registration certificate, trade license, or GST registration.
- PAN card and address proof of the business and authorized signatories.
- Identity documents like Aadhaar or passport for individuals involved.
- Recent passport-sized photographs of all applicants.
- Additional documents for societies, trusts, or partnership firms.
Features and Services Offered
- Unlimited deposits and withdrawals to support business transactions.
- Cheque book, debit card, and passbook facilities are usually provided.
- Cooperative banks may offer lower service charges and personalized support.
- Some banks provide online and mobile banking access.
- Overdrafts, cash credit, and loan facilities may be linked to the account.
Regulatory Compliance and Safeguards
- Accounts must follow RBI-mandated KYC and AML norms.
- Deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Cooperative banks are regulated by state cooperative authorities and the RBI.
- All account activity is subject to audit and financial reporting rules.
- Customers receive the same legal protections as in commercial banks.