Application Form For Personal Current Account: Fill & Download for Free

How do Savings Accounts work?A Savings Account is the most basic type of bank account and is used by individuals (singly or jointly) to park money for carrying out various day-to-day financial transactions. These accounts do not have any maturity or end date, unless the customer specifically requests for a closure.Interest rates: Savings Accounts give interest on the money deposited in them. The interest is calculated on the minimum balance kept in the account on a daily basis.The interest rates applicable on these accounts vary from bank to bank. Earlier, the savings account rates were regulated by RBI at 4%. But after de-regulation in 2011, banks are now free to offer their own rates.Transactions: Banks will not allow unlimited free transactions a month through these accounts. Every bank has a limit to the number of free transactions allowed. A cheque book facility is also provided to the account holders. They can deposit cheques and drafts that have been issued in their name.Minimum balance: Generally, there is a required minimum daily average balance which has to be maintained in these accounts. And there are penalties levied in case the minimum balance are not maintained. The minimum balance criteria and penalty varies with banks.But some banks offer no-frills savings accounts for salary accounts. In some cases, this condition is waived off in lieu of lesser number of free services provided by the bank (like no cheque books, lesser number of free transactions, etc.)How do Current Accounts work?As per the name, Current Accounts (CA) are used to facilitate current transactions and are not used for savings or investments. These types of accounts are opened in the name of businesses owned by bank customers.For example, these accounts can belong to companies, partnerships, proprietorships, trusts, associations, etc. Current Accounts can also be opened in the name of individuals that are sole-proprietors, or are running a business in their individual name, as long as the transactions carried out are business related only.Like savings account, current accounts also do not have any maturity or end date.Interest rates: Current accounts are non-interest bearing accounts. There have been proposals by some leading banks, like SBI, of offering interests on Current Accounts, to retain the huge transactions happening in their corporate accounts.Transactions: There are no limits on the number of transactions that can be carried out through these accounts. And that is one way of compensating a customer for not giving interest. Businesses, by nature, have larger numbers of financial transactions compared to individuals. Even so, most private banks charge fees for transactions that are above a stipulated limit on certain accounts.Like savings account, cheque book facilities are provided for Current Accounts too.Minimum balance: Like Savings Accounts, current accounts also come with a minimum balance criteria but it is comparatively much higher. While the minimum balance requirement of some public sector banks starts from Rs.1000, private banks charge Rs.25, 000 to Rs.75, 000 as quarterly balance requirement, and this varies for different types of accounts and locations.Other differences:Another facility that distinguishes Current Accounts from Savings Accounts is the overdraft facility. Here, a customer can withdraw more than what is available in his current account, but subject to a maximum limit depending on the account.This helps customers run their businesses despite small shortfalls in cashflows. Once the money is deposited back in the account by the customer, the overdraft is adjusted to reflect the actual balance. The bank also charges additional interest on this overdraft amount, considering it a short-term borrowing.Additional Reading:Advantages Of A Current AccountAll About A Savings AccountIf you have any other Personal Finance queries, you can follow and tweet out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter

Yes, Aadhar Card and PAN card are essentials when it comes to the documents you need to submit for a personal loan. Here is a list of all the documents you need to submit along with your application for a personal loan:KYC documents such as driving license, Aadhaar card, and voter ID cardLast 2 months’ salary slips (for salaried) or income proof (for self-employed)Last 3 months’ bank account statements of your salary account (for salaried) or current account (for self-employed)You can easily apply for a personal loan online and submit the documents online too.

When we talk about one of the major profit making buisness the idea of running a petrol pump can not be left behind. So we are going to se e the A 2 Z on how to start and operate a petrol pump india.It will be a bit long but interesting to read. LETS STARTThe procedure and formalities for opening a petrol pump business in India is as follows:Eligibility Criteria for Opening a Petrol Pump in Indiathe Government of India has set up certain criteria that has to be met before anyone can start the process of opening a petrol pump in India:The owner/owners of the petrol pump business should be citizens of India. In case of an NRI applicant, he/she must have lived in India for more than 182 days.The minimum age limit of the applicant has to be 21 years and the maximum age limit should be no more than 55 years.Birth certificate proof is required.For an individual residing in rural areas, the minimum educational qualification required is 10+2 certification. And, for individuals residing in urban areas, the minimum educational qualification should be a university degree certification from a university that is recognised by UGC. For applicants who belong to CC1 category, a 10th certificate is required and for CC2 category, a 10 +2 certification is a must.Applicants belonging to the freedom fighter category are exempt from the rules.Minimum investment of Rs 15 lakh or more required to obtain dealership in rural areas.Minimum investment of Rs 2 crore or more to obtain dealership in urban areas.The chosen business location should not fall under excluded or blacklisted zones.Land RequirementJust like with mobile towers, the land for petrol pump has to be chosen as per the analysis of the petrol companies. These petrol companies usually issue advertisements about sanctioned land locations, so you need to ensure your chosen land area falls under that category before proceeding with the application. You will also need to ensure you meet the below land criteria:The land has to be either owned by you or leased for the period agreed upon by the oil dealership.You need to ensure all the legal documentation of the land is in place for the verification process.The area of land required should be at least between 800 sq meters to 2000 sq meters depending on the location.Land chosen should be developed and levelled and easily accessible from the road.Investment and FeesTo open a petrol pump business, you must have a good investment capacity to start with. There are two types of charges for opening petrol pumps in India:Rs 12 lakhs for ROs for rural areas and Rs 25 lakhs for ROs in urban areas, though the amount may vary from company to company.Your funds will be acceptable in the below modes:National Savings CertificatesBondsShares of listed Companies in Demat FormMutual fundsSaving account fundsBank depositsCash, jewellery, current account balance will not be considered for investment in this business.Application for LicenseThe next step is to obtain a license for opening a petrol pump. For this, Oil Marketing Companies (OMCs) give out advertisements either on their official website or newspapers to set up petrol pumps across different locations. Interested candidates have to:Buy a form for Rs 100 (rural areas) and Rs 1000 (urban areas) online and duly fill up the accurate details like personal ID, mark sheets, land details and upload the required documents on the chosen oil company’s website.Obtaining CertificatesOnce the licence is sanctioned, the next step will be to obtain certain certificates and permissions before building the petrol pump infrastructure:Permission from the Municipal Corporation and Fire Safety OfficeNOC from the licensing and other concerned authoritiesLocation CertificateObtain Business Loan for Working Capital NeedsOne can get a loan for petrol pump from banks, NBFCs as well as digital NBFCs.So। I hope you like my answer and appreciate my effort.Thankyou