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INSURANCE
1. What is Insurance ?
2. What are the different insurance plans available/I can choose from ?
3. Insurance plan for financial Planning !
1. What is Insurance.
Insurance can be defined as “ A contract/agreement between two parties whereby one party called insurer undertakes in exchange for a fixed sum of money (premium in installments), to pay the other party called insured a fixed amount of money on occurrence of a certain defined event."
insurance can be seen as basically a security and protection cover that can be bought against a financial loss which can arise on the occurrence of an unexpected event including financial losses and damages. The cover
2. What are the different insurance plans available/I can choose from.
Different insurance plans cover different aspects of our assets, following are some of the insurance plans that are available in the market.
Life Insurance
Medical Insurance/Health Insurance
General Insurance
Home Insurance,
Travel Insurance
Vehicle Insurance
Term Plans
Endowment Plans
Group Insurance
Retirement Plans
Children's Plans
Wealth Plans
3. Insurance plan for financial Planning !
Life Insurance also plays a good role in your financial planning as apart from providing financial security cover it also ensures growth.
1. What is a Current Account ?
2. What are the features of Current Account ?
3. Which banks and financial institution in india offer current accounts ?
4. What is QAB (Quarterly Average Balance) to be maintained in a Current Account ?
5. What if the minimum balance (QAB) is not maintained in Current Account ?
6. How to get/obtain a Current Account?
7. Who can open a Current Account ?
8. What a bank asks/requires for opening an account?
9. What is required for obtaining Current Account ?
10. What documents are required for opening a Savings Account ?
11. Where can I get Current Account ?
1. What is a Current Account ?
Current account is a account held in a bank or financial institution operated by cheque, these are usually preferred by firms, companies, public enterprises and independent businessmen as they allow them to have as many financial transactions i.e., deposits and withdrawals and transfers per day as they wish. These account would not earn any interest as in case of savings account and also they would be requiring a higher minimum balance (QAB) wen compared to savings account. Now even the flexibility of debit card and online internet banking is also being offered making it even more convenient for the businessmen to go about their business. Considering the large number of transactions in the account and volatile nature of balances maintained overnight banks generally levy certain service charges for operating a Current account.
In terms of RBI directive banks are not allowed to pay any interest on the balances maintained in Current accounts. However, legal heirs of a deceased person are paid interest at the rates applicable to Savings bank deposit from the date of death of the account holder till the date of settlement.
2. What are the features of Current Account ?
Following are some of the important features of current account, although features offered by individual banks and financial institutions may differ.
# Overdraft facility
# Unrestricted No. financial of transactions.
# Electronic Payments.
# Faster funds transfer transactions like internet banking.
# Cheque book facility.
# Nomination facility.
3. Which banks and financial institution in India offer current accounts ?
The following list of banking institutions may be considered, that list in not in any particular order
State Bank Of India
Indian Overseas Bank
Indian Bank
Bank of Mysore
Bank Of Rajasthan
Bank Of India
Canara Bank
central bank of india
State Bank of Bikaner and Jaipur
State Bank Of Travancore
Union Bank of India
ABN AMRO Bank
Axis Bank
Allahabad Bank
American Express
Barclays Bank
CitiBank
DENA Bank
Deutshe Bank
Development Credit Bank Ltd.
Fullerton India Credit Co ltd.
HDFC Bank
ICICI Bank
IndusInd Bank
Jammu and Kashmir Bank
Karur Vysya Bank
Karnataka bank
Muthoot Group
Oriental Bank Of Commerce
Reliance Capital Ltd.
Tata Capital Limited
Vijaya Bank
YES Bank
4. What is QAB (Quarterly Average Balance) to be maintained in a Current Account ?
Minimum balance that needs to be maintained in the Current Account will be higher than the savings account, the exact information about the same may be obtained from the respective bank/institution of their website.
5. What if the minimum balance (QAB) is not maintained in Current Account ?
Is there a penalty is QAB (minimum balance) is not maintained in Current Account ?
Non maintenance of certain minimum balance/QAB would attract QAB charges.
6. How to get/obtain a Current Account?
Either you can visit the nearest branch of the bank or you can apply for the same on internet by visiting the concerned bank's official website.
7. Who can open a Current Account ?
#An individual who is a major.
#In case of two or more individuals, in their joint names.
#Sole proprietorship concerns.
#Hindu Undivided Family (HUF).
#Limited Companies.
#Partnership concerns.
#Others - Govt. and semi Govt. bodies, local authorities etc.
#Clubs, Societies.
#Trusts, Executors and Administrators.
8. What a bank asks/requires for opening an account ?
Banks are required to know the true identity of the person wanting to open an account. Banks also seek introduction of the person from an existing account holder. Banks require photograph of the person to be kept on record for future identification purpose. Banks have to obtain PAN numbers (issued by Income Tax Dept.) of the account holder at the time of opening of the account.
9. What is required for obtaining Current Account ?
10. What documents are required for opening a Savings Account ?
# Your completed Current Account opening form.
# Passport-size photograph(s) of yourself and all other account holders (in case of Joint Account).
#Proof of individual's identity
Passport*
Voter's ID
Driving licence
Government ID card
Defence ID card
Photo ration card
Photo PAN card
#Proof of residence
Passport
Telephone bill
Electricity bill
Ration card
Society outgoing bill
Life Insurance Policy
#Introduction of the person from an existing account holder in the bank.
#PAN number / Declaration in form no.60 or 61 as per the Income Tax Act 1961
11. Where can I get Current Account ?
A Current bank account can be opened in any operating bank of financial institution.
