Corporation Bank is a bank that was established in the early 1900s. In the last century the bank has grown exponentially in terms of the products that it offers and its customer base. The mission of the bank has been to expand the reach of its services to help meet the financial needs of the Indian population. One of the ways that the bank hopes to achieve this goal is to provide its customers with a wide range of banking services through the development of innovative products.
One of the products that Corporation Bank offers its customers is the current account. A current account is a type of bank account that offers account holders high liquidity. It is often used by individuals who run businesses and carry out a number of banking transactions every day. These transactions often involve large sums of money, much beyond the limits of a regular savings account.
Corp Global Current Account is the current account offered by Corporation Bank.
Features and benefits
- The Corp Global Current Account has been specifically developed for customers who deal with imports and exports, yet do not have the benefit of credit limits.
- The account is also meant for those individuals who have Forex remittance business.
- The account comes in two variants which differ based on the quarterly average balance requirement. The two variants of the account have a minimum quarterly balance of Rs.1 lakh and Rs.2.5 lakh respectively. Similarly, the account holder is charged a fine of Rs. 1,000 and Rs.2,000 respectively for non-maintenance of the quarterly average balance.
- Customers who hold variant 1 on the Corp Global Current Account are entitled to a receive a rebate in the service charges levied on their import and export transactions in two slabs. This is applicable when the transaction value up to USD 50,000 and the second slab is applicable for transactions above USD 50,000.
- Customers who have the second variant of the account are entitled to avail free collection of their export bill, import bill, and outward remittance charges for a nominal fee of Rs.1,000 for transactions upto USD 50,000.
- Account holders have the benefit of availing Corp Club and Corp Privilege at the time of opening their account.
- Both variants of the account are entitled to avail the bank’s NEFT, FIRC, and BRC facilities free of charge.
- The account can be opened in Corporation Bank branches that are designated for foreign exchange business.
To be eligible to open a current account with Corporation Bank, the applicant should be at least 18 years old and should fall under one of the following categories:
- Resident individuals
- Public and private companies
- Sole proprietorships
- Hindu Undivided Family (HUF)
The Corp Global Current Account is one of the means through which Corporation Bank is working towards expanding their reach. Their practices are carried out in the most transparent and ethical manner so as to best serve their customers.
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