HDFC Bank is one of India’s leading private sector banks. Since its establishment over 2 decades ago, HDFC Bank has built a customer base that spans various urban and rural locations alike. The bank has won several awards for recognition of its excellence in terms of service and the quality of products that it offers its customers.
The range of financial products that HDFC offers its customers ranges from savings accounts and fixed deposits to mutual funds and insurance policies. Of the many products that the bank offers its customers, the current account is one that deserves a notable mention. A current account is a type of bank account that is primarily used by individuals who run businesses. Unlike a regular savings account, a current account provides the account holder with high liquidity. The withdrawal and deposit limits on these accounts are considerably higher than those set for savings accounts.
HDFC Bank has a wide variety of current accounts. Each of these accounts have features that have been customised to meet the requirements of a specific group of individuals. One of these accounts is the Institutional Current Account. The account has been developed to meet the financial requirements of trusts, associations, non-governmental organisations, and other similar institutions.
Features and benefits
The following are the features and benefits of the HDFC Bank Institutional Current Account:
- The Institutional Current Account provides account holders with free cash deposits up to Rs.50 lakh each month. These deposits can be made at all HDFC Bank branches in the account holder’s city.
- The bank provides account holders with free cheque collection and payments at all HDFC Bank branches.
- Institutional Current Account Holders receive 500 free at-par cheque leaves free of charge every month.
- The account holder has the advantage of not having to maintain a minimum average balance in their account.
- The bank provides free cash collections and payments through the bank’s NEFT facility.
- Account holders receive InstaAlerts for transactions made against their account.
- The bank’s ENET facility allows account holders to make bulk payments to its vendors and remuneration to its employees. The facility also provides account holders with the advantage of bulk printing of cheques and Demand Drafts. Additionally, account holders can make salary uploads and tax payments.
- The bank provides account holders with a free monthly statement of their account.
- HDFC Bank’s Cash Management Services (CMS) gives Institutional Current Account holders with faster collection of intercity cheques and provides daily real-time information. Additionally, account holders also receive customised MIS that enables them to track the payment of their cheques and cheque collection.
- The bank provides free unlimited pay orders and demand drafts at the bank location every month.
- The Institutional Current Account provides account holders with services such as the Trade and Forex, Payment Gateway, CMS, and Doorstep Banking.
To be eligible to open an Institutional Current Account with HDFC Bank, the applicant must fall under one of the following categories:
- Government organisation
- Non-governmental organisation
HDFC Bank provides its customers with the highest quality of services and ensures that transactions are carried out as smoothly as possible. The reliability of the bank is an added reason to choose any of its current accounts.
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