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Current Account Agreement

Current Account Agreement Template for India

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Key Requirements PROMPT example:

Current Account Agreement

"I need a Current Account Agreement for our multinational manufacturing company's Indian subsidiary, scheduled to begin operations in March 2025, that includes provisions for international wire transfers, multi-currency transactions, and integration with our global treasury management system."

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Document background
The Current Account Agreement serves as the foundational document governing the relationship between banking institutions and their customers in India who require transactional banking services. This agreement is essential for businesses, professionals, and individuals who need to conduct frequent financial transactions, require checkbook facilities, and need access to comprehensive banking services. The document is structured in accordance with the Banking Regulation Act 1949, RBI guidelines, and other relevant Indian banking laws, incorporating mandatory KYC requirements and anti-money laundering provisions. It outlines the complete framework for account operation, including digital banking services, security protocols, fee structures, and customer obligations. The agreement is particularly crucial as it establishes legal safeguards for both the bank and the customer while ensuring regulatory compliance in the Indian banking sector.
Suggested Sections

1. Parties: Identification of the bank and account holder(s), including complete details and registration information

2. Background: Brief context about the purpose of the agreement and the banking relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening and Operation: Terms governing account opening, operation, and maintenance requirements

5. KYC and Documentation: Requirements for Know Your Customer compliance and ongoing documentation

6. Rights and Obligations: Detailed rights and obligations of both the bank and account holder

7. Fees and Charges: Structure of fees, charges, and minimum balance requirements

8. Interest: Terms regarding interest calculation and payment, if applicable

9. Account Statements: Provisions regarding statement delivery, frequency, and dispute resolution

10. Electronic Banking Services: Terms governing online banking, mobile banking, and other digital services

11. Security and Access: Security measures, access protocols, and customer responsibilities

12. Termination: Conditions and procedures for account closure and termination

13. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution

14. Force Majeure: Provisions for unforeseen circumstances and acts beyond parties' control

15. Notices: Methods and requirements for communication between parties

Optional Sections

1. Joint Account Operations: Used when the account is opened in joint names, specifying operational mandates and survivor rights

2. Corporate Account Provisions: Specific terms for corporate accounts, including board resolutions and authorized signatories

3. International Banking Services: Required for accounts with international transaction facilities

4. Overdraft Facility: Terms for overdraft facilities if offered with the current account

5. Special Category Customer: Additional provisions for senior citizens, minors, or other special categories

6. Partnership Firm Provisions: Specific terms for accounts operated by partnership firms

7. Trust Account Provisions: Special terms for accounts operated by trusts

8. Sweep Facility: Terms for automatic fund transfer facilities between accounts

Suggested Schedules

1. Schedule of Charges: Detailed list of all applicable fees, charges, and penalties

2. Schedule of Services: List of available services and features with the current account

3. KYC Documentation Checklist: List of required KYC documents for different categories of customers

4. Electronic Banking Terms: Detailed terms and conditions for electronic banking services

5. Operating Mandate: Specimen signatures and operational instructions for the account

6. Interest Rate Schedule: Applicable interest rates for various balance slabs if applicable

7. Appendix A - Forms: Standard forms for various service requests and modifications

8. Appendix B - Digital Banking Security Guidelines: Detailed security guidelines and best practices for digital banking

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses






























Relevant Industries

Banking and Financial Services

Retail

Manufacturing

Information Technology

Professional Services

Healthcare

Education

Real Estate

Logistics and Transportation

Construction

Hospitality

Import/Export

Agricultural Business

Non-Profit Organizations

Relevant Teams

Legal

Compliance

Risk Management

Operations

Customer Service

Account Management

Treasury

Finance

Audit

Business Development

Digital Banking

Documentation

Branch Operations

Corporate Banking

Relevant Roles

Branch Manager

Relationship Manager

Legal Counsel

Compliance Officer

Risk Manager

Operations Manager

Account Manager

Chief Financial Officer

Financial Controller

Treasury Manager

Company Secretary

Business Development Manager

Auditor

Banking Operations Head

Customer Service Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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