Master Account Opening Fee
Master account opening fee, in Global National Payment Bank’s 10000000 RS.. INR.
A Master account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Master accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank. Generally, Master accounts do not provide interests and requires a higher minimum balance when compared to Current account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.
Benefits of a Master Account
Allows for prompt business transactions
No limit on withdrawals
No limit on deposits in the home branch
Enables businessmen to make direct payments using cheques, demand drafts, or pay orders
Provides overdraft facility
Provides internet banking and mobile banking facilities
Types of Master Account
Banks offer different types of current accounts to suit the differential needs of their customers. You should have a clear understanding of the nature of transactions you wish to carry out after opening a current account. Here are some of the common types current accounts offered by banks:
Standard Current Accounts
It’s a non-interest bearing deposit account with minimum balance requirements and a stipulated monthly average balance. It offers cheque books, debit cards, overdraft facility, etc. Other features may include internet banking, SMS banking, Free RTGS and NEFT transactions, etc.
Packaged Master accounts
The packaged accounts offer a lots of perks to accountholders. It comes with additional features such as travel insurance, medical support, roadside assistance, etc.
Single column cash book
Simple cash accounts or single column cash book accounts allow for daily transactions but does not provide features such as overdraft facility. It is suited for those businesses that do not maintain bank accounts. It is a cashbook which records the daily transactions under separate columns for debit and credit.
Premium Master accounts
It comes with exclusive offers and benefits to account holders. The account provides a multitude of customized features and it is generally suited for those who carry out high financial transactions.
Foreign currency accounts
For those individuals or businesses that require frequent transactions to be carried out in foreign currencies, a foreign currency account is the best option.