Minimum/Maximum balance in the account

A current deposit account shall be required to maintain a minimum balance of Nu. 1,000 at all times unless otherwise decided by the management. There is no maximum limit.

Features

• It can be operated either singly or jointly;
• It can be opened in the name of individuals or sole proprietorship/ partnership firms, private/public companies or Institutions/Agencies. However, minors, foreigners/foreign business entities without a Bhutanese trade license/ illiterates and visually impaired persons are not allowed to open and operate current accounts;
• Cheques are the primary means of operating a current account;
• There is no restriction on the number of transactions that can be carried out in this account;
• No interest is payable on current accounts.

Eligibility

The following entities are eligible to open Current Accounts with the Bank:

• Individuals;
• Firms -Sole Proprietorships/Partnerships;
• Clubs, Societies, Associations, Institutions;
• Limited Companies; and
• Government Departments/ Ministries/ Corporations.

Individuals

• Account opening form;
• A copy of Citizenship Identity Card;
• 2 copies of recently taken passport size photo;

Sole Proprietorship firm

• Account opening form;
• A copy of valid trade license;
• A copy of Citizenship Identity Card;
• 1 copy of recently taken passport size photo;
• Letter of Authority to operate the account by an authorized representative of the proprietor, if any, containing the identification details and signatures of the representative.

Partnership firm

• Account opening form;
• A copy of valid trade license;
• Letter of Authority to operate the account by an authorized representative of the proprietor, if any, containing the identification details and signatures of the representative.
• A copy of the legally-binding partnership deed.

Clubs, Societies, Associations, Institutions

• A copy of either bye-laws or minutes or rules or constitution of the club, association, society or institution;
• Certified copies of the resolution of the general body meeting appointing the office bearers, the executive committee resolution to open Bank accounts and authorizing operations on the account;
• A formal letter signed by the office bearers of the club/society/association/ institution.

Limited Companies

• A copy of a valid business license and articles of incorporation;
• A copy of the Board resolution to open Bank accounts and authorizing operations on the account;
• Detailed identification particulars (names and addresses of the company’s Head Office and Registered Office, and the persons involved in the day to day management of the company, as well as of those involved in operating the Bank account);
• A formal letter requesting the Bank to open an account in the companies’ name, signed by the authorized person as per the board resolution.

Government Departments/ Ministries/ Corporations

• A formal letter requesting the Bank to open an account in the institutions’ name, signed by the Head of the Institution.
• Detailed identification particulars (names and addresses of the institution’s Head Office and Registered Office, and the persons involved in the day to day operations of the institution, as well as of those involved in operating the Bank account).