{"id":20840,"date":"2023-02-14T07:30:31","date_gmt":"2023-02-14T07:30:31","guid":{"rendered":"http:\/\/34.100.199.175\/?page_id=20840"},"modified":"2024-10-04T19:20:03","modified_gmt":"2024-10-04T13:50:03","slug":"rbi-guidelines-on-opening-multiple-current-accounts","status":"publish","type":"page","link":"https:\/\/mybillbook.in\/s\/banking\/rbi-guidelines-on-opening-multiple-current-accounts\/","title":{"rendered":"RBI Guidelines on Opening Multiple Current Accounts"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<div class='ai-viewports ai-viewport-1 ai-insert-3-28073842' style='margin: 8px 0; clear: both;' data-insertion-position='prepend' data-selector='.ai-insert-3-28073842' data-insertion-no-dbg data-code='PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTMnIHN0eWxlPSdtYXJnaW46IDhweCAwOyBjbGVhcjogYm90aDsnPgo8YSBocmVmPSJodHRwczovL215YmlsbGJvb2suaW4vY3JlYXRlLWFjY291bnQvIj4gPGltZyBzcmM9Imh0dHA6Ly9teWJpbGxib29rLmluL3Mvd3AtY29udGVudC91cGxvYWRzLzIwMjMvMDQvdG9wLW5ldy1iYW5uZXIuanBnIiBhbHQ9Imdyb3cgYnVzaW5lc3MiPiA8L2E+CjwvZGl2Pgo=' data-block='3'><\/div>\n<script>\n  ai_run_127085756775 = function(){ai_insert_viewport_code ('ai-insert-3-28073842');};\n  if (document.readyState === 'complete' || (document.readyState !== 'loading' && !document.documentElement.doScroll)) ai_run_127085756775 (); else document.addEventListener ('DOMContentLoaded', ai_run_127085756775);\n<\/script>\n<br \/>\n[\/vc_column_text][vc_column_text]<\/p>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"RBI_Guidelines_on_Opening_Multiple_Current_Accounts\"><\/span>RBI Guidelines on Opening Multiple Current Accounts<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>In October 2021, the Reserve Bank of India revised the conditions to open Current Account with the banks. If you\u2019re a business owner, you must be aware of the new regulations brought in to bring more credit discipline to the country.[\/vc_column_text][vc_single_image image=&#8221;20924&#8243; img_size=&#8221;475&#215;267.58&#8243; alignment=&#8221;center&#8221; style=&#8221;vc_box_border&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\\n&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}\"><div class='ai-viewports ai-viewport-1 ai-insert-7-12007839' style='margin: 8px auto; text-align: center; display: block; clear: both; padding-left: 325px;' data-insertion-position='prepend' data-selector='.ai-insert-7-12007839' data-insertion-no-dbg data-code='PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTcnIHN0eWxlPSdtYXJnaW46IDhweCBhdXRvOyB0ZXh0LWFsaWduOiBjZW50ZXI7IGRpc3BsYXk6IGJsb2NrOyBjbGVhcjogYm90aDsgcGFkZGluZy1sZWZ0OiAzMjVweDsnPgo8YSBocmVmPSJodHRwczovL215YmlsbGJvb2suaW4vY3JlYXRlLWFjY291bnQvIj4gPGltZyBzcmM9Imh0dHA6Ly9teWJpbGxib29rLmluL3Mvd3AtY29udGVudC91cGxvYWRzLzIwMjMvMDYvZ3Jvdy15b3VyLWJ1c2luZXNzLTEweC0xLnBuZyIgYWx0PSJkb3dubG9hZCBhcHAiPiA8L2E+CjwvZGl2Pgo=' data-block='7'><\/div>\n<script>\n  ai_run_261697478979 = function(){ai_insert_viewport_code ('ai-insert-7-12007839');};\n  if (document.readyState === 'complete' || (document.readyState !== 'loading' && !document.documentElement.doScroll)) ai_run_261697478979 (); else document.addEventListener ('DOMContentLoaded', ai_run_261697478979);\n<\/script>\n<br \/>\n<\/span>[\/vc_column_text][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Revised_Current_Account_Opening_Instructions_%E2%80%93_RBI\"><\/span>Revised Current Account Opening Instructions &#8211; RBI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li aria-level=\"1\">Banks can offer Current Accounts to borrowers who have availed credit facilities like Cash Credit (CC) or Over Draft (OD) facility with exposure of less than Rs.5 crore.<\/li>\n<li aria-level=\"1\">If the banking system exposure is more than Rs.5 crore, the borrower can have a Current Account with only one bank with which it has CC\/OD facility. Also, the bank must have at least 10% of the banking system&#8217;s exposure to the borrower to avail the account facility.<\/li>\n<li aria-level=\"1\">Other lending banks cannot open any Current Accounts; instead, they can open Collection Accounts, subject to certain conditions. Funds deposited in such collection accounts should be remitted within 2 working days to the CC\/OD account maintained by the above-mentioned bank.<\/li>\n<li aria-level=\"1\">If none of the banks has at least 10% exposure of the banking system to the customer, the lender having the highest exposure can open a current account.<\/li>\n<li aria-level=\"1\">Non-lending banks cannot open Current Accounts as per the revised regulations.<\/li>\n<li aria-level=\"1\">Borrowers whose exposure to the banking system is Rs.50 Crore or more &#8211; Escrow-managing banks will maintain current accounts.<\/li>\n<li aria-level=\"1\">Borrowers whose exposure to the banking system is between Rs.5 Crore and Rs.50 Crore &#8211; No restriction on opening a current account.<\/li>\n<li aria-level=\"1\">Borrowers whose exposure to the banking system is less than Rs.5 Crore &#8211; Banks can open current accounts subject to conditions. The borrower must inform the bank officials as and when the credit facility availed by them becomes Rs.5 Crore or more.<\/li>\n<li aria-level=\"1\">No restrictions to open current accounts for those customers who have not availed any CC or OD facility from the banks.<\/li>\n<\/ul>\n<p>In the context of managing financial transactions effectively, utilizing <a href=\"https:\/\/mybillbook.in\/s\/billing-software-for-retail-shop\/\"><strong>retail billing software<\/strong><\/a> can significantly streamline processes related to account management and invoicing.[\/vc_column_text][vc_column_text]<span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\\n&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}\"><div class='ai-viewports ai-viewport-1 ai-insert-7-30191403' style='margin: 8px auto; text-align: center; display: block; clear: both; padding-left: 325px;' data-insertion-position='prepend' data-selector='.ai-insert-7-30191403' data-insertion-no-dbg data-code='PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTcnIHN0eWxlPSdtYXJnaW46IDhweCBhdXRvOyB0ZXh0LWFsaWduOiBjZW50ZXI7IGRpc3BsYXk6IGJsb2NrOyBjbGVhcjogYm90aDsgcGFkZGluZy1sZWZ0OiAzMjVweDsnPgo8YSBocmVmPSJodHRwczovL215YmlsbGJvb2suaW4vY3JlYXRlLWFjY291bnQvIj4gPGltZyBzcmM9Imh0dHA6Ly9teWJpbGxib29rLmluL3Mvd3AtY29udGVudC91cGxvYWRzLzIwMjMvMDYvZ3Jvdy15b3VyLWJ1c2luZXNzLTEweC0xLnBuZyIgYWx0PSJkb3dubG9hZCBhcHAiPiA8L2E+CjwvZGl2Pgo=' data-block='7'><\/div>\n<script>\n  ai_run_817629858302 = function(){ai_insert_viewport_code ('ai-insert-7-30191403');};\n  if (document.readyState === 'complete' || (document.readyState !== 'loading' && !document.documentElement.doScroll)) ai_run_817629858302 (); else document.addEventListener ('DOMContentLoaded', ai_run_817629858302);\n<\/script>\n<br \/>\n<\/span>[\/vc_column_text][vc_column_text]<strong>Also Check:<\/strong><\/p>\n<table dir=\"ltr\" border=\"1\" width=\"538\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"142\" \/>\n<col width=\"142\" \/>\n<col width=\"142\" \/><\/colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Billing Software&quot;}\"><a href=\"https:\/\/mybillbook.in\/s\/banking\/multiple-bank-accounts-in-your-billing-software\/\">Multiple Bank Accounts in your Billing Software<\/a><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Billing Software for Mac&quot;}\"><a href=\"https:\/\/mybillbook.in\/s\/banking\/budgeting-with-multiple-bank-accounts\/\">Multiple Bank Accounts for Budgeting<\/a><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Free Billing Software for PC&quot;}\">\n<div>\n<div><a href=\"https:\/\/mybillbook.in\/s\/banking\/multiple-bank-accounts-the-pros-and-cons\/\">Multiple Bank Accounts \u2013 The Pros and Cons<\/a><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3 style=\"text-align: center;\">Know more about Billing Software &amp; Billing Format<\/h3>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<ul>\n<li><a href=\"https:\/\/mybillbook.in\/s\/pharmacy-billing-software\/\">Pharmacy Billing Software<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/hospital-billing-software\/\">Hospital Billing Software<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/jewellery-billing-software\/\">Jewellery Billing Software<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/kirana-billing-software\/\">Kirana Billing Software<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/salon-billing-software\/\">Salon Billing Software<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/business-loan\/\" target=\"_blank\" rel=\"noopener\">Business Loan<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/business-loan\/documents\/\" target=\"_blank\" rel=\"noopener\">Business Loan Documents<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<ul>\n<li><a href=\"https:\/\/mybillbook.in\/s\/purchase-order-format\/\">Purchase Order Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/proforma-invoice-format\/\">Proforma Invoice Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/blog\/delivery-challan-meaning-and-format\/\">Delivery Challan Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/blog\/credit-note\/\">Credit Note Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/debit-note-format\/\">Debit Note Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/business-loan\/eligibility-criteria\/\" target=\"_blank\" rel=\"noopener\">Business Loan Eligibility Criteria<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/business-loan\/government-loan-schemes\/\" target=\"_blank\" rel=\"noopener\">Government Loan Schemes<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/business-loan\/small-business-loan\/\" target=\"_blank\" rel=\"noopener\">Small Business Loan<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<ul>\n<li><a href=\"https:\/\/mybillbook.in\/s\/invoice-format\/\">Invoice Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/invoice-format-in-word\/\">Invoice Format in Word<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/gst-bill-format-in-excel\/\">GST Bill Format in Excel<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/blog\/balance-sheet-format\/\">Balance Sheet Format<\/a><\/li>\n<li><a href=\"https:\/\/mybillbook.in\/s\/bill-book-format\/\">Bill Book Format<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"[vc_row][vc_column][vc_column_text] [\/vc_column_text][vc_column_text] RBI Guidelines on Opening Multiple Current Accounts In October 2021, the Reserve Bank of India revised the conditions to open Current Account with the banks. If you\u2019re a business owner, you must be aware of the new regulations [...]","protected":false},"author":9,"featured_media":20924,"parent":18059,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.5.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI Guidelines on Opening Multiple Current Accounts | myBillBook<\/title>\n<meta name=\"description\" content=\"Not sure if you should open multiple current accounts for your business? 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