CURRENT DEPOSIT ACCOUNT

No limit on deposits and withdrawals.

Product Features

  • Individual, Joint, Company, Societies, Club Association, Sole Proprietor, Partnership.
  • Bearer or Order cheque book
  • Ks 125 per 25 pages cheque book with stamp duty
  • Ks 1000 initial deposit
  • Ks 1000 minimum balance

Documents Required

Company

  • Form E,
  • Form 6,
  • Form 26,
  • Resolution of BOD to open account at MOB with
    1. Account Type
    2. Authorized person to operate the open account with withdraw option.
    3. Stamp rubber seals including name, designation and company name assigned by company.
    4. Articles and Memorandum of Association with endorsement by Company Authorized Person.
    5. Company license

Terms & Conditions

Withdrawal by Cheque

  • Withdrawal can be done by using a cheque. The account holder must sign on any amendment made on the cheque as an acknowledgement.
  • For private account, the account owner can sign and withdraw money by himself.
  • For joint account, with more than one account holder, money can be withdrawn with any one of the holders’ signatures.
  • For business current account, anyone who has the Power of Attorney (POA) approved by Board of Directors’ resolutions can sign on the cheque for withdrawal.
  • No limitation on amount and number of withdrawals from the account.
  • When there is insufficient balance in the current account, the saving account can be connected with the current account to withdraw money.

Closing Account

  • The account can be closed at the MOB branch where the account was opened.