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MID for Current Account Variants I / We have understood and hereby agree and undertake that I / We am / are required to maintain an Average Quarterly Balance (AQB) / Half Yearly Average Balance (HAB)*
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How to fill out mid for current account

01
Obtain the MID application form from your bank or financial institution.
02
Fill in your personal and business information accurately.
03
Submit any required documents such as business registration certificate, proof of address, and identification documents.
04
Provide details about the nature of your business and expected transaction volume.
05
Review the application form for accuracy and completeness before submission.
06
Submit the completed form and documents to your bank for processing.
07
Await approval from the bank and the issuance of your MID for your current account.

Who needs mid for current account?

01
Business owners who want to accept card payments for goods or services.
02
E-commerce merchants who need to facilitate online transactions.
03
Retailers and service providers looking to offer more payment options to customers.
04
Any business that wants to streamline their payment acceptance process and improve cash flow management.
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MID stands for Maintenance of Internal Database for current accounts where financial institutions are required to submit information about their customers' current accounts.
All financial institutions are required to file MID for their current account customers.
Financial institutions must fill out MID by providing relevant information about their current account customers as per the regulatory guidelines.
The purpose of MID for current account is to maintain an internal database of current account customers for monitoring and regulatory compliance.
Information such as customer identification details, account numbers, transaction history, and other pertinent data must be reported on MID for current account.
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