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This includes withdrawals, deposits, and contra transactions also known as Demand Deposit Account.
A current account is a type of demand deposit account that allows the withdrawal of funds and permits cheques to be written against the balance held in the account. Usually, this is a type of bank account operated by non-individuals such as public limited companies, partnerships, limited companies, sole proprietors as well as individual self-employed professionals for catering to the needs of day-to-day business transactions. Current accounts being extremely fluid, do not provide a rate of interest. Usually, there isn’t any daily transaction limit that a businessman can carry out in a current account. Current account enables you cheque issuance, unlimited deposits into your home branch bank, limitless withdrawals as well as transactions by using your account balance, request for demand drafts and pay-orders, etc. Most of the banks also offer benefits such as multi-location transfers, free inward remittances as well as withdrawals and deposits
This type of current account includes exclusive offers as well as benefits to current bank account holders. It also offers a multitude of tailor-made features and it is mostly suited for people who carry out high financial transactions.
This type of current account is a non-interest bearing deposit account. It has a minimum balance requirements. It also has regulations on the stipulated monthly average balance. It also provides debit cards, cheque books, overdraft facility, etc. Some other features of the Standard Current account also offers facilities such as SMS banking, Free RTGS and NEFT transactions, Internet banking, etc.
These types of current accounts provide a lot of perks to the account holders. It also offers additional features like roadside assistance, travel insurance, medical support, etc.
Single column cash book accounts permits daily transactions however does not offer overdraft facility. It is best suited for businesses that do not maintain bank accounts. It is a cashbook recording the daily transactions for debit as well as credit under separate columns.
This type of current bank account is best suited for those businesses or individuals who frequently deal with in foreign currency transactions.
Check your eligibility criteria to open a current account. Usually banks do have a liberal eligibility criteria for the current account opening procedure, but primarily HUF, Partnership firms, Sole Proprietorship firms, Resident Individual, and Private & Public Limited Companies are eligible for Current Account opening. Some of the banks also offer Industry specific current account variants such as Agri Current account, TASC Current accounts by Trusts, Societies, Associations, and clubs, etc.
The list of documentation will also be mentioned. Attach the same and submit it to the nearest branch of your choice
Once the verification of the documentation is done, the bank will get back to you for the welcome kit
In order to open a Current bank account, you need to submit the following documents:
Yes, with the help advanced technology, current bank account offers you the flexibility to access your current account from any location.
No, since most of the banks offer a facility of multi-location banking, you do not need to open a current bank account in every branch wherever you have your business or office.
Yes, you will get a cheque book, on the basis of assessment of your financial as well as personal conditions
In order to suit the varying needs of different customers, Banks offer various types of current accounts. It is important that you clearly understand the nature of transactions you wish to carry out post opening a current bank account. Refer to type of current account section for more information
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