Current Account

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A Current bank account is an account opened by businessmen having a higher number of regular/daily transactions with the bank.

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

Types of Current Account

Premium Current Accounts

Premium Current Accounts

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.

Standard Current Accounts

Standard Current Accounts

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.

Packaged current accounts

Packaged current accounts

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

Single column cash book

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.

Foreign currency accounts

Foreign currency accounts

This type of current bank account is best suited for those businesses or individuals who frequently deal with in foreign currency transactions.

Step-by-step procedure to open a Current bank account

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.

  • Visit the official website of the bank wherein you wish to open a Current bank account. If you aren’t tech-savvy, you may visit any nearest branch of the bank and take a Current account opening form.
  • Fill in the form with all the relevant and valid details as required.
  • 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

  • Current account is operated by non-individuals such as sole proprietors, partnership firms, public limited companies, etc.
  • This type of bank account would attract penalties in case of non-maintenance of average monthly balance.
  • Being a non-interest bearing account, you need to maintain a higher minimum balance compared to the savings bank account.
  • Doesn’t inculcate a habit of saving
  • You will also be charged an interest on the short-term funds that you borrow from the bank.
  • Prior to the Current account opening formalities, your bank would need your KYC details (Know Your Customers)
  • The main motive of the Current bank account is to allow the businessmen for conducting their business transactions smoothly
  • The bank doesn’t offer any interest on the current bank account
  • There is no fix period for holding a current account since it is of a continuing nature
  • As long as your current account is well funded, there isn’t any restriction on the number as well as amount of withdrawals made.

  • Offers prompt and smooth operation of business transactions to the businessmen
  • Allows large number of transactions on a daily basis i.e.receipts and/or payments.
  • Allows withdrawal from the current account minus any limit except for cash transactions as levied by the Indian government.
  • Allows direct payment to the creditors by issuing demand drafts, cheques or pay-orders, etc.
  • Permits the bank for money collection on its customer’s behalf and credit it into their Current bank account.
  • Offers the overdraft facility to the current account holder.
  • Offers information on the credit-worthiness of the account holders to the creditors via inter-bank connection.
  • Offers enables the industrial progress of India, without which the businessmen would face problems to operate their businesses.
  • Current bank account offers services such as Internet-banking and mobile-banking for carrying out various business transactions quickly and hassle-free
  • Facilitates multi-location funds transfer
  • Offers facilities to withdraw and deposit cash at any location.
  • Allows electronic funds transfer

Some of the frequently asked questions about Current Account

In order to open a Current bank account, you need to submit the following documents:

  • PAN card
  • Address proof
  • In case of a partnership firm, submit the Partnership aggrement
  • Address proof as well as the ID proofs of all the partners
  • In case of Companies or trusts, submit a Certificate of Incorporation as well as Memorandum of Association
  • Passport sized color photograph of all the applicants
  • Tax registration documents
  • Relevant authorities licences
  • A Cheque from the existing savings account to carry out the account opening procedure
  • Companies should offer address of communication


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

Current accounts

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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