Current Account is primarily meant for businessmen, firms, companies, and Public enterprises etc. that have numerous daily banking transactions. Current Accounts are meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of the business, hence are they non-interest bearing accounts.
Current account is an account with minimum amount of boundaries. Most individuals do not need this account. One needs this account only if he makes a number of deposits and withdrawals in a single day and many of the deposits are drawn on outstation banks. Banks accept deposits in current account and allow unlimited withdrawals subject to a minimum balance. This minimum balance differs from bank to bank.
Banks will not pay any interest on a current account. On the other hand, banks charge service charges, on such accounts. Opening of a current account is meant for a business enterprise or high worth individuals who deal with a lot of third party cheques, drafts etc. or who may at times need to borrow money from the bank against some security.
These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day. Most of the current account are firm / company accounts. Cheque book facility is provided in this type of accounts and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favor by third parties. Banks generally insist on a higher minimum balance to be maintained in current account.
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According to Reserve Bank, Current account is “a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and shall also be deemed to include other deposit accounts that are neither savings deposit nor term deposit.” In terms of RBI directive banks are not allowed to pay any interest on the balances maintained in Current accounts. However, legal heirs of a deceased person are paid interest at the rates applicable to Savings bank deposit from the date of death of the account holder till the date of settlement.
Benefits
Anywhere Banking
Current Account allows you to bank from all branches and extension counters. You can deposit cash, withdraw cash, deposit cheques, and issue 'at-par' cheques at any of the branches.
Dissatisfied with your current account features? Just Give a Missed Call to IndianMoney.com on 02261816111 and ask our experts what can be done to open another current account!
Instant Fund Transfer
You can transfer funds instantly between any of the branches. Funds transfers can be affected online, right from your desktop, through the bank’s internet banking services.
Internet Banking
Banks are providing Net Banking platform for its current account customers, available with multiple user IDs, depending on your needs. Access your account at any time form anywhere.
Mobile Banking
Mobile Banking will enable you to bank through your mobile phone irrespective of where you are.
Phone Banking
Phone banking or Tele-banking service can help you access your account from your telephone anytime you want.
To select the best features available with your Current Account, Just Give a Missed Call to IndianMoney.com on 02261816111 and ask our experts!
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| Reviews on Bank Accounts - IndianMoney.com |
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