Banks offer different types of accounts to the customers for deposits which are designed to serve different purposes. One of such accounts is a 'Current Account'. A Current Account is an account that is specially designed for Businessmen, Traders and Professionals. It usually allows unlimited number of transactions daily.
Current Accounts are generally used for making liquid transactions. Most of the banks offer a number of customised current account focussing specific needs of varied customers. Current Account enables the account holders to conduct their business transactions smoothly.
Usually banks don't offer any interest on the deposits in Current Account. Now-a-days some banks have started offering an interest on current account deposits but the rate is very low.
A higher Minimum Account Balance needs to be maintained in Current Account as compared to that of Savings Account. The limit of the same is decided by the banks and differs from bank to bank.
Persons falling under any of the following categories can open a Current Account:
It is very general type of current account that provides all the basic facilities of a Current Account. It allows multiple number of transactions, online banking facilities, overdraft facilities, cheque book facility, etc. It is an ideal low cost account for businesses that operate in one city.(2) Simple Cash Account
It allows to transact in cash only. It doesn't provide any facility of cheque book, netbanking and overdraft facilities.(3) Premium Current Account
It offers special and exclusive offers to its account holders. It is offered to persons who want to make high value transactions through this account.(4) Tailor Made Current Account This is a customised account particularly designed to suit the needs of a special category of persons. (5) Start Up Current Account
A current account designed for start ups that offers transaction benefits on the basis of Monthly Average Balance (MAB) maintained in the account. It has zero Monthly Average Balance (MAB) requirement for initial few months. It helps accelerate their growth.(6) Flexi Current Account
It is designed to focus the businesses with high seasonal requirement which offers dynamic cash deposit limits to match business seasonality and in this way it helps in reducing cost.(7) Foreign Currency Current Account
This is designed for the customers who generally transact in foreign currencies. It offers low transaction cost to deal in foreign currencies and give best exchange rates.(8) Institutional Current Account
This type of current account is especially designed for Trusts, Associations, Societies, Clubs, Non Profit Organisations and Government Departments offering exclusive benefits to the account holders.
The main objective of current account is to entertain maximum number of transactions while savings account encourages customers to make more savings.(2) Eligibility
Savings Accounts are opened by the individuals mainly by salaried persons whereas Current Accounts are opened by Non-individuals like HUF, Proprietors, Partners, Companies, etc.(3) Interest Rate
Savings Accounts offer periodic interest on deposits which ranges between 3.5% to 7% while Currents Accounts generally don't offer any interest. However, some banks have started offering low interest now-a-days.(4) Over Draft (OD) or Cash Credit (CC) Facility
Current Accounts offer Bank Overdraft facility to the customers whereas Savings Account don't offer such a facility to the customers.(5) Minimum Account Balance (MAB)
A higher Minimum Account Balance needs to be maintained in Current Account as compared to that of Savings Account. The limit of the same is decided by the banks and differs from bank to bank.(6) Transactions
As the Current Accounts are opened with an objective of carrying out very frequent transactions, they don't usually put any cap on number of transactions. Savings accounts usually put a limit on the maximum number of transactions which ranges between 3 to 5 transactions per month. After crossing these limits, the customers need to pay charges on additional transactions done by him.
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