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Get Basic Current Account

A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank. Generally, current accounts do not provide interests and requires a higher minimum balance when compared to savings account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.

Types of Current Account:
  • Standard Current Accounts
  • Packaged current accounts
  • Single column cash book
  • Premium current accounts
  • Foreign currency accounts

Loan Simple Process

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Simple procedure

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  • A current account allows transactions beyond the scope of a savings account
  • Compared to savings account, a current account requires a higher minimum balance
  • It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.
  • A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
  • No restriction on the number of transactions in a day
  • Non-maintenance of the minimum balance can attract penalty charges
  • Just like savings account, KYC guidelines are to be followed even for current accounts
  • For a single business, there cannot be multiple current accounts
  • The prime objective of current account is to facilitate smooth transactions for businesses
  • Nowadays, some banks offer interest rates on current accounts as well
  • Current accounts charge interests on short-term funds the account holder has borrowed from the bank
  • Individuals-Single Accounts.
  • Joint Accounts.
  • Sole Proprietorships, Partnerships, HUFs.
  • Limited Companies
  • Associations, Clubs, Societies, Trusts etc.
  • You’re 16 or over