The Current account allows you to keep your money safe in an account associated with the bank that lets making day to day transactions such as Deposit, Withdrawals, Pay bills, spending, etc. It comes with a cash or debit card that is useful to make purchases or withdraw money from a bank account.
Most of the businessmen usually open Current account due to regular transactions in the bank. Most of the commercial banks have a Current account Facility.
A current account is a zero balance account that is usually associated with large transactions regularly. They don’t earn any interest because of the fluidity that the Current account offers. There will be no limit in the number of transactions per day or month.
- It allows Businessmen such as proprietors, private companies, partnership firms, public companies, trust to handle a large volume of daily bank transactions such as receipts or payments.
- End-less cash withdrawals are allowed from the current account with the levied cash transaction charges.
- There are no restrictions in depositing the amount in the Home branch of the account holder, whereas a nominal fee is paid by the account holder when the deposit did other than the Home Branch.
- It permits a bank to collect payment on behalf of its customer and credits instantly into their customer account and also allows the account holder to obtain a short-term borrowing facility.
- It gives Internet-banking and mobile-banking facilities to facilitate the account holder to carry out business transactions comfortably and quickly.
- Account-holders also receives bank statement every month, quarterly or yearly through Email from their particular bank in the form PDF, XLS, TXT format.
- There is a limit in withdrawing a certain amount of cash in a day.
- The rate of interest earned for the available balance amount in an account is low.
- Huge fees lured for transactions of corporate Businesses.
- The operational burden will increase as additional costs demanded to offer services.
- It involves paperwork and fine print that proved to be lengthy and confusing.
The Current account does not encourage saving money for future purposes, but it is for the individuals and Businessmen who make transactions regularly. An individual shall choose the current account regarding various factors. Using both Current accounts and saving accounts together will be a better option.
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