The current account is a bank account meant for business purposes where imports and exports of all day to day transactions are recorded. The funds in the current account can be withdrawn at any time. It can be used for electronic transactions and banks do not pay any interest on current account balances. But a higher minimum balance is required as compared to other bank accounts. This account relates to liquid deposits and it gives a vast opportunity to choose the aid of financial dealings. Also allows making the credit payments through cheques. This is the greater advantage as the account holder can avail overdraft facility
The Current account is the primary requirement for starting a business in India or across the country and can be operated by people, proprietary considerations, public and personal firms, associations, trust, etc. It provides internet banking and mobile banking facilities. Also, there are different methods of depositing cash like:
- By Depositing cash at the bank(any nearby branch)
- By cheque deposits
- By electronic transaction
- By wire transfer from abroad.
Types of Access
- Home Branch: For a variety of banking needs such as cash withdrawals, deposits, financial assistance, etc. There could also be charges applicable of withdrawals or deposits after a certain limit even at the bank branch.
- Cheque Facility: This is one of the standard and common ways of withdrawing cash from current account even if internet banking is trending, cheque possibility remains most preferred by the account holders.
- ATM’s: ATMs enable account holders to withdraw money even when the conventional banking hours, however, the withdrawal limits square measure low.
- Online Banking: This is one of the most trending and convenient methods of accessing a current account as the money can be transfer from the account in the click of a button. And it can easily transact even during non-banking hours, without waiting for long queues and filling out the forms. The online transfer has a certain limit beyond which you will need the cheque to carry out the huge transactions.
- Phone Banking: Phone Banking is one of the leading banks, this provide banking services which permits the account holder to perform a bunch of activities via calls. This also provides the facility to review the transactions, create payments, or check bank balance.
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