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What is Bank Current Account? - Features and Advantages

23/08/2018 12:32:01 General
What is Bank Current Account
Current accounts are extremely well known among registered companies, firms, open ventures, representatives who have a higher number of normal exchanges with the bank. The present record incorporates stores, withdrawals, and contra exchanges.

In other words, current accounts are also known as Demand Deposit Account.

The current account can be in various commercial banks. In view of the smoothness that these records offer, they don't gain any interest. These additionally typically don't convey a point of confinement on the number of transactions which are made.

How to open current account

  • Every Indian bank have the facility and can help to open a current account.

  • Current account holder should have to maintain minimum quarterly average balance in their accounts.

  • Several banks have balance criteria such as 5000 or 10000.

  • You should submit the documents to a particular bank and a verification will be done.  

Documents Required for opening a Current Account

  • Identity proof : (Any One)

  • PAN Card

  • Aadhar Card

  • Voter ID Card

  • Driving License

  • Passport

  • Coloured photo (Recent)

Address Proof

  • Passport

  • PAN Card

  • Voter ID

  • Driving License

  • Aadhar Card

  • Certificate of Company Incorporation or Registration.

  • Cheque

  • Address proof of the Firm or Company

  • ID and address proof of all partners

Who can open Current account

  • Individual

  • Company

  • Trust

  • Sole Proprietor

  • Partnership firm

  • HUF (Hindu Undivided Family)

Merits of Current Account

  • Under these records, limitless withdrawals are permitted in accordance with the imposed money exchange expenses. 
  • No restrictions for a current account which are opened at the bank's home branch. Furthermore, account holders can likewise store money at different branches after paying little charges as applicable. 
  • Checks, pay-requests, or demand drafts can be issued by means of a present record for making direct installments to lenders. 
  • Overdraft is additionally accessible for current record holders. 
  • Organizations are added with different advantages as free internal settlements, deposit and withdrawal at any location and so on.
  • It is possible to withdraw any amount by the current account holder.
  • It encourages the industries of the nation. Without its assistance, representatives would confront troubles in maintaining their organizations. 
  • Furnishes with Internet-managing an account and versatile keeping the money to empower representatives complete vital business exchanges expeditiously and easily. 
  • It likewise gives different points of interest.
  • Multi-area reserves exchange.

Difference between Savings & Current Account

Savings Account

Current Account

Savings account are for a primary purpose.

Current account explores the meaning from its name which is known as the regular transaction.

Savings account helps the holder to deposit the amount of money as per their convenience and on which they will get interested.

Current account holders do not earn any interest on the account.

Savings account are opened by an Individual.

Current account can be opened by firms, public, enterprise etc.

Incase you don’t have PAN card you can apply for Form 49 A with Form 60.

Every bank provide Current account if you have appropriate documents and a Registered Company or Organization. If you are seeking to open a Current Account then sort out the requirements today itself by registering your company and applying for the documents.

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