Current Account

Unlike savings accounts, Current accounts do not offer interest and are related to liquid deposits. Businessmen like owners, partnership businesses, trusts, associations of people, public and private companies, etc. are the main ones who open current accounts. Customers may deposit and withdraw funds at any time and without warning. The major goal of the current bank account is to make it possible for businessmen who hold accounts to conduct their financial activities without any problems.

 Any commercial or non-commercial bank will let you open a current account. The customer must go to the closest bank branch with all the necessary documentation for the KYC process. The current account, one of three elements that make up a country’s balance of payments system, consists of the trade balance, or the difference between imports and exports of goods and services, plus income from overseas investments fewer payments to foreign investors.

What are the different types of current accounts?

The many current account types offered by many banks are shown below. Banks have different minimum balance requirements for current accounts and different monthly average balance (MAB) maintenance requirements. It should be noted, nevertheless, that different banks may have different current account types.

1. Standard Current Accounts

The holder of this type of account must keep a minimum average monthly amount. However, it offers its clients the ability to use a cheque book, a debit card, an overdraft, etc.

2. Basic Current Accounts

This option is best for clients with limited income, such as pensioners, students, and others. It makes it very simple for clients to manage their accounts. There are some limitations on the daily cash withdrawal cap, though.

3. Premium Current Accounts

Customers who open one of these accounts will receive special discounts and advantages. The best use for this account is to execute huge-value transactions.

4. Packaged Current Accounts:

Account holders of this sort of current account enjoy a variety of bonuses and advantages. It includes special features like travel insurance, medical support, and more.

5. Foreign Currency Accounts

NRIs and other people who frequently transact in foreign currencies are given access to foreign currency accounts. 

Know about digital current account 

A unique account designed exclusively for the next wave of businesses is the Digital Current Account. Holders of a digital current account can make use of certain digital benefits and privileges while conducting transactions from the convenience of their homes, offices, or even while traveling.

Benefits and features of digital bank account:

  • No minimum average balance is necessary.
  • Free, unlimited use of the internet
  • Free check collections and payments
  • 25 free check leaves each month

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