Current Account is a type of financial deposit account. Current Account sometimes also called as the open account is one in which money can be deposited and withdrawn at any time during working hours without giving any notice to the bank. The current account was introduced especially to suit the needs of businessmen.
Depending on the type of applicant, the kind of documents required varies.
Here is the step-by-step procedure to open a Current Account in an Indian bank:
Now your account is ready for operation.
A. Yes, an Individual can open a current account. The Minimum Monthly Balance Requirement will differ from bank to bank. The documents required are Identity proof, Address proof, recent colour photograph.
A. No, generally no interest is paid on Current Account but some banks can pay according to the scheme and high minimum balance in the account.
A. Yes, club account can be opened under the category of current account.
A. Generally, there is no restriction on the number of times the deposit and withdrawals, but, there can be charges above a particular amount of deposit & withdrawals.
A. Yes, one will automatically get corporate internet banking facility on opening a current account.
A. Yes, nomination facility is available for current account as per eligibility and rules.
A. Yes, DD facility is available – it is free or charged depending on the type of current.
A. Yes, failing to maintain minimum balance as per requirement of the account attracts penalty.
A. Yes, bank charges amount under the head of folio charges for maintaining the account.
A. Yes, banks do give standing instructions facility along with the current account. There can be charges on some of the standing instruction facilities.
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You should see the pros and cons, one should see, even if you are paying charges for most of its features and benefits. It should give you returns in terms of growth and easy availability of funds. We hope that this guide will help you making informed decision for opening and operating a Current Account.