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What is a current account?

Businessmen in India make a large number of transactions using banks, during the course of their business. They may deposit or withdraw money a number of times a day or a month. They need to open a current account.

Businessmen find current accounts very convenient to receive payments from customers. No interest is paid on the current account. However lately some banks offer interest on current accounts, to lure customers to open current accounts with them.

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Why take up Current Accounts

Benefits Businessmen

You can withdraw money, without any limit, if you are a businessman. Your business transactions are executed swiftly.

The Overdraft Benefit

If your business is facing a shortfall of money, use the overdraft facility. You can overdraw from your account, to meet this need.

Proves Credit Worthiness

Lenders willingly lend you money, if you have a current account. This serves as a guarantee that you have money to run the business.

Special Features

You can use a zero balance current account, where you don't need to maintain a minimum balance.You make optimum use of your money.

Eligibility for Current Account

If you are a resident of India you can open a current account. Usually opened by businessmen who do not get interest on these accounts.

You need to maintain a higher minimum balance than a savings bank account. You have to pay a penalty if you do not maintain the minimum balance.

How to apply

You require an introduction from a person already holding an account/current account at the bank.
You need to have identity and address proof as part of the KYC (Know Your Customer), procedure.
To open a current account you have to make a deposit between INR 5000-INR 25000.

Concepts & FAQ's Current Account

What is a Current Account?

Current Account is primarily meant for businessmen, firms, companies, and Public enterprises etc. that have numerous daily banking transactions. Current Accounts are meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of the business, hence are they non-interest bearing accounts.

Banks will not pay any interest on a current account. On the other hand, banks charge service charges, on such accounts. These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day.

Cheque book facility is provided in this type of accounts and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favor by third parties. Banks generally insist on a higher minimum balance to be maintained in current account.

In terms of RBI directive banks are not allowed to pay any interest on the balances maintained in Current accounts. However, legal heirs of a deceased person are paid interest at the rates applicable to Savings bank deposit from the date of death of the account holder till the date of settlement.

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Frequently Asked Questions

Can I access my current account from any of the bank branches?

Yes. The advanced technology of systems provides you with the flexibility of accessing your account from any of the branches.

Must I open an account in each of the locations in which I have my company office?

No. Most Current Account gives you the advantage of a single account, multi-location banking.

Can I access my account by telephone to conduct routine daily transactions?

Yes, you can use Phone Banking to conduct any of the following: . Access your account details . Request account statements . Make queries related to Fixed Deposits . Inquire about interest and FX rates . Request a cash or courier delivery or pick-up . Order a new cheque book . Find out more about Phone Banking. To understand the features of phone banking, Call us on 080 67974000 and ask our experts!

Are cheque books provided along with the opening of an account?

Yes, cheque books are offered subject to an assessment of your personal and financial circumstances.

How can I transfer money to a current account?

Many credit card providers allow cardholders to transfer an amount of their credit limit to a current account - this is often termed a 'money transfer'. Money transfers are often subject to the same interest rates and fees as cash transactions - and they can be so expensive. To know more about Current Bank Account, call us on 080 67974000

What are the Benefits of a Current Account?

Anywhere Banking : Current Account allows you to bank from all branches and extension counters. You can deposit cash, withdraw cash, deposit cheques, and issue 'at-par' cheques at any of the branches.

Instant Fund Transfer : You can transfer funds instantly between any of the branches. Funds transfers can be affected online, right from your desktop, through the bank's internet banking services.

Internet Banking : Banks are providing Net Banking platform for its current account customers, available with multiple user IDs, depending on your needs. Access your account at any time from anywhere.

Mobile Banking : Mobile Banking will enable you to bank through your mobile phone irrespective of where you are.

Phone Banking : Phone banking or Tele-banking service can help you access your account from your telephone anytime you want.

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