The Current Account is a transactional non-interest bearing account wherein a deposit is placed with the Bank for an unspecified period of time and the depositor can withdraw or transfer the funds whenever required through different means. The current account allows the accountholders to carry out business transactions in an efficient and hassle-free manner.
- A current account allows transactions beyond the scope of a savings account
- Compared to savings account, a current account requires a higher minimum balance
- It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.
- A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
- No restriction on the number of transactions in a day