Quick Answer: What Are The Features Of Current Account?

What is the limit of current account?

Description of ChargesMax Current AccountAverage Quarterly BalanceRs.5,00,000/- (AQB)Non-Maintenance Charges (per Quarter/Month/half yearly)Rs.

2,50,000 & above – Rs.

3,000 per quarter Less than Rs.2,50,000 – Rs.8,000 per quarter26 more rows.

Which bank is best for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

What are the documents required for current account?

Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.

Who needs a current account?

Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account.

Is a current account the same as a Cheque account?

Cheque/Current Accounts are transactional bank accounts that provide you with more functions than normal savings accounts. … Besides from Capitec’s Global One Account, none of the other cheque/current accounts pay any interest on positive balances. Most of these accounts offer overdrafts and even credit cards.

Why is it called a current account?

In economics, a country’s current account records the value of exports and imports of both goods and services. … It is called the current account because goods and services are generally consumed in the current period.

How is current account position calculated?

Current Account Formula = (X-M) + NI + NT For trade balance to be positive a country needs to have more exports than imports. The exports and imports include both goods and services produced in the country. Net income mainly includes income from foreign countries and net transfers consist of government transfers.

What is difference between saving and current account?

What is the Difference Between Current and Savings Accounts? While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.

What are the charges for current account?

Upto Rs. 10000: Rs. 2.50/- + GST.Above Rs 10,000/- and upto Rs 1.00 lakh : Rs 5/- + GST.Above Rs 1.00 lakh and upto Rs 2.00 lakh: Rs 15/- + GST.Above Rs 2.00 lakhRs 25/- + GST.

What is the benefit of current account?

There are several benefits of operating a current account for business owners: Any time withdrawal facility to meet the cash needs of the business. A current account holder can deposit cash or cheques at different bank branches which makes it extremely convenient to collect payments from small customers.

What are the advantages and disadvantages of current account?

Disadvantages of having a Current Account There is an opportunity cost of losing on the interest rates due to low or zero interest on money in current account. There is an operational burden attached since most package accounts offer services at additional costs.

What are the types of current account?

Let’s take a look at the different types of current accounts there are, which are based on the different requirements you might have.Premium Current Account.Standard Current Account:Foreign Currency Account:Packaged Current Account:Single Column Cash Book.

Is current account surplus good or bad?

Is Current Account Surplus good or bad? … While a current account surplus is welcome, it is important to understand how the surplus has been achieved. A current account surplus occurs partly due to an increase in exports. This leads to a stronger economy and an increase in consumer spending.

What does current account mean?

The current account represents a country’s imports and exports of goods and services, payments made to foreign investors, and transfers such as foreign aid. … A country’s current account balance, whether positive or negative, will be equal but opposite to its capital account balance.