Eligibility for opening Current Account

Eligibility for opening Current Account

As per RBI guidelines, banks are not entitled to pay any kind of interest on the amount maintained in current accounts. It is only in the case of death of the account holder, his nominee are paid interest
at the rates similar to saving bank deposit from the death till the date of settlement. Anyone can open current account who is attained majority, two or more individuals as a joint account, Sole proprietorship concerns, Public and private limited companies, Clubs, societies, trusties and other govt or semi govt bodies or authorities etc. You just need two passport size photographs, proof of residence
i.e. voters card, ration card, Passport or driving license, Pan number/ Declaration in form no. 60 or 61. Other documents are also required that varies from bank to bank and your nature of business.

Benefits of Current Account

1) Salaries can be easily deposited to Current account.
2) You can do number of transactions on daily basis.
3) You can avail overdraft facility that will prevent you from bouncing checks.

Overview of Current Account

Current Account

Overview of Current Account

Current Account is basically for large firms, businessmen, private and public enterprises etc . Actually, one can make number of banking transaction if he/she do have a current account. All of the big
companies need to have Current Account. Current Accounts are solely for the purpose of operating business. They are neither for savings for nor for earning interest. Instead one has to deposit higher amount in the Current account as compare to savings account. In return, respective bank provides him/her the facility to deposit or withdraw any amount of money number of times in a day if he has suitable amount of funds in his account. Even Bank levies certain service charges for maintaining such accounts where lots of heavy transactions take place.