Different Types of Bank Accounts

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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 cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts. In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account.

As per RBI directive banks are not allowed to pay any
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Since cash machines never close, the cash card offers you the ability to withdraw funds any time of the day or night. Debit cards can also be used to make purchases from retailers.
• Direct Debits – Direct debits offer the ultimate convenience for those regular payments with which you have to grapple. Instead of dealing with late fees because you forgot to pay your mobile phone bill (again!), you can set up payments so the money is automatically taken out of your account at the same time each month.
• Checkbook – In addition to a cash or debit card, most current accounts come with a checkbook. However, account holders must be at least 18 years of age to enjoy this feature. The checkbook allows you even more option for making purchases and paying bills.
In addition to the basics, many banks offer a variety of additional options so that their current accounts can effectively compete with other financial institutions. These features may include:

• Online or Telephone Banking – Most bank customers today don’t want to have to limit their bank business to standard office hours. Internet banking can be done at a time that is convenient for you, right from the comfort of home. Many companies also offer 24-hour phone service,

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