What is Current Account - Meaning, Definition, & Features
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20 JULY, 2023
Banks generally provide two kinds of accounts, a Current Account and a Savings Account, to park your funds and make regular transactions with ease. While a Savings Bank Account for many is the initial port of contact for all banking needs, a Current Account perhaps may appear to be a new concept for some. However, you might have come across this term at the ATM when asked to select the bank account type for fund withdrawal. So, what is a Current Account?
Let us check out all details linked with the Current Account, along with the benefits and crucial documents required for opening current account.
What is a Current Account?
Current Accounts can be opened by a sole proprietorship, private/public limited companies, insurance firms/mutual funds, educational institutes, stock and share brokers etc. Also known as a financial account, a Current Account is a kind of deposit account to conduct a considerably higher number of business transactions and withdrawals daily. Owing to the provision of this facility, many banks usually offer zero interest rates on such accounts.
Additional Read - Things to Consider Before Opening a Current Account
Crucial features of a Current Account
Current Account is a kind of deposit account held with the bank to manage and conduct big-ticket business transactions. So, in case you own a company, a Current Account is the correct account type to opt for. There are various Current Account benefits that make this account distinctly unique:
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