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Different Types of Current Accounts That One Should Be Aware Of
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Before you open a Current Account, it is very important to have completed your research. This is to ensure that you have got an account that matches your needs. Now, financial institutions offer various types of Current Accounts to ensure that they meet every individual customer’s requirements.
At Kotak, we offer ten different types of Current Accounts for our customers. Let us take a look at each one:
Startup Regular Current Account
The Average Quarterly Balance (AQB) for this account is Rs. 50,000/-. Its Debit Card facility includes a Business Power Platinum Debit Card with a purchase limit of Rs. 1,50,000. The ATM cash withdrawal limit for this account is Rs. 50,000.
Startup Premium Current Account
The AQB for this account is Rs. 1,00,000/-. Its Debit Card facility offers a Business Power Platinum Debit Card with a purchase limit of Rs. 1,50,000, and an ATM cash withdrawal limit set at Rs. 50,000.
Neo Current Account
The AQB of a Neo Current Account is Rs. 10,000/-. This account’s Debit Card facility includes a Business Power Platinum Debit Card that has a purchase limit of Rs. 1,50,000. The ATM cash withdrawal limit is set at Rs. 50,000.
Pro Current Account
A Pro Current Account’s AQB is set at Rs. 50,000/-. Its Debit Card facility offers a Business Power Platinum Debit Card with a purchase limit of Rs. 2,50,000. The ATM cash withdrawal limit for a Pro Current account is set at Rs. 50,000.
Edge Current Account
The AQB of this account is Rs. 25,000/-. It offers a Business Power Platinum Debit Card with a purchase limit of Rs. 2,50,000. Account holders can withdraw cash from an ATM up to a limit of Rs. 50,000.
Ace Current Account
An Ace Current Account’s AQB is set at Rs. 2,50,000/-. Its Debit Card facility includes a Business Power Platinum Debit Card with a purchase limit of Rs. 3,00,000. Account holders have an ATM cash withdrawal limit of Rs. 1,50,000.
Elite Current Account
The AQB of this account is set at Rs. 1,00,000/-. It offers a Business Power Platinum Debit Card with a purchase limit of Rs. 2,50,000. With this account, you can withdraw cash from an ATM up to a limit of Rs. 50,000.
Additional Read: A Guide on Selecting the Right Current Account for your Business
Astra 05 Current Account
This account’s AQB is set at Rs. 5,00,000/-. Its Debit Card facility includes a Business Power Platinum Debit Card, which has a purchase limit of Rs. 3,00,000. The ATM cash withdrawal limit for this account is Rs 1,50,000.
Astra 15 Current Account
Astra 15 Current Account has an AQB of Rs. 15,00,000/-. It offers a Business Power Platinum Debit Card with a purchase limit of Rs. 3,00,000. Account holders can withdraw cash from ATMs up to a limit of Rs. 1,50,000.
Global Trade Current Account
A Global Trade Current Account is the perfect option for those looking for a one-stop solution for all their trade and forex requirements. This account boasts a large network of correspondent banking relationships around the world. With this account, you can also get access to numerous services like marketing solutions, taxation services, travel services, workplace solutions, and so on, at attractive rates.
If you are interested in learning more about the different types of Current Accounts options, feel free to get in touch with one of Kotak Bank’s executives and get a Current Account that aptly meets your business needs.
All AQB limits and charges are subject to change.
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