Types of Current Accounts
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20 JULY, 2023
A current account is a special type of bank deposit account which is usually held either solely or jointly by business owners. Unlike a savings account, current account allows the account holder(s) to carry out large financial transactions without any limit.
Considering the nature of your business, type and frequency of transactions you wish to carry out, you can choose the type of current account best suited for you. Below are the various types of current accounts that are offered by most of the banks in India:
Regular Current Account
Also known as the standard current account, this is the most basic type of current account that comes with certain mandatory norms such as a minimum balance requirement which has to be maintained either monthly or quarterly and no interest on account balance. A regular current account offers standard benefits such as e-banking, RTGS/NEFT transactions etc.
A regular current account can be opened in the name of any individual or business enterprise, irrespective of its size or nature. A bank may provide you with multiple variants of regular current account to suit your business needs.
Start-up Current Account
As the name suggests, a start-up current account is a special type of current account that is meant specifically for start-ups or new businesses. Since this type of account is aimed at helping the start-ups, it comes with some leeway for maintaining minimum balance for a certain pre-determined time period.
Moreover, some banks also offer some additional services along with regular current account facilities to help the new businesses in their functioning and growth.
Additional Read - How to Open Current Account: A Complete Guide
Global-Trade Current Account
This type of current account is suitable for business houses which are involved in import or export of goods or services and deal in foreign currencies. These accounts offer various facilities to the account holder(s) to help them conduct hassle-free financial transactions across the globe. Many banks also offer EEFC accounts in different currencies to aid in foreign transactions.
RERA Current Account
As per the Real Estate (Regulation and Development) Act of 2016, it is mandatory for the companies which deal in real estates to open a RERA current account in order to protect property buyers. Withdrawals from such accounts are allowed only after the certification of the project by project engineer, architect, and Chartered Accountant.
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