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Current Account and its Benefits

Bank offers a variety of service and variety of account to open and store our money. One such account type is the Current Account that is specifically designed to provide the services to the business and organization to operate the fund transfer and business transaction efficiently and faster.

What Is Current Account?

Current Account is an account that is specifically designed to service the business and organization needs of the bank. Services like fund transfer using NEFT, IMPS and RTGS will be delivered with the best and faster speed. These account does not offer the interest like savings account but it does not have the limitation of a savings account
Savings account comes with the limitation of fund transfer, daily limit, and other limitation that can become a problem while operating a business. To solve this, bank offer their client with the Current Account that does not have these limitations.

Benefit of Current Account

There are a lot of benefits of using the Current Account which makes it the primary account that is needed by the account holder-
  • ·         Current Account offers their user with large number of receipts and payment dexterously. A current account carries out all the business transaction faster and effectively.
  • ·         You can withdraw limitless number of time with the levied cash transaction fees, if any.
  • ·         There is no limit on the deposit made into the account
  • ·         Cheques, pay-orders, or demand-drafts can be issued via a current account for making direct payments to creditors.
  • ·         It enables banks to collect receipts on behalf of customers and credit the same into the customer’s current account.
  • ·         Current account holder can enjoy overdraft facilities.
  • ·         The credit-worthiness information of account holders is freely available to creditors via inter-bank connections.
  • ·         Mobile Banking and Net Banking can be used to with Current Account. Mobile Banking helps the account holder checking account balance, fund transfer and much more within the comfort of the home.

How to Open a Current Account?

Current Account is easy to open and the bank can help you in opening the bank account. Banks also offers online applying for bank account and sends their representative to the address to further process the account opening request.

List of Document required

·         One Identity proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card.
·         One Address proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card
·         PAN/Form 49 A along with Form 60 if applied for PAN
·         Account opening Cheque from existing Savings/Individual Current Account
·         Account opening form

After the submission and verification of the account you will be notified via SMS. You will also be provided with the Passbook, cheque book and other necessary banking tool through courier.

Source- Ask Bank IFSC Code

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