Current Account Opening Fee

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Current account opening fee, in Global National Payment Bank’s  Rs 1000000 INR.

A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank. Generally, current accounts do not provide interests and requires a higher minimum balance when compared to savings account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.

Features of a Current Bank Account

A current bank account is one of the primary requirements for starting a business. These days, banks offer a number of attractive offers and benefits on current accounts to match the diversified needs of businesses. Listed below are some of the basic features of a current bank account:

  • A current account allows transactions beyond the scope of a savings account

  • Compared to savings account, a current account requires a higher minimum balance

  • It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.

  • A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.

  • No restriction on the number of transactions in a day

  • Non-maintenance of the minimum balance can attract penalty charges

  • Just like savings account, KYC guidelines are to be followed even for current accounts

  • For a single business, there cannot be multiple current accounts

  • The prime objective of current account is to facilitate smooth transactions for businesses

  • Nowadays, some banks offer interest rates on current accounts as well

  • Current accounts charge interests on short-term funds the account holder has borrowed from the bank