(Nothing to look in this documentuploaded just to access some download) Current Bank Account A current bank account is patterned

for the business society. It is also known as transactional account or checking account, which basically caters to the needs of the business communities, firms, and entities. Current accounts are designed, wherein large volume of transactions through checks exist. Usually, banks do not pay any rate of interest to the account holder. Banks do provide with a checkbook facility which enables the person to withdraw amounts as and when required. The person holding a current bank account can transact money very frequently in a day, and the bank does not impose any restrictions on the number of transactions undertaken in a given period of time. The account requires no minimum balance to be maintained. An overdraft facility against security can be availed, wherein the holder is allowed an extension of credit, that is, usage of more money than what is present in the account, for which an interest is charged on the principal amount, and both, the principal amount and interest needs to be repaid. However, an overdraft facility is solely dependent on the credit worthiness of the holder. The account generates fast and quick money unlike the savings bank account. One simple motto of this account is that businesses should not fall short of funds. The major difference in these bank accounts mainly lies in the balance to be maintained in the account, the rate of interest receivable, and the set of people opening such accounts. While the savings bank account administers to the needs of individuals, the current bank account is patterned for the business class.