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WhatisCurrentBankAccount?ItsFeaturesandAdvantages

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WhatisCurrentBankAccount?Its
FeaturesandAdvantages
Post:GauravAkrani.
Date:2/07/201110:25:00AMIST.
NoComments.
Label:Banking.

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MeaningofCurrentBankAccount
Currentbankaccountisopenedbybusinessmenwhohaveahighernumber
of regular transactions with the bank. It includes deposits, withdrawals, and
contratransactions.ItisalsoknownasDemandDepositAccount.

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Currentaccountcanbeopenedincooperativebankandcommercialbank.In
currentaccount,amountcanbedepositedandwithdrawnatanytimewithout
givinganynotice.Itisalsosuitableformakingpaymentstocreditorsbyusing
cheques.Chequesreceivedfromcustomerscanbedepositedinthisaccount
forcollection.

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InIndia,currentaccountcanbeopenedbydepositingRs.5000(approx.US$
100) to Rs. 25,000 (approx. US $ 500). The customers are allowed to
withdrawtheamountwithcheques,andtheyusuallydonotgetanyinterest.
Generally, current account holders do not get any interest on their balance
lyingincurrentaccountwiththebank.
Currentaccountholdergetoneimportantadvantageofoverdraftfacility.

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FeaturesofCurrentBankAccount
Themainfeaturesofcurrentaccountareasfollows:
1.Currentbankaccountsareoperatedtorunabusiness.
2.Itisanoninterestbearingbankaccount.
3.Itneedsahigherminimumbalancetobemaintainedascomparedtothe
savingsaccount.
4.Penaltyischargedifminimumbalanceisnotmaintainedinthecurrent
account.

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WhatisCurrentBankAccount?ItsFeaturesandAdvantages
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5.Itchargesinterestontheshorttermfundsborrowedfromthebank.
6.Itisofacontinuingnatureasthereisnofixedperiodtoholdacurrent

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account.
7.Itdoesnotpromotesavinghabitswithitsaccountholders.

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8.BankerrequiresKYC(KnowyourCustomers)normstobecompleted
beforeopeningacurrentaccount.
9.Themainobjectiveofcurrentbankaccountistoenablethebusinessmen
toconducttheirbusinesstransactionssmoothly.

MANAGEMENT

10.Thereisnorestrictiononthenumberandamountofdeposits.
11.Thereisalsonorestrictiononthenumberandamountofwithdrawals

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made,aslongasthecurrentaccountholderhasfundsinhisbankaccount.

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12.Generally,bankdoesnotpayanyinterestoncurrentaccount.
Nowadays,somebanksdopayinterestoncurrentaccounts.

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AdvantageofCurrentBankAccount
Theadvantagesofcurrentaccountareasfollows:

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1.Currentaccountismainlyopenedforbusinessmensuchasproprietors,

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partnershipfirms,publicandprivatecompanies,trust,associationof
persons,etc.thathasalargenumberofdailybankingtransactions,i.e.

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receiptsand/orpayments.
2.Itenablesbusinessmentocarryouttheirbusinesstransactionsproperly

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andLimitationsofDecentralization

andpromptly.
3.Thebusinessmencanwithdrawfromtheircurrentaccountswithoutany

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limit,subjecttobankingcashtransactiontax,ifanyleviedbythe

government.
4.Homebranchisthatlocationwhereoneopenshisbankaccount.There
arenorestrictionsondepositsmadeinthecurrentaccountopenedina
homebranchofabank.However,thecurrentaccountholdercandeposit
thecashfromanyotherbranchofabankotherthanthehomebranchby
payinganominalchargeasapplicable.
5.Ithelpsbusinessmentomakeadirectpaymenttotheircreditorsby
issuingcheques,demanddraftsorpayorders,etc.
6.Itenablesabanktocollectmoneyonbehalfofitscustomersandcredits
thesameintheircustomers'currentaccounts.
7.Itenablesthecurrentaccountholdertoobtainoverdraft(shortterm
borrowing)facility.

FINANCE

9.Itfacilitatestheindustrialprogressofthecountry.Withoutitshelp,

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businessmenwouldfacedifficultiesinrunningtheirbusinesses.
10.IthasthefacilitiesofInternetbankingandmobilebankingtocarryout
importantbusinesstransactionswitheaseandquickly.
11.Italsoprovidesvariousotheradvantages(benefits)suchas:
1.Depositandwithdrawalofmoney(cash)atanylocation.
2.Multilocationfundstransfer,
3.Electronicfundstransfer,
4.Periodical(monthly,quarterlyoryearly)emailordownloadofbank
statementsinvariousformatslike'.XLS','.TXT','.PDF',etc.
5.Supportfromcustomercareexecutives.

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8.Thecreditorsoftheaccountholdercangetcreditworthinessinformation
oftheaccountholderthroughinterbankconnection.

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WhatisCurrentBankAccount?ItsFeaturesandAdvantages

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