CURRENT ACCOUNTS INFORMATION

Please see information on Current Accounts below.

        

Do you operate a small or large business? A current account may be essential for smooth operations your company's daily transactions.

What is a Current Account?

Current accounts are primarily aimed at businesses in India, because of the frequent daily transactions that usually take place within a business.

Most banks aim their current accounts especially at business clients but you may be able to find some current accounts for regular customers too. However, most regular customers choose savings accounts to manage their money.

Whether you are a public enterprise or small company, a current account is an essential part of keeping your company money managed and documented.

Who Can Open a Current Account?

Current accounts are usually available to you if you are:

  • Over 18 years of age
  • HUF (Hindu Undivided Family)
  • Sole proprietorships, businesses, limited companies
  • Public enterprises
  • Trusts, Societies, Clubs
  • Local authorities or other Government bodies

You can also open a joint current account.

Can I Earn Interest?

No. A current account does not bear interest.

Is it Easy to Apply for a Current Account?

Most banks have very simple application processes for their current accounts. They will state what documentation they need usually this includes proof of identity and they may want proof of your business and residency.

Is there a Minimum Balance?

There is usually a minimum balance on a current account and it is often higher than on a savings account. In addition, you will be asked for a minimum deposit amount to open the account, but this amount varies according to the bank and the account.

        


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