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Current Accounts


Current Accounts in banks are usually maintained by all commercial, institutional and business organizations. Individuals maintain current accounts to avail overdraft facility from banks against some security or otherwise.

Salient features of Current Accounts

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Eligibility

Individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc.

Requirements

Individuals : The requirements for opening of accounts by individuals are the same as listed under Savings Bank Accounts

Minimum amount

₹ 500/- to ₹ 10,000/-. The minimum amount varies from bank to bank. The amount also varies in a bank on the location of the branch and type of branch. Not maintaining the minimum balance invites penalties and may also lead to closure of the account by bank.

Maximum amount

No Maximum limit

Rate of Interest

No interest is paid on Current Accounts.

Nomination facility

Available

Transferability

Account can be transferred from one branch to another.

Tax benefits

Not Available

Other features

Disclaimer : This site does not make any claim that the information provided on its pages is correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

Updated : Feb 05, 2019