Current Account

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Current Account

The current account is specially developed for businesses, enterprises, and for those persons who do the transaction on a daily basis. You can transfer as much money as you want in a current account but in this account, the bank doesn’t give any interest like savings account. The best and most important advantage of the current account is that there is a facility of overdraft.

Types Of Current Account:-

Here are some common types of current account offered by most of the banks.

  • Standard Current Account
  • Premium current accounts
  • Packaged Current Account
  • Single Column Cash Book
  • Foreign currency accounts

Standard Current Account:-

It is a non-interest bearing deposit account with minimum requirements for balance and a stipulated average monthly balance. It provides cheque books, debit cards, overdraft, etc. Other features might include internet banking, SMS banking, NEFT and Free RTGS transactions, etc.

Premium current accounts:-

The premium current account provides many types of offers and benefits to its users. The account provides a multitude of customized features and it is especially for those who do a high amount of transaction very often

Packaged Current Account:-

Package current account is better than standard account but slightly less than premium account. It also provides you many benefits like travel insurance and accident insurance and many more.

Single Column Cash Book:-

In single column cash book account you do not get the facility of overdraft but it gives you the facility of daily transaction. This account suits those who do not always maintain a bank account. It is a cashbook which records the daily transactions under separate columns for debit and credit.

Foreign currency accounts:-

A foreign currency account is the finest choice for those people or companies that involve frequent transactions in foreign currencies.

Eligibility criteria for opening a current account:-

All banks have different-different eligibility criteria, here are some common criteria which are applied by all banks.

  • This account can be opened by Hindu Undivided Families, business owners, institutions, clubs, Govt. department etc.
  • The applicant should be above 18 years old.
  • No other account has been opened before for the business which he wants to open an account.

Documents required for the current account:-

  • Identity proof:- Aadhar card/ PAN card/ Voter id card/ Passport etc.
  • Address proof:- Utility bill/ Aadhar card/ PAN card/ Voter id/ Passport etc.
  • Account opening check from the existing saving account.
  • Two passport size photographs.

How to apply for Current account:-

There are mainly two ways of applying for a current account.

  • Offline
  • Online

How to apply for current account offline:-

  • Go to the https://www.bankagent.in/ and search the best offers for current account.
  • After deciding on which bank you want to open an account with, go to the decided bank branch.
  • Fill the application form.
  • Submit the form with the required documents.

How to apply for a current account online:-

  • Go to the Bank Agent website and find the best offers
  • After deciding the right bank go to the https://www.bankagent.in/  or the bank website which you have chosen for the account opening.
  • Click on the apply now button of the bank in which you want to open your account.
  • Once you have clicked the application form will be open, fill that form
  • Submit the form and required documents.

Features of Current Account:-

The current account has more transaction limit in comparison to the savings account.

  • The current account specially designed for an activity like fund transfer, cheque receiving etc.
  • In the current account, there is no transaction limit on a number of transaction in a day.
  • There is a charge for non-maintenance of the minimum balance requirement.
  • You can not open multiple current accounts for a single business.
  • The prime objective of the current account is to facilitate smooth transactions for businesses
  • Current accounts charge interests on short-term funds the account holder has borrowed from the bank
  • The current account requires a higher minimum balance in comparison to the saving account.

Benefits of current account:-

  • There is no limit on cash withdrawal with current account
  • There is no limit to deposit in the home branch, you can deposit as much money as you want.
  • In this account, you also get an overdraft facility, which is the best benefit in itself.
  • In this account, you also get the facility of mobile banking and net banking.
  • There is no limit on the number of transaction in a day like the saving account.
  • Business owners can pay through this account directly using cheques or pay orders etc.

Monthly average balance requirement for the current account:-

Bank Minimum Average Balance Withdrawal limit
HDFC Bank  Rs 75,000 Rs 1,00,000 (per day)
Axis Bank  Rs 10,000 Rs 1,00,000 (per day)
ICICI Bank  Rs 25,000 Unlimited for base branch withdrawal

50,000 for non-base branch withdrawal

Bank Of India Rs 5000(In metro cities)

Rs 25,00( In urban and semi-urban)

Rs 1000(In rural area)

Unlimited for base branch

Rs 50,000 for no-base branch

SBI  Rs 10,000 Unlimited
Kotak Bank  Rs 25,000 (average quarterly balance) Rs 10,000 (per transaction)
Punjab National Bank 1 lakh(quarterly average balance) Rs 1,00,000 (per day)

Best banks for the current account:-

Axis bank:-

Here are the types of current account offered by Axis bank.

  1. Normal current account
  2. Advantage current account
  3. Select current account
  4. Business classic current account
  5. Business privilege current account
  6. channel one
  7. Club 50 current account

Normal current account:-

  • Monthly average balance requirement Rs 10,000
  • Free cash deposit limit is Rs 2 lakh
  • Account maintenance charge is Rs 50.

Advantage current account:-

  • Monthly average balance requirement Rs 25,000
  • Free cash deposit limit up to 3 lakh
  • Account maintenance charge is Rs 50

Select current account:-

  • Monthly average balance requirement Rs 50,000
  • Free cash deposit limit up to 6 lakh
  • Account maintenance charge is Rs 50

Business classic :-

  • Monthly average balance requirement Rs 1 lakh
  • Free cash deposit limit up to 12 lakh
  • Account maintenance charge is Rs 50

Business privilege:-

  • Monthly average balance requirement Rs 5 lakh
  • Free cash deposit limit up to 60 lakh
  • Account maintenance charge is Nil

channel one:-

  • Monthly average balance requirement Rs 10 lakh
  • Free cash deposit limit up to 1 crore, 20 lakh
  • Account maintenance charge is Nil

Club 50 current account:-

  • Monthly average balance requirement Rs 50 lakh
  • Free cash deposit limit up to 2 crore
  • Account maintenance charge is Nil

Punjab National Bank:-

The Punjab National Bank provides Two types of current account

  1. PNB Smart Banking Current Account.
  2. PNB Current Deposit Account.

PNB Smart Banking Current Account:-

  • The PNB  Smart Banking current account provides four types of variants in PNB smart banking account PNB Silver, PNB Gold, PNB Diamond and PNB platinum.
  • Rs.10,00,000 is the minimum balance required for the sweep-in and sweep-out facility.

PNB Current Deposit Account:-

  • Free internet banking facility
  • There is no limit of transaction in this account, due to which its users are able to easily conduct transactions.
  • You can open this account by visiting the bank branch or sending your documents via post.

State bank of India:-

  1. Regular current account
  2. Gold current account
  3. Diamond current account
  4. Platinum current account
  5. Power pos current account
  6. Surabhi current account
  7. Power Jyoti current account
  8. Power Jyoti pul current account

Regular current account:-

  • Average monthly balance requirement is Rs 10,000
  • Free cash deposit limit Rs 5 lakh
  • Cash withdrawal from the home branch is free
  • Free NEFT/RTGS by internet banking or mobile banking

Gold current account:-

  • Monthly average balance requirement is Rs 1 lakh
  • Free cash deposit limit is Rs 25 lakh
  • Cash withdrawal with the home branch is free
  • Secure and fast internet banking
  • Free NEFT/RTGS by internet banking or mobile banking

Diamond current account:-

  • Monthly average balance requirement is Rs 5 lakh
  • Free cash deposit limit is Rs 1 crore
  • Free NEFT/RTGS
  • Secure and fast internet banking
  • Premium Business Debit Card with a withdrawal limit of Rs 2,00,000 per day.

Platinum current account:-

  • Monthly average balance requirement is Rs 10 lakh
  • Unlimited cash deposit
  • Unlimited free cash withdrawal from the home branch
  • Free NEFT/RTGS
  • Secure and fast internet banking

Power pos current account:-

  • Monthly average balance requirement is Rs 5000
  • Free cash deposit limit is Rs 25,000 per day
  • Cash withdrawal with the home branch is free

Surabhi current account:-

  • Monthly average balance requirement is Rs 10,000
  • Free cash deposit limit is Rs 25,000 per day

Power Jyoti current account:-

  • Monthly average balance requirement is Rs 50,000
  • This account is suitable for Educational institution, Business firms etc.

Power Jyoti pul current account:-

  • Monthly average balance requirement is Rs 50,000
  • This account is suitable for Educational institution, Business firms etc.
  • Payment by remitter can be done via Internet banking

HDFC Bank:-

  1. Max advantage current account
  2. Ascent current account
  3. Activ current account
  4. Plus current account
  5. Premium current account
  6. Regular current account
  7. Saksham current account
  8. E-comm current account
  9. Current account for professionals
  10. Agri current account
  11. Institutional current account
  12. RFC domestic current account
  13. Exchange Earner Foreign current account

Max advantage current account:-

  • Average quarterly balance is Rs 5 lakh for metro and urban, and for semi-urban and rural is Rs 2,50,000
  • Free cash deposit limit is Rs 6,00,000
  • Free cash withdrawal limit is Rs 60 lakh
  • NEFT/RTGS/IMPS transaction is free

Ascent current account:-

  • Cash deposit limit at home location or non-home location is Rs 5 lakh
  • Cash with Drawal limit at home location or non-home location is Rs 5 lakh
  • Average quarterly balance requirement in metro and urban area is Rs 50,000 and in the semi-urban and rural area is 25,000

Activ current account:-

  • Average Quarterly balance requirement is Rs 10,000
  • Average Quarterly balance non-maintenance charges are Rs 3,000 per quarter
  • This current account is suited to retail business customers/ merchant segments

Plus current account:-

  • This current account is ideal for the businesses which deal with supplier and customer all over the country
  • Average quarterly balance requirement is Rs 1 lakh
  • NEFT/RTGS/EFT transactions are free
  • Free cash deposit at home branch up to 10 lakh per month
  • Free cash deposit at the inter-branch (within home branch city) limit is Rs 1 lakh
  • Free cash deposit limit at the non-home branch is Rs 2 lakh per month

Premium current account:-

  • Average quarterly balance requirement is Rs 25,000
  • Non-maintenance charges are Rs 1800 per quarter
  • NEFT/RTGS transaction is free via internet banking
  • Cash withdrawal is free at home branch and free cash withdrawal limit at the non-home branch is Rs 25,000 per day
  • Free cash deposit limit at home branch is Rs 3 lakh and at inter-branch(within home branch city) is Rs 25,000 per day and at the non-home branch is 25,000 per day

Regular current account:-

  • This is an ideal low-cost current for the business.
  • Average quarterly balance requirement is Rs 10,000
  • Non-maintenance charges are Rs 1500 per quarter
  • NEFT/RTGS transaction is free via internet banking
  • Free cash deposit limit at home branch is Rs 2 lakh (per month) and at inter-branch(within home branch city) is Rs 10,000 per day and at the non-home branch is 10,000 per day
  • Cash withdrawal is free at home branch and cash withdrawal charges at the non-home branch is Rs 2 per Rs 1000

Saksham current account:-

  • Saksham Current Account is designed to fulfil the small and medium-sized enterprises needs that are registered as “vendor” to government organizations.
  • Average half-yearly balance requirement is Rs 10,000
  • Non-maintenance of average half-yearly balance charges are Rs 1500 per quarter

E-comm current account:-

  • Ideal for those customers who are in the online business section.
  • Average quarterly balance requirement is Rs 25,000
  • Non-maintenance charges are Rs 1800 per quarter
  • Free cash deposit limit is Rs 3 lakh per month (home branch+non home branch)
  • Cash withdrawal at home branch is free and at the non-home branch, limit is Rs 1 lakh per day

Current account for professionals:-

  • As name explain this account is specially designed for professionals like Doctors, Architecture or CA etc
  • Average quarterly balance requirement is Rs 10,000
  • Non-maintenance charges are Rs 1500 per quarter
  • Free cash deposit limit at home branch is Rs 10 lakh (per month) and at inter-branch(within home branch city) is Rs 1 lakh per day and at the non-home branch charges are Rs 3.50 per Rs 1000
  • Cash withdrawal at home branch is free and at the non-home branch, the charge is Rs 2 per Rs 1000

Agri current account:-

  • Average half-yearly balance requirement is Rs 10,000
  • Non-maintenance charges are Rs 1500 per quarter
  • Free cash deposit limit at home branch is Rs 10 lakh (per month) and at inter-branch(within home branch city) is Rs 50,000 per day and at the non-home branch charges are Rs 3.50 per Rs 1000
  • Cash withdrawal at home branch is free and at the non-home branch, the charge is Rs 2 per Rs 1000

Institutional current account:-

  • The institutional current account is specially designed for the institutions, trust, govt. department or association etc.
  • In this account, there is no minimum balance requirement
  • Free cash deposit limit at home branch is Rs 50 lakh (per month) and at inter-branch(within home branch city)  charge is 3.50 per Rs and at the non-home branch limit is Rs 1 lakh
  • Cash withdrawal at home branch is free and at the non-home branch, the limit is Rs 1 lakh per day

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