BANKING AFFAIRS

Detailed explanation-1: -Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account. Current account can be opened in co-operative bank and commercial bank.

Detailed explanation-2: -Current accounts are generally used by businessmen who have a large number of regular transactions with the bank.

Detailed explanation-3: -A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access.

Detailed explanation-4: -A business current account is a great tool for keeping the finances of a company separate and for managing regular transactions such as paying employees and taxes. There are plenty of accounts to choose from, so it’s important you pick the right one and understand all the fees and charges before you sign up.

Detailed explanation-5: -Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts.