BANKING AFFAIRS

Detailed explanation-1: -The current account is opened by businessmen who have a large number of regular transactions with the Bank. In this account, any number of transactions can be done. The current account is opened by businessmen who have a large number of regular transactions with the Bank.

Detailed explanation-2: -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-3: -An inactive or dormant account with a bank is termed an inoperative account. An account becomes inoperative if there are no transactions in the account for a period of over two years. Once the account becomes inoperative, the account holder cannot transact in the account.

Detailed explanation-4: -There is no restriction on the number and amount of deposits. There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account. Generally, bank does not pay any interest on current account.