BANKING AFFAIRS

Detailed explanation-1: -Notes: A current account is a type of deposit account that caters to professionals and businessmen alike. Dealing largely with liquid deposits, this product allows for withdrawal of funds and checks being written against the balance and does not limit the number of transactions in a day.

Detailed explanation-2: -A current account is the one whereby day to day transactions of the business are carried out. Business payments and receipts are done using such current accounts.

Detailed explanation-3: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.

Detailed explanation-4: -Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.

Detailed explanation-5: -The businessmen can withdraw from their current accounts without any limit, subject to banking cash transaction tax, if any levied by the government. Home branch is that location where one opens his bank account. There are no restrictions on deposits made in the current account opened in a home branch of a bank.