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Current account is an account with minimum amount of restrictions. Most individuals do not need this account. You need this account only if you make a number of deposits and withdrawals in a single day and many of the deposits are drawn on outstation banks. Banks accept deposits in current account and allow unlimited withdrawals subject to a minimum balance. This minimum balance differs from Bank to Bank. NO interest is payable on a current account. Opening of a current account is indicated in the case of a business enterprise or high worth individuals who deal with a lot of third party cheques, drafts etc. or who may at times need to borrow money from the Bank against some security. Tips:
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