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Basics-of-Banking--insurance-2013-->View question

Asked On2017-10-27 15:05:52 by:Ashwath-Shetty

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The main features of current account are as follows:-

1.Current bank accounts are operated to run a business.
2.It is a non-interest bearing bank account.
3.It needs a higher minimum balance to be maintained as compared to the savings account.
4.Penalty is charged if minimum balance is not maintained in the current account.
5.It charges interest on the short-term funds borrowed from the bank.
6.It is of a continuing nature as there is no fixed period to hold a current account.
7.It does not promote saving habits with its account holders.
8.Banker requires KYC (Know your Customers) norms to be completed before opening a current account.
9.The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly.
10.There is no restriction on the number and amount of deposits.
11.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.
12.Generally, bank does not pay any interest on current account. Nowadays, some banks do pay interest on current accounts.

Answerd on:2018-06-05 Answerd By:Sai-kiran


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