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Types And Usage Of Current Accounts

By Expert Author: Neha Sharma

A current account allows its users to deposit and withdraw funds at anytime without giving any notice. This account is meant for businessmen and commercial uses.In this article, we give you the different types of current account and the different usages of it.

Types of current account mostly available are:

• Business
This type of current account caters to the needs of small to large size businesses. As each business has different needs and requirements, based on various factors like clients, seasonal functioning, expansion of branches etc, most of these accounts are tailor made to suit the respective requirements. This caters to all types of current accounts, which are right for manufacturers, large distributors, stockists, multi-specialty hospitals, dealers, etc.

• Trade
For traders, this is an ideal account to reduce transaction costs and other additional costs.

• Professional
This is a best current account for those who are perusing a professional career as doctors, architects, chartered accountants and other professions. With this account, you can derive maximum value. You can collect and pay cheques from any location. You can also have free monthly cash deposit from the home location.

• Institutional
This current account is especially designed especially for trusts, associations, societies, clubs, non- profit organisations and government departments

The current accounts will offer you the following usage features:

• Banking Cards: With the use of these cards, you can have a direct access to the funds in your current account from a cash machine like the ATM. Most bank cards include a debit card or an ATM card.
• Cheque Book Facility: This cheque book facility allows users to deposit all types of cheques and drafts in their name or endorse in the favor by third parties.
• Interest Rates: Usually banks do not offer any interest on current accounts. However some banks have recently introduced special current accounts where interest is paid as per the bank’s own guidelines.
• Non chargeable Fund Transfers: It helps businessmen to make direct payments to creditors or clients by issuing cheques, demand drafts or pay orders etc. No extra charge will be levied on these services.
• Internet Banking: With the new facilities of internet and mobile banking, you can always carry out important business transactions that are easy and when you are always on the go.
• Other usages: Multi-location funds transfer, electronic funds transfer, periodical email or downloading of updates of bank statements in various formats are also available to these accounts.

Author Bio :- Neha Sharma; a finance student, has gained a lot of experience about Current Accounts and the various factors that go into opening and managing one. Thus, it comes as no surprise that she would like to share this experience with the public so that others can benefit from it.

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