Online Current Account
Current account contain the information about all corporate or business based transaction performed by the organization and individuals. It refers to all
transaction not to saving and other particular transaction. It will be defined over the certain tenure. In most of cases, as per provision customer will
be allowed to transfer half amount and remaining amount points to financial account along with capital.
Basically capital amount is allows to use for supporting in foreign transaction and corporate based activity. It decides the credit of individual on basis
of exports and imports of goods and services along with amount receive via transaction from abroad.
A current account of particular country either will be positive or negative, in other terms it refers to surplus and deficit. Whenever this kind of situation
will arise then registration will be equal and opposite of capital account balance. As we know that imports are recorded as debits while exports are recorded
as payment of balance.
Open Current Account Effortlessly
The online trading services are provided by depositories such as NSDL and CDSL through the network of intermediaries, depository participant, and stock
brokers. The charges vary according to the volume held in the account, subscription type, and the terms and conditions laid by the stock broker and the depository.
In capital account, each credit in exports will always be treated as corresponded debit. Generally country lends money to pay the charges of exports. These days
customers prefers to open account online as per their comfort and opening account online ease plenty of things for customers.
Surplus in current account increases the net foreign asset of the respective country while deficit in current account refers to decreasing in nation deficit amount.
Positive current account balances refers to financial strength of country and specify that country is not a lender of any country across the world; on the other
hand negative account balance refers that country is net borrower.
Banks Current Account Comparison
||Minimum Average Balance
|Kotak Bank Edge Current Account
||Average Quarterly Balance of Rs. 25,000
||Up to Rs. 50,000
|ICICI Bank Smart Business Account
||Unlimited for base withdrawal and Rs. 50,000 for non- base withdrawals
|HDFC Bank Regular Current Account
||Rs.10,000 per quarter
||Unlimited at base withdrawal
|SBI Regular Current Account
|Axis Bank Normal Current Account
||Rs. 1 Lakh per day
|Bank of Baroda Baroda Small Business Current Account
||Quarterly Average Balance Rs. 2,500
Calculation of Current Account
Generally, account is calculated by adding up four integral factors and components to perform accurate and authentic
calculation of amount. Some of them are outlined below
When accompany of domestic nationality or an individual receive amount through any foreign identify or through
individual identify. If any foreign company invest amount in any domestic company then central government will consider it as debit.
As we know that goods are movable asset that every country do for their own trading and especially to strength, across the world.
Whenever any domestic company performs transaction to any foreign country, this entire processing is called export. If we talk in
another prospect in case someone receive amount from other country then it will be called import. While calculating current amount
imports also known as the outflow of money and export also known as the inflow of money to get exact calculation.
Whenever any foreign country receive amount from certain country then process of current transfer take place in calculation. In
most of cases, individual or any organization perform transaction via traditional mode like official assistance, through donation and other aids.
In case of intangible services like tourism prefer by native of other country in local land or organization and it give money to local
resident, then this type of transaction will be calculated as export so as credit.
Top Banks for Current Account in India
||Current Account Types
||Maximum Cash Deposit Allowed
|Bank of Baroda
||a. Baroda Small Business Current Account (BSBCA)
b. Baroda Premium Current Account (BPCA)
c. Baroda Advantage Current Account (BACA)
d. Baroda Premium Current Account (BPCAP)
|Up to ₹1 lakhs per month
|State Bank of India (SBI)
||Regular Current Account
||a. Business Vantage Account
b. Business Select Account
c. HSBC Direct for Business
||-Ultima Current Account
-Supreme Current Account
-Apex Current Account
-EZEE Current Account
-Max Current Account
-Agri Current Account
-Plus Current Account
-Current Account for Hospitals and Nursing Homes
-Trade Current Account
-Current Account for Professionals
-Premium Current Account
-Merchant Advantage Plus Current Account
-Regular Current Account
-Merchant Advantage Current Account
-Flexi Current Account
-Institutional Current Account
-Smart Up solution for Start Ups
-Ascent Current Account
-RFC Domestic Current Account
-Exchange Earners Foreign Currency (EEFC) Account
-E-comm Current Account
-Saksham Current Account
|Up to ₹ 2 lakhs per month (for regular current account)
||a. Regular Current Account
b. New Startup Current Account
c. Subhaarambh Current Account
d. Smart Business Account
e. Smart Business Account - Gold
f. Roaming Current Account - Gold
g. Roaming Current Account Standard
|Up to ₹1.8 crores per month
|Kotak Mahindra Bank
-Start Up Regular
-Start Up Premium
|Up to ₹5 lakhs
||a. Normal Current Account
b. Local Current Account
c. Business Advantage Account
d. Business Select Account
e. Business Classic Account
f. Sweeps Current Account
g. Business Privilege Account
h. Channel One Account
i. Club 50 Current Account
|Up to ₹2 lakhs per month (for regular current account)
||a. Business Value Current Account
b. Business Growth Current Account
c. Business Benefit Current Account
d. Business Edge Current Account
|Up to ₹5 lakhs
Benefits of Current Account
1. Avails over Draft Facility for account holder
2. Prompt business based transaction will be allowed.
3. Free mobile banking and internet banking facility for account users.
4. Free from withdrawal limit.
5. In case of deposit in home branch, there will be no criteria.
6. Allow business man for facility of direct payment by using demand draft, pay orders and along with other options
Features of Current Account
To start a business, current account is quite mandatory. In current time banks offers several decent and beneficial
offers to attract customers. It depends on needs of business and its diversity. Some, vital offers and benefits are outlined below
1. It is designed to facilitate frequent business or commercial transactions like cash, cheque based transaction and other fund transfer facility.
2. User will be free to perform number of transaction as per need.
3. User will get flexibility of transaction than they will get in saving account.
4. It is users responsibility in to maintain minimum account balance otherwise bank will imposed.
5. These days bank offers interest rate on current account.
6. User need to maintain higher account balance in compare of saving account.
7. Any organization, private and public sector companies, individual, trust, association, property concern and other respective organization.
8. Multiple current accounts cannot be operating for single business.
9. In case of short term loan, interest rate will be charged whenever account user asks from the bank.
10. Like saving account, user need to follow complete process that user follow for opening and operating other account to complete the process related to completion of KYC (know your customer).
Ways of Depositing Cash Amount in Current Account
1. Electronics Transfers.
2. Depositing cash at any of the bank branch of respective bank.
3. Wire transfer from abroad.
4. Cheque Deposits.
Types of Current Account
Packaged Current Account
Apart from availing several core benefits, users will get add on facility like roadside assistance, medical support, travel insurance etc.
Premium Current Account
Customer will get the facility to customize all benefits not only on transaction but in other business based activity. Basically, this type
of account is suitable for company or individual with higher revenue and performs transaction on large scale.
Standard Current Account
This is a kind of non interest bearing deposit based account comes with several terms and conditions. User of this type of account need to
manage their minimum balance maintenance criteria along with free debit card, cheque books, overdraft facility, free NEFT, RTGS, internet banking, SMS banking.
Foreign Currency Accounts
Any agency or organization deals with client of other countries then they must opt for this type of current account.
Single Column Cash Book
Sometimes it is also known as simple cash account come with facility of regular transaction but with this type of account users will not get facility of overdraft.
Major Services Availed by the Current Bank User
Online Banking Facility
In recent times online market is changing the entire payment related processing. Users along with online or internet banking facility with enjoy
transaction with ease and it will make things easier for both sender and receiver. Once online banking will be activated in account, users will be
able to perform facility like viewing account statement, account balance, payment clearance, fund transfer and other luxurious facility with ease
and security. These days it is one of the frequent choices that will allow performing all transaction even in non-banking hours, in holidays and
other valuable services will be just one click away. User will be able to utilize remaining time in other valuable tasks.
User will be free to visit home branch to get the banking solution of services like financial assistance, withdrawal, deposits. Some banks will be
imposing extra charges against the services they will offer to customers.
Phone banking facility will allow users to make payments, review their transactions, tracking account balance via their mobile phone. This service
or facility avails this facility for all existing customers and help them to make banking easier than ever.
ATM or Debit Card
To avails the facility of money withdrawal, after the process of successful account opening, bank issues an ATM or debit card for customer. Users
will be allowed to with draw amount in case of low balance on account.
As it is known as one of the traditional way of bill clearing and amount withdrawal. Even in modern days bank customers will pick this option instead
of internet banking facility to pay specific dues.