Quick Answer: Does Current Account Give Interest?

What is the benefit of current account?

You can also avail many other services such as free issue of pay orders, demand drafts, instantaneous transfer of funds and zero balance.

If you have a sufficiently large business you can have access to a relationship manager who is the point person for your current account..

What are the types of current account?

Let’s take a look at the different types of current accounts there are, which are based on the different requirements you might have.Premium Current Account.Standard Current Account:Foreign Currency Account:Packaged Current Account:Single Column Cash Book.

What is the limit of current account?

Description of ChargesMax Current AccountAverage Quarterly BalanceRs.5,00,000/- (AQB)Non-Maintenance Charges (per Quarter/Month/half yearly)Rs. 2,50,000 & above – Rs. 3,000 per quarter Less than Rs.2,50,000 – Rs.8,000 per quarter19 more rows

Can individual have current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.

Which bank gives interest in current account?

Having read the features of current account, you may now read about the types of current accounts, maximum cash deposit allowed at top banks in India….People Also Look For.Home Loan Interest Rates November 2020Axis Bank7.75% – 8.55%Bank of Baroda6.85% – 8.25%Citibank7.13% – 8.03%HDFC6.90% – 7.65%9 more rows

Who are applicable for current account?

1. What is meant by a Current Account with a bank? Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank. The current account includes deposits, withdrawals, and contra transactions.

Can you only have one current account?

You can’t have more than one current account In a word – false. You can have as many current accounts across as many different financial institutions as you like. There could also be benefits to having more than one bank account.

Do we get passbook for current account?

There is no such cap for a Current Account, in essence, there is no restriction on the number and amount of transaction. … On the account, no passbook is issued by the bank to the current account holders. Bank overdraft facility is provided to the current account only and not n the savings account.

Do you get interest in a current account?

Current accounts Many bank accounts pay either no interest or a very low rate on the balance in your account. But some current accounts have started offering attractive interest rates if you meet the bank’s rules like paying a certain amount into your account each month.