Tuesday, July 8, 2014

Benefits of Current Account by Sachin Karpe

It is extremely essential for an individual to open a bank account in order to manage his day to day financial activities.

There are different types of accounts a bank has to offer. Viz. Savings or Current, which are two primary offerings by a bank

Current bank account is opened by businessmen who have a higher number of regular transactions with the bank and saving account is opened by people who are more interested in getting returns on the amount they put in a bank.

Sachin Karpe focuses on few advantages of why one should open a current account 

Advantages of Current Bank accounts:
  • Current account is mainly opened for businessmen such as proprietors, partnership firms, public and private companies, trust, association of persons, etc. that has a large number of day to day transactions
  • A businessman has no limit on withdrawing the amount
  • It gives overdraft (borrowing) facility to the customers for a short period
  • It allows a bank to collect money on behalf of the customers which is then credited to their customers’ current account
  • It allows to transfer funds from multiple locations
  • It allows to deposit and withdraw funds at any location

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