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
