What is Current Account?
Current Account also known as financial account is a type of deposit account maintained solely or jointly for carrying out large value transactions on a regular basis. Current Accounts relate to liquid deposits and unlike Savings Account, it does not provide interests. Current Accounts are primarily opened by businessmen such as proprietors, partnership firms, trust, association of persons, public and private companies etc.
It allows customers to deposit and withdraw amount at anytime without giving any notice. The account is ideal for making payments to creditors using cheques. The main objective of the current bank account is to enable the businessmen holding accounts to carryout the financial business transactions smoothly.