Factors to be considered while opening a Current Account
Fees for transactions: A current account allows you to make as many transactions as you like. Banks, on the other hand, levy a fee when the number of transactions exceeds a certain threshold. A Minimum Balance is required: The majority of current accounts have a minimum balance requirement. Premium services include: Pick-up and deposit of cash, access to after-hours banking, credit cards, free pay orders, demand orders, Cheque Book, Digital payments – NEFT, RTGS, IMPS, and Digital Banking services such as Retail Internet Banking/Corporate Internet Banking and Mobile Banking are all available through some banks. These services are not free. Limit on overdrafts: After confirming the customer's reliability, most banks provide Cash Credit and/or Overdraft capabilities to Current Account customers. Essential Services: One should also look for a bank that offers key services like online banking, mobile banking, cash management services, IT services, ERP services, multi-location cash deposits and money transfers, wire transfers, bill payment services, and debit card access. Interest rates: While a current account earns no income,Account Holder might move excess cash to fixed deposits to earn interest. One must find a bank with the greatest rates in which to deposit her surplus cash. The Bank's Size: A bank with a broader network of branches may be in a better position to provide services in more areas. It would also have a more extensive ATM network, which would be beneficial. Online services: The bank should also provide online services for current accounts. This ensures that the person may open an account quickly and with minimum paperwork. He or she would also be able to complete all following transactions without having to leave the comfort of her home or office. Once a person chose a bank, all she has to do is gather all of the necessary documents, such as identification, address proof, PAN card, and business registration documents (depending on the type of business entity), either scanned if opening online or in hard copy if opening in person, and get ready to fill out her application and make her initial deposit.