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Everything you need to know about Current Account!

Current Account

Current Account or financial account is a type of deposit account availed by individuals who carry out high volume of transactions with the bank on a regular basis.

This account is set up by the bank on the request of the individual and is made available for frequent or immediate access. Current account relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Generally, current accounts require a higher minimum account balance to be maintained when compared to a savings account and they do not provide returns on the deposits made.

However, the greatest advantage of a current bank account is that account holders can easily avail overdraft facility up to an agreed limit decided by the bank.

Documents Required to Open a Current Account

Make sure that the documents you submit for KYC are valid.

Following is a list of documents required to open a current account:

  • PAN card
  • Address proof
  • In case of partnership firms, partnership agreement must be submitted
  • ID and residence proof of all partners
  • A certificate of incorporation and memorandum of association must be submitted by Companies or trusts
  • Companies should provide an address of communication
  • A color photograph of the applicant(s)
  • Cheque from existing savings account for account opening

Features of a Current Bank Account

One of the basic requirement for starting a business is having a current account for day to day operations and transactions.

Banks have recognized this basic need and offer a number of attractive offers and benefits on current accounts to match the dynamic needs of these businesses.

Here are some of the basic features of a current account:

  • Transaction scope goes beyond that of savings account.
  • Usually, a current account requires an individual to maintain a higher minimum account balance as compared to a savings account.
  • Penalty charges can be levied on non-maintenance of the minimum account balance.
  • It is specifically made to facilitate individuals who carry out high volume of transactions.
  • Usually, banks do not give an interest on the deposits but there are some exceptions.
  • A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
  • No limit on the frequency of transactions in a day.
  • A single business can only have a single current account.
  • A current account is the most suited for a business.

Different Ways of Depositing Cash in Current Account

You can deposit cash in your current account using any of the following methods:

  • Depositing cash at any of the branches of your bank
  • Electronic transfers
  • Cheque deposits
  • Wire transfer from abroad

Types of Current Account

Banks offer varied types of current accounts to its customers to suit their needs.

Here are some of the common types of current accounts offered by various banks in India:

Foreign currency accounts

Foreign Currency Accounts are for those individuals or businesses that require frequent transactions to be carried out in foreign currencies.

Standard Current Accounts

It’s an account that provides with no interest rate on the deposits and requires the customer to maintain a monthly average. It provides its customers with chequebooks, debit cards, overdraft facility, etc. Other features may include internet banking, SMS banking, Free RTGS and NEFT transactions, etc.

Packaged current accounts

These account offers a lot of perks to its customer as the account comes with additional features such as travel insurance, medical support, roadside assistance, etc.

Premium current accounts

It comes with exclusive offers for its account holders. The account provides many customized features and is generally suited for those who carry out high financial transactions.

Banking with Current Accounts

You can access your current account for daily cash transactions by using any of the following methods:

Online Banking

An account holder can perform a variety of banking activity such as viewing bank statements, cash transfers and so much more!

It is one of the most preferred modes of banking among the account holders as you can transact even during non-banking hours. It allows the account holder to seamlessly transact with just a click of a button. However, online transfers beyond a set limit will require a cheque to carry the transaction out.

Home branch

Charges may be applicable on withdrawals or deposits after a certain limit even at the bank branch. A customer can avail for a variety of banking needs at the parent branch.

Phone Banking

Banks allows its customers to perform a host of activities over a call. You can review your bank statements, check your balance or make payments through phone banking.

Cheque facility

A traditional way of withdrawing cash from a current account, cheques are still preferred over online transactions as online transfers have a certain limit.


ATMs machines let you withdraw cash from your account without the hassle of visiting a branch. While ATMs allow you to withdraw cash even after the normal banking hours, the limit on the withdrawals is low.

Overview of Banks offering Current Accounts in India

State Bank of India

SBI offers different types of bank accounts to its customers depending upon the nature of the business.

The list is as follows:

  • Normal Current Account
  • Unfixed Deposit
  • SME Power
  • Sahaj Current Account


ICICI Bank has launched a series of tailor-made current account products to meet the regular transaction requirements of businesses. These products are most suitable for traders, small businesses, and self-employed professionals with an annual turnover below Rs.2 crores.

The list is as follows:

  • New Start-Up Current Account
  • Shubhaarambh Current Account
  • Smart Business Account
  • Smart Business Account – Gold
  • Roaming Current Account Gold
  • Roaming Current Account Premium
  • Roaming Current Account Classic
  • Roaming Current Account Standard

HDFC Bank Current Account

HDFC Bank offers different types of bank accounts to its customers depending upon the nature of the business.

Given below are some of the popular current accounts offered by HDFC bank.

  • ULTIMA Current Account
  • Supreme Current Account
  • Apex Current Account
  • EZEE Current Account
  • Max Current Account
  • Agri Current Account
  • Plus Current Account
  • Current Account for Hospitals and Nursing Homes

Kotak Mahindra Bank

Kotak Mahindra Bank offers its customers with carefully curated products created to satisfy the customer’s needs.

The types of current account offerings are as follows:

  • Neo
  • Startup Regular
  • Edge
  • Pro
  • Ace
  • Astra 05
  • Startup Premium
  • Elite
  • Global Trade
  • Astra 15

Axis Bank Current Account

Axis Bank current account come with a multitude of features and benefits. Following are the current account products offered by Axis Bank:

  • Normal Current Account
  • Local Current Account
  • Business Advantage Account
  • Business Select Account
  • Business Classic Account
  • Sweeps Current Account

Punjab National Bank

Punjab National Bank (also known as PNB) is among the oldest banks in the country and offers 2 types of current accounts.

  • PNB Smart Banking Current Account
  • PNB Current Deposit Account

IndusInd Bank Current Account

The current account of IndusInd Bank is designed to meet the requirements of regular businesses, corporate firms, importers, and exporters.

The list of current accounts is as follows:

  • Forex Current Account
  • Indus Edge Current Account
  • Niche Current Accounts


DBS Business Accounts offer a comprehensive range of services designed to help its customers run their business smoothly.

The types of current accounts offered are as follows:

  • Business Edge Account
  • Business Edge preferred

Yes Bank Current Account

Yes Bank offers three types of current account products for small-scale businesses.

Given below are the types of current accounts offered by Yes Bank:

  • Edge Business
  • Prime Business
  • Exclusive Business

Bank of Baroda

Bank of Baroda offers various types of current accounts to suit different customer needs. The list is as follows:

  • Baroda Premium Current Account
  • Baroda Premium Current Account-Privilege
  • Baroda Small Business Current Account
  • Baroda Advantage Current Account

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