Quick Answer: What Are The Charges For Current Account?

What are the documents required for current account?

Here are the documents required for opening a Current Account:Proof of identity of the proprietor/trader/professional/institution/association, etc.

such as the PAN card.

Proof of address for an individual: Telephone bill, electric bill.Proof of the existence of the business:.

What is the minimum balance in Icici Bank for current account?

Rs. 25,000ICICI Current Account minimum balance is Rs. 25,000. How to open a Current Account online with ICICI Bank ?

What is the benefit of current account?

Cheques, pay-orders, or demand-drafts can be issued via a current account for making direct payments to creditors. Overdraft facilities are also available for current account holders. The presence of small interest earnings on account balance makes a current account all the more attractive for its users.

What is the minimum balance required for current account?

Current Account Monthly Average Balance and Withdrawal Limit 2020BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows

Can an individual open current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.

Do you pay tax on a current account?

As these are also classified as a discount they aren’t taxed. It gets confusing when a current account makes regular cash payments as these can be treated as annual or miscellaneous payments, so they would be subject to tax.

Who needs a current account?

Current accounts is ideal for carrying out day-to-day business transactions. The main objective of this account is to enable the account holder to run his business smoothly as there is no limit on number of transactions or cash withdrawal.

How much money should you have in your current account?

A good rule of thumb is to keep at least one month of net pay in your checking at all times. Look for a checking account with no monthly fee and no minimum balance.

Is GST compulsory for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

Is current account same as checking account?

A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. … In economic terms, the funds held in a transaction account are regarded as liquid funds.

Is there any charges for current account?

Customers can send and receive cheque payments anywhere in the country. Also, no charges are deducted on deposits up to Rs. … The account allows free unlimited collection of funds through RTGS and NEFT, and provides monthly cash deposits up to Rs.

Which is best bank for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

Can I open zero balance current account?

A zero balance current account can be opened in any commercial or non-commercial bank. One can choose from the list of top banks providing zero balance current accounts. The user needs to submit all the KYC acceptable documents along with the current account opening form at the nearest bank branch.

How much money can you legally keep in your house?

It is legal for you to store large amounts of cash at home so long that the source of the money has been declared on your tax returns. There is no limit to the amount of cash, silver and gold a person can keep in their home, the important thing is properly securing it.

What are the disadvantages of current account?

(1) No Interest on Deposits. … (2) High Cost of Bank Services. … (3) Limit of Free Cheque Books and Free Demand Drafts. … (4) Cap on Free Cash Deposits & Free Cash Withdrawals. … (5) Higher Amount of Monthly Account Balance Maintenance. … (6) Confusing Fine Print. … (7) Transaction Fees. … (8) Bill Payments cannot be Automated.

Can I withdraw money from current account?

The businessmen can withdraw from their current accounts without any limit, subject to banking cash transaction tax, if any levied by the government. … However, the current account holder can deposit the cash from any other branch of a bank other than the home branch by paying a nominal charge as applicable.

What is difference between savings and current account?

Know the difference between a Current Account and Savings Account. A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.