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Current Account- Facts And Issues -Arka Chakraborty( PGDM Student at IMIS)

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All of us are having different kind of accounts in different banks, but many of us do not understand actually what kind of account we are having, what are the features of that account, what other options do we have.

Today and in upcoming weeks I am going to discuss about features of different accounts. Today I am starting with the Current Account and particularly about HDFC Bank.

1. What is a Current Account with a bank?

Current  accounts are very popular among companies, firms, businessmen who generally have higher number of transactions with the bank.  Many banks have different types of current account having different minimum account balance (monthly or quarterly) and maximum deposit feature. Basic features of current account are below

·         Overdraft facility

·         Number of free transactions allowed

·         Normally banks does not pay any interest

·         Minimum account balance (MAB) starts from 10,000/- (in general)

·         There is no limit in withdrawal and deposite

·         Allows direct payments using cheques, Demand drafts and Pay Orders.

A Current account can be opened in most of the banks except corporate banks. A current account being a zero balance account, is usually associated with huge transactions on a regular basis.

 2. Advantages of having a Current Account

1.   In current account we can use large volumes of receipts and/or payments systematically.

2.    We can do limitless cash withdrawal with the levied cash  transaction fees.

3.    There are no restrictions applied on the deposits made into the current accounts opened at the bank’s home branch. Additionally, account holders can also deposit cash at other branches upon paying small fees as applicable.

4.       Cheques, pay-orders, or demand-drafts can be issued via a current account for making direct payments to creditors.

3. Disadvantages of having a Current Account

1.    There is no interest rates due to low or zero interest on money in current account.

2.    Operational burden is attached since most package accounts offer services at additional costs.

3.     The involved processing serves to be lengthy and confusing.

4.     Huge fees corporate for business transactions.

5.     There is a limit on the amount of funds that can be withdrawn in a day.

Current accounts in HDFC bank

Eligibility

You are eligible to operate an Ascent Current account if you fall under any of the following categories:

·         Resident Individual

·         Hindu Undivided Family

·         Sole Proprietorship Firms

·         Partnership Firms

·         Private and Public Limited Companies

Types of Current Accounts

Max Advantage Current Account

·         Dynamic Pricing ensures cost-efficiency at all times with increase in value

·         Deposit and withdraw cash upto 12 times current month AMB at any HDFC Bank branches

·         Unlimited Free NEFT/RTGS/IMPS

Ascent Current Account

·         Multiplier Benefits across all nature of transactions

·         Deposit & Withdraw cash up to 10 times current month AMB at any HDFC Bank branches

·         Issue 50 DDs/ POs month free for every 1 lac of balance maintained

 

Active Current Account

·         Dynamic Pricing ensures cost-efficiency at all times with increase in value

·         Deposit & Withdraw cash up to 10 times current month AMB at any HDFC Bank branches

·         Issue 30 DDs/ POs month free for every 1 lac of balance maintained

Plus Current Account

·    Deposit up to Rs. 10 lakh cash free per month OR 50 txns (whichever is breached first) at HDFC Bank Home Branches

·    Withdraw up to Rs. 1 lakh a day at HDFC Bank Non-Home Branches

·    Issue 50 DDs and 50 POs a month free from any HDFC Bank branch.

Premium Current Account

·    Deposit up to 3 lakhs cash free per month OR 25 txns (whichever is breached first) at HDFC Bank Home Branches

·    Withdraw up to Rs. 25,000 cash per day at HDFC Bank Non Home Branches

·    Get 100 free payable at par cheque leaves per month

 You can learn more from https://www.hdfcbank.com .

Next week I will discuss about Current Accounts of ICICI Bank


Comments

  1. Madhusmita sahoo15 May 2020 at 19:34

    👍nyc

    ReplyDelete
  2. Karishma Nayak15 May 2020 at 20:35

    Thankful to get such info. ....will want some more☺️

    ReplyDelete
    Replies
    1. Arka15 May 2020 at 20:38

      Thanks for reading...
      Please follow our blog for getting more

      Delete
    2. Unknown15 May 2020 at 23:11

      Great dear.You have given such good information n that also help us to deal with this current situation

      Delete
    3. Arka16 May 2020 at 09:29

      Thank u for reading... Stay connected to our blog for getting such information

      Delete

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