Current Account

What is Current Accounting?

A current account is an account from where money can be withdrawn at any time using a cash card or chequebook. A current account is also known as a personal bank account. A current account is an active account used for frequent deposits and withdrawals by cheque. It is also known as a financial account, the current account does not provide interest related to liquid deposits and is not like a savings account.

Types of Current Account

There are 5 types of Current Accounts: 

• Premium Current Account
• Foreign Currency Account
• Single Column Cash Book
• Standard Current Account
• Packaged Current Account
• Premium Current Account 

For the account holder, a premium current account provides customized and exclusive features. This account is suitable for those individuals who are planning to perform a high level of financial transaction.

• Foreign Currency Account 

A Foreign Currency Account is best and suitable for those who have their business transaction in foreign countries because the transaction needs to be carried out in foreign currencies.

• Single Column Cash Book 

Single Column Cash Book is also known as Simple Cash Book Account. When it comes to current accounts, a lot of other banks provide different services. Single column cash books are best for those businessmen who do not maintain any bank account. This account does not provide any of the features such as an overdraft or anything else but enables one to maintain their transaction simply through debit and credit card.

• Standard Current Account

To maintain a Standard Current Account every month a minimum amount needs to be maintained. Standard Current Account is also known as the basic deposit account. It also provides standard services like SMS Banking, internet, debit card, chequebook facility, an overdraft facility, along with no cost RTGS and NEFT transactional services.

• Packaged Current Account 

Packaged Current Account is a type of current account that provides features like accident insurance, travel insurance, etc. Packages Current Account is better than the Standard Current Account because it provides a decent amount of benefits along with this insurance.

Features or Benefits of having a Current Account

• There are no specific boundaries or limits for withdrawing money in a day through the current account.
• A current account allows internet, mobile banking, doorstep banking, cheque book facility, along with no cost RTGS and NEFT transactional services.
• With a current account, cheques, demand drafts, or pay-orders can be issued to pay directly to creditors. Inter-bank communication allows creditors to have access to and gauge the account holder’s creditworthiness. 
• No limit on deposits in the home branch. In case it is not in the home branch, one can still deposit by paying a nominal fee.
• A current Account also provides overdraft facilities. 

Different ways of depositing cash in Current Account

Different methods of depositing cash in a Current Account are as follows:

• Electric transfers.
• Depositing cash at any of the branches one is having a current account in.
• Cheque Deposits.
• Wire transfer from abroad.

How to open a Current Account Online?

Current Account can be opened using these four steps at (ICICI) bank:

• Registration 

The first step to opening a current account online is to register. Customers need to fill up the basic details like name, last name, E-mail address, mobile number, Customer type, branch, and pin code. Then the customer needs to enter the OTP and send it to his mobile number.

• Select Best Product 

The second step is to select the best product, that is, according to the customer’s business needs ICICI Bank suggests several best Current Account products. The customer can choose the product of their own or can follow as t6he bank provides. After the selection of the product, the customer needs to enter the GSTIN (Goods and Services Identification Number, entity name, and PAN(Permanent Account Number).

• Upload documents and choose account number 

Customers need to fill in some more details of the individual/proprietor and business. Individual/proprietorship entities can also register a nominee. The document list will be displayed based on the selection of the entity. If the customer does not want to submit the documents asked for, then the customer can simply click on the skip now button. At the time of KYC verification, these documents can be submitted. To access the account the customer needs to do KYC verification.

• A Bank Executive will contact the customer for KYC verification 

For In-Person Verification, an ICICI Bank Executive will Visit the customer’s business premises and verify all the documents. After the account gets activated the customer will receive an SMS along with confirmation. The customer will receive the Corporate Login ID and password to access the mobile banking application and CIB.

Conclusion

There are various kinds of accounts one can have in the bank. Savings and current accounts are the common ones. The current account has various types, features, and money deposit regulations that need to be kept in mind as they are very different from savings accounts.