Current Account (Interest Rate: 6%)

Current bank account is opened by businessmen who have a number of regular transactions
with the bank, both deposits and withdrawals. It is also known as Demand Deposit.

In Our Society current account can be opened by depositing Rs.500 to Rs.1,000 . The
customers are allowed to withdraw the amount with cheques and they generally do not get
any interest

• The main objective of current bank account is to enable the businessmen to conduct their business
  transactions smoothly
• There is no restriction on the number and amount of deposits. There is also no restriction on the
  withdrawals
• Generally bank does not pay any interest on current account. Nowadays, some banks do pay
  interest on current accounts
• Current account is of continuing nature and as such there is no fixed period
  Advantages of Current Account
• Current account enables businessmen to conduct his business transactions smoothly
• The businessmen can withdraw any amount at any time from their current accounts.
  There are also no restrictions on withdrawals
• The businessmen can make direct payment to their creditors with the help of cheques