Glossary:


Term - C : Current Account

Current Account


Current Account

A Current Account, known as a Checking Account in the United States,is meant for users who need a bank account more for transactions than for saving. Current Accounts are typically opened for businesses and institutions though individuals who have a large number of transactions may also open them. Since they are not intended for savings but for transaction convenience, banks usually insist on a high minimum balance in such accounts. In terms of RBI regulations, banks in India are prohibited from paying interest on balances in current accounts
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