Current Account

The current account is opened by businessmen who have a number of regular transactions with the Society, both deposits and withdrawals. It is also known as a 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

Features of Current Account

• The main objective of a current 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, the bank does not pay any interest on the current account. Nowadays, some banks do pay interest on current accounts
• The current account is of continuing nature and as such, there is no fixed period Advantages of Current Account
• The current account enables businessmen to conduct their 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 payments to their creditors with the help of cheques