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A current account is a type of deposit account service given by the banks to individuals or institutions who intend to make a higher number of financial transactions on a day to day basis. This kind of account allows smooth, everyday transactions with a drawback of no interest acquiring ability. The following features further explain a current account-
While individuals can use current accounts for day-to-day transactions, they are typically used for regular transactions by businesses, trusts, associations, and private/public entities
This type of account does not pay interest on deposits; however, some banks have recently begun to pay interest on such accounts
An overdraft facility is available with a current account
Current accounts are further subdivided into various variants, allowing businesses, entities, trusts, and others to select the most appropriate one for their needs. These are as follows:
Premium current account
Standard current account
Packaged current account
Foreign current account
Because banks offer different types of current accounts, you should first decide which bank you want to open your account with. After that, thoroughly examine all of the current account options in terms of their benefits, features, and service before deciding on one!