InvestorQ : Please tell me more about current bank accounts.
divya Sing made post

Please tell me more about current bank accounts.

Swapnil Sarang answered.
3 years ago
A current bank account is an account usually handled by entrepreneurs, businessmen, companies and firms that have constant flow of incoming and outgoing money. These accounts are used to make payments to various employees, vendors etc.
As a current account’s main objective is to allow multiple financial transactions, it allows limitless withdrawals.
The added advantages of having a current account are:
- Account holders can make use of overdraft facilities
- Account holders can benefit from free inward remittances, deposit and withdrawals at any location
- Account holders can withdraw money from their account without any limit
The only disadvantage of opening a current account with any bank is that the account holder doesn’t earn any interest on the money that’s kept with the bank.