Comprehensive business banking solutions that work best for traders, entrepreneurs, or businessmen are current accounts. If you're thinking of opening a bank account but are unsure about the type that would be best for your needs. We're here to explain what a current account is and the various kinds of current accounts that are appropriate for your business.

But first, let discuss what a current account is.

A current account is typically opened when one needs to do fast and plenty of transactions. They offer a wide range of features, such as a flexible cash deposit limit, overdraft protection, and more. The number of transactions in these kinds of accounts is not restricted. 

A current account's purpose is to simplify daily banking activities for the account holder. 
In contrast to saving bank accounts, there will be no limit on the number of transactions per year or anything similar. They, therefore, impose service fees in place of maintenance fees. The current account shows a nation's purchases and sales of goods and services, payments to foreign investors, and transfers like foreign investment.

Let's understand the most suitable current accounts for your business that we provide to meet your various needs. 

Premium Current Account

The premium current account, as the name implies, offers the account holder a wide range of customised offerings and exclusive free services, and higher free limits for your daily transaction needs. It offers a variety of complimentary banking services, including a free personalised 'at par' cheque book with 500 leaves per month and a complimentary Debit-cum-ATM Card for sole proprietors and individuals. This account is designed to accommodate a variety of transactions based on the needs of the consumer. This is best suited for those businessmen who intend to conduct sophisticated financial activities.
 

Standard Current Account

The standard current account commonly referred to as the basic deposit account, is one of the essential varieties of current account. It is a particular account that is not interest-bearing. This account must always have a minimum average balance in it. Along with common practices like internet and SMS banking, it also provides free NEFT and RTGS transactions.

Packaged Current Account

One of those current account types that fall between the premium account and the basic current account is called a packaged current account. With a respectable number of perks and extra features like trip insurance, accident insurance, etc., it is superior to the ordinary account. It does not, however, offer the same level of account fit customisation as the premium current account.
 

Single Column Cash Book

This is the ideal offer if you run a business without keeping a bank account. Even though it won't offer any capabilities, it nonetheless makes it possible to do straightforward, everyday transactions that are all shown under distinct columns, specifically debit and credit.

What is an individual current account?

Accounts maintained by an individual/proprietor business whose business is owned by himself and registered under a single name are known as current accounts for individuals. Individual current account introduction and opening formalities/procedures are the same as those described for savings bank accounts.

How to open a current account: 

The process for opening a Bandhan Bank current account has also been made incredibly easy. For details regarding how to open a current account, click here.

Some of the necessary documents needed while opening a Bandhan Bank Current Account are mentioned below:-

Documents required to open a current account:

• Evidence of the business's existence
• Documents proving the business's address 
• The owner's identity and KYC
• Licenses issued by the proper authorities.

Who can open a current account?

Individuals, partnership businesses, private and public limited corporations, HUFs/specified organisations, societies, trusts, etc. can all open current accounts in Bandhan Bank. Businessmen that do a greater volume of regular transactions with the bank open current bank accounts. Both cooperative banks and commercial banks allow the opening of current accounts.

Current account for self-employed

A Self Employed Professional Current Account is an account for people with specialised educational training and legal qualifications. To conveniently complete their financial operations with Bandhan Bank, they can select from an expanding network of branches and ATMs.

Current account for business

Businessmen can do a greater volume of regular transactions with Bandhan Bank's current bank accounts. Deposits, withdrawals, and counter transactions are all included. Banks do not pay interest on the sums maintained in current accounts, which are typically used for business purposes, although these sorts of accounts might be useful to have.

Current account interest rate

Since a current account is intended for withdrawals at any moment by the account holder, no interest is paid on any balance that is stored there. Customers are permitted to withdraw money using checks, although they often do not receive interest in Bandhan Bank. 
 

Wrap Up

After discussing the current account in detail, we are sure that you now know every inch of it—how to open it, when you can open it, and who can open it through Bandhan Bank. With all the detailed information, get your business to grow and achieve the profitability rate with the current account. Getting several attractive offers and benefits on a current account is one of the primary requirements for starting a business these days. This account is designed for small to mid-range businesses.