Question: Which Bank Has Lowest Minimum Balance For Current Account?

Does current account give interest?

Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.

A Current Account is actually a no interest-bearing deposit account..

What is the limit of current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different BanksBankMonthly Average Balance (MAB)Free deposit limitsICICI BankRs.25,00012 times the MABAxis BankRs.10,000Up to Rs.2 lakhsIndusInd BankRs.10,000Up to Rs.2 lakhsCanara BankRs.1 lakh (quarterly)Up to Rs.5 lakhs per day3 more rows

Is SBI good for current account?

5000. 0.5 4.0/5 “Great!” I have a current account with SBI from last 2 years, the banking services are good in this bank. … I have to maintain Rs 10000 as minimum balance in this account.

How many days does it take to open a current account?

It usually takes 1-2 working days to open a current account. You will also require to provide your Aadhaar card details when opening a bank account. 1. Proof of existence of entity – Some of the acceptable documents for proof can be – Trade license/GST Identification Number/SSI Certificate/IPR Registration, etc.

What are the disadvantages of current account?

(1) No Interest on Deposits. … (2) High Cost of Bank Services. … (3) Limit of Free Cheque Books and Free Demand Drafts. … (4) Cap on Free Cash Deposits & Free Cash Withdrawals. … (5) Higher Amount of Monthly Account Balance Maintenance. … (6) Confusing Fine Print. … (7) Transaction Fees. … (8) Bill Payments cannot be Automated.

Is GST required for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

How much money can you keep in a current account?

Ways to safeguard more than $250,000 You can have a CD, savings account, checking account, and money market account at a bank. Each has its own $250,000 insurance limit, allowing you to have $1 million insured at a single bank. If you need to keep more than $1 million safe, you can open an account at a different bank.

Which is better savings account or current account?

Savings accounts are suitable to build emergency funds, whereas current accounts facilitate regular business transactions. Unlike a saving account, current accounts do not have any limit on monthly transactions. You need to maintain a relatively higher minimum balance in a current account than a savings account.

Can an individual open current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.

Which bank provides zero balance current?

Zero Balance Current Account of Top Banks in IndiaZero Balance Current AccountBank NameCurrent Account TypeICICI BankShubhaarambh Current Account New Start Up Current AccountAxis BankLocal Current AccountBank of BarodaStartup Current Account2 more rows•Feb 28, 2020

What is the minimum balance in current account?

HDFC Current Account Minimum Balance and ChargesHDFC Bank Current AccountHDFC Bank Current Account Minimum BalancePremium Current AccountRs. 25,000 per quarterTrade Current AccountRs. 40,000 per quarterFlexi Current AccountRs. 75,000 per monthPlus Current AccountRs. 1 Lakh per quarter6 more rows•Nov 13, 2020

Which bank is the best for current accounts?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows

What is the minimum balance in Icici Bank for current account?

Rs. 25,000ICICI Current Account minimum balance is Rs. 25,000. How to open a Current Account online with ICICI Bank ? To open a Current Account online you can visit the website of ICICI Bank and choose from the wide range of Current Account products offered by ICICI Bank.

What is the minimum balance in Bob current account?

Bank of Baroda Current Account Minimum Balance and ChargesBank of Baroda Current AccountBank of Baroda Current Account Minimum BalanceNon Maintenance ChargesBaroda Advantage Current AccountQuarterly Average Balance Rural – Rs. 2,000, Semi-Urban – Rs. 2,000, Urban/Metro : Rs.10,000Rs. 350 per quarter3 more rows•Dec 12, 2020