Digital current account – Documents required, features, and types

The current account is considered the type of deposit account that is beneficial for a business to carry out several transactions with banks daily. 

The current account is set up by the bank on individual request and made available for immediate or frequent access. This banking account is related to liquidating funds and provides a range of customized options to handle finances. 

There is a need to maintain the minimum balance in your current account. The best thing about the online current account opening is that it comes with overdraft facilities up to agree on limits set up by the bank. 

Necessary documents you should require opening your current account.

While opening the current account, it is a must to have all the necessary documents in your hand. Let us know which documents you should require to open your current account. 

• Residence proof
• ID proof
• Address proof
• Pan card
• Companies must give the address of the communication. 
• In the case of partnership companies, you should submit a partnership agreement.
• A colour photograph 
• Cheques from your existing bank account for current account opening 

The feature that makes the current account the best

As we tell you, the current account is the best option among all banking accounts for business because it provides seamless transactions without any limits and overdraft facilities. Along with this, there are many characteristics of a current account that make it the best banking account. 

• Current accounts can handle your frequent transactions and daily operations related to business. 
• There are many perks and privileges of a current account that meets the dynamics need of your business. 
• The current account is better than a savings bank account in terms of transaction scope. 
• Current account holders need to maintain a higher monthly account balance than a savings account. 
• It is the best bank account to carry out a high volume of transactions. 
• It is easy to operate the current account by public and private companies, individuals, trustees, associations, etc. 
• There is no limit imposed on transactions in a day if you have a current account. 

Ways to add money to your current account.

There are several ways to deposit cash in your current account. You can follow the given methods to deposit cash into your account. 

• By any branch of your bank
• Cheque deposits
• Electronic transfers 
• Wire transfers out from the country 

Types of current account

Mainly, there are four types of current accounts you can open according to your need.

• Foreign currency accounts

Foreign currency accounts are for businesses or individuals that need frequent transactions to be made in foreign countries. 

• Standard current account

The standard current account is that type of bank account that has no interest rate on deposits and the customer needs to maintain a minimum balance. 

• Packaged current account

The packaged current account provides various perks to account holders, like medical support, insurance, roadside assistance, etc. 

• Premium current account

It comes with premium features and offers. Premium current accounts give you customized options and best fit into carrying the higher number of financial transactions in a day.

Conclusion

A current account is a business account that makes you unable to handle several transactions, deposits, and withdrawals in a day.