I want to open the Current Account on my firms name, i want to know the procedure and features of current account in nationalized banks.
What is the Difference between Current Account and Savings Bank account.
Minimum amount required to open the account, and can a person withdraw total amount from the current account (if at all closing the current account).
| Savings Account | Current Account |
| Interest paid of regular basis | No interest will be paid, whatsoever |
| Minimum balance zero in case of salary A/c or 500 to 5000 on average quarter basis on different banks | Average Minimum balance of 10000 per quarter |
| Account can have no activity for a long time as much as 6 months. | Account should have at least few transactions every quarter otherwise account will be freezed |
| Firm accounts details are not required to submit | Some kind of firm accounts or ledger details to be submitted. Not sure what |
| Firm registration not be submitted for individual accounts | Registration certificate of small scale industry or similar need to be submitted |
| Account closure is easy | Account closure is difficult, need to provide documents related to dissolution of company or something |
This is what I know, for more details visit the respective bank's website and do some comparitive analysis.
Cheers!