Quick Answer: How Much Time Does It Take To Open A Current Account?

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..

Do you pay tax on a current account?

As these are also classified as a discount they aren’t taxed. It gets confusing when a current account makes regular cash payments as these can be treated as annual or miscellaneous payments, so they would be subject to tax.

What is the minimum amount to open current account?

Current Account Monthly Average Balance and Withdrawal Limit 2020BankMinimum Average BalanceHDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,000Axis Bank Normal Current AccountRs. 10,0002 more rows

Can we open current account without GST number?

Any one registration certificate is mandatory for opening current account along with PAN, address proof etc. …… Be it GSTIN, ot Shop & Establishment license, or EIN number, or FSSAI registration etc.

Can I have 2 current accounts?

A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.

What is the process to open a current account?

All you need to do is fill up a form with your personal details, business details and contact details. A customer representative from the bank will contact you for further particulars and will collect the documents that they require to open your Current Account.

Can a normal person open current account?

A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

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.

Is money safe in a current account?

“While it’s an easy habit to slip into, many people are not aware of the risks saving into your current account can bring. For example, doing so can increase your vulnerability to fraud,” Suzanne Lewsley, chief deposits officer at Ford Money said.

How long does it take for a new account to appear online banking?

Your new account will be available online within 24 hours from the time your account was opened.

What are the documents required for current account opening?

Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving licence. Proof of address for an individual: Telephone bill, electric bill.

Is Axis Bank good for current account?

AXIS offers good banking experience. AXIS is the best, their online services are good. 0.5 5.0/5 “Blown Away!” I hold a Current account with Axis bank from long time, the experience was good so far and i did not face any issues with this bank.

When can you get a current account?

Children can open their own current accounts when they turn 16, but if they are younger they will need a parent, guardian or grandparent to do this for them.

What is the limit of current account?

FeaturesRegular Current AccountAverage Quarterly Balance (AQB)₹ 10,000/- (only Non-Metro locations)Operational Limit for Cash Deposit @Non-Home Branch (per day)₹ 10,000/-Cash Withdrawal Limit @ Home BranchFreeCash Withdrawal Limit @ Non Home BranchNo free limit Charges @ ₹ 2/- per ₹ 1,000/-, minimum ₹ 50/- txn17 more rows

Who can apply for current account?

You are eligible to operate a Regular Current account if you fall under any of the following categories: Resident Individual. Hindu Undivided Family. Sole Proprietorship.