Is GST mandatory for current account
To carry out any financial transaction for your business, you require to set up a Current Account.
However, GST is not mandatory to open a Current Account..
What are the documents required for current account
Proof of identity (any one of the following)Passport.PAN card.Voter’s Identity Card.Driving License.Job Card issued by NREGA duly signed by an officer of the State Govt.The letter issued by the Unique Identification Authority of India ( UIDAI) containing details of name, address and Aadhaar number.More items…
Is current account better than savings account
A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.
What is the minimum balance in IOB current account
Rs. 100You need to maintain a minimum balance of Rs. 100/- for non-cheque operated accounts and Rs.
Can I convert my savings account to current account
It is not possible to convert your savings account to a current account as both the accounts are different in nature and also have distinct features and benefits. While a saving account is meant for personal use and thus can be opened with basic documents for KYC.
Which bank is best
Top 10 Banks in IndiaRankBank1.HDFC Bank2.Axis Bank3.IDFC Bank4.State Bank of India7 more rows
What are the disadvantages of current account
Disadvantages of having a Current Account There is an operational burden attached since most package accounts offer services at additional costs. The involved paperwork and fine print serves to be lengthy and confusing. Huge fees due to corporate business transactions.
Can I deposit cash in current account
You can deposit cash to your personal checking account with Current by using our in-app locator to find merchants near you that accept cash deposits. You can read more about this in our guide for adding cash here.
Is Axis Bank good for current account
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. The banking service and their facilities are good in this bank.
Can I withdraw money from current account
In current account, amount can be deposited and withdrawn at any time without giving any notice. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can be deposited in this account for collection.
What is the benefit of current account
Advantages of current account Enables businesspersons to keep the flow of money smooth, and get and make payments on time. Overdraft facilities are available to tide over any temporary cash flow issues. Internet and mobile banking enable smooth and error-free transactions. Very handy for large volume of transactions.
Which bank has low minimum balance
1. IDFC First Bank Pratham Savings Account. This Zero Balance Savings account comes with the advantage of limitless withdrawals at any micro ATM.
Is there any charges for current account
Also, no charges are deducted on deposits up to Rs. 10 lakhs. … The account allows free unlimited collection of funds through RTGS and NEFT, and provides monthly cash deposits up to Rs. 10 lakhs.
Which bank is best for current account
People Also Look ForPersonal Loan Interest Rates April 2021HDFC Bank10.75% – 21.45%ICICI Bank10.75% – 17.50%IndusInd Bank11.00% – 23.00%Kotak Bank10.75%4 more rows
What is the minimum balance for current account in SBI
STATE BANK OF INDIA is a leading Bank of India providing host of Banking services to its customers….Find more bank current acount details.VariantMin Avg. BalanceNon-maintenance chargePower Jyoti Current Account50,0001,000Surbhi Current Account10,0005006 more rows
Who can 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. Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts.
Is SBI current account good
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 faced issues like, the charges are high and they misguided me. Now the charges are reduces ans the customer service is good with this bank.
What is the minimum balance for current account
Current Account Monthly Average Balance and Withdrawal Limit 2021BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 5,0002 more rows
What documents need to open current account
Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.
What is the minimum balance in Icici Bank for current account
Rs. 25,000✅What is the minimum amount required for opening Current Account in ICICI? ICICI Current Account minimum balance is Rs. 25,000.
Can we open current account in two banks
Lending banks can open current account and non-lending banks can open only collection account. Collection account can receive money which has to be paid into CC/OD account of lending bank on same day. One lender bank has to open escrow account and only this bank can open current account.