Name
Current Deposit Account
Introduction
Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.
Features
1. Currency types including EUR, USD, RMB, GBP and so on ;
2. Transfer and exchange between the customer's account and the current deposit accounts of other depositors of the bank;
3. Domestic and overseas remittance;
4. Fees will be charged on account management（according to the price table in force）.
Target Customers
Customers with no need to make payment for trade can open the account with valid identity documents.
Procedure
1. Customers are required to fill in the account opening application form and submit valid identity documents;
2. Customers should provide documents of tax number, address proof, work proof and salary proof, etc;
3. Customers can have access to relevant services after the account is opened.
Attachments:
FAQs
A Current Account is a non-interest-bearing bank account, mainly used to service the needs of the businesses. Current Accounts allow for more transaction limits on cash deposits and withdrawal within or outside city.
How does current deposit work? ›
Current Deposit means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount. These accounts are meant purely to meet the business needs of customers. Hence, no interest is paid on balances in Current accounts.
What is a current account or deposit? ›
A current account is an account into and from which deposits, withdrawals and third-party payments (e.g. direct debits) can be made. They are also known as cheque accounts.
What is current deposit amount? ›
A current deposit account is, usually, opened by businessmen. The account holder can deposit and withdraw money at any time as the deposit is repayable on demand. It is also known as a demand deposit. No interest is paid on current accounts, rather charges are taken by the bank for services rendered by it.
What do you mean by current account? ›
A current account is a bank account where you can store and withdraw money. Most banks offer a range of current accounts that have different features, so you can find an account that best suits your needs.
How much cash can I deposit in current account? ›
Account holders can make cash deposits of up to ₹50 lakh.
How do I deposit cash into my current account? ›
- You can add cash to your Current Account at any of the retailers found in the Current app. ...
- Current works with chains like CVS and Walmart for cash deposits, but not every location may accept these deposits. ...
- Once you've arrived at a participating store, you can follow these steps to make your deposit:
No interest or low interest: Traditionally, current accounts do not offer interest, and even if they do, the interest rates might not be as attractive as savings accounts. Minimum balance requirements: Some types of current accounts do have minimum balance requirements, failing which there could be penalties.
Can I use my current account for personal use? ›
As mentioned above, a current account is an account meant for business. Unlike savings accounts that cater to individuals who want to save money, current accounts are mainly used to service the needs of the businesses.
How much can a current account hold? ›
There's no limit to the amount of money that you can have in your Current account, and you don't have to worry about maintaining a minimum balance in order to keep your account open!
Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.
How do I withdraw money from my current account? ›
Use an ATM
Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.
What does current deposit balance mean? ›
Your current balance reflects the amount of money in your bank account at any given moment. Your available balance is the amount of money you have to spend, including any pending payments and deposits. The key difference is that your pending purchases do not appear in the current balance.
What falls under current account? ›
The current account is the sum of net income from abroad, net current transfers, and the balance of trade. The balance of payments includes the current account and the capital account.
Is a current account a checking account? ›
We don't often talk about 'checking accounts' in the UK. It tends to be more commonly used in the USA and other countries. However, they are essentially the same as a current account. Checking accounts may have country-specific features, but the principles are the same as a current account.
How to identify a current account? ›
Contact the bank directly: You can call the customer service number of the bank and ask the representative if the account you have with them is a current or savings account. Check the account details: Look at the account information on your bank statement or in your online banking portal.
How long does current take to deposit money? ›
Deposits initiated after 4 PM EST will not be processed until the following business day. In some cases, it can take a few days longer than expected, depending on your bank and the Automated Clearing House (ACH) Network. As you continue to use Current, your deposits may be eligible to settle instantly.
What time does the current direct deposit hit? ›
Standard deposit times
Most recipients can expect their direct deposits to be available by 9 a.m. on payday, with many banks allowing funds to be released between midnight and 6 a.m. If your bank allows for the funds to be released sooner, you'll see them then.
What is current deposit in simple words? ›
Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.
Does current show pending deposits? ›
Your current balance reflects the amount of money in your bank account at any given moment. Your available balance is the amount of money you have to spend, including any pending payments and deposits. The key difference is that your pending purchases do not appear in the current balance.
