Current Account is also called as Demand Deposit Account. It is a type of account that is meant for businessmen and professionals who have higher number of regular transactions with the bank. The account is never used for the purpose of investment or savings. Deposit made in this account are mostly liquid transactions and there is no limit for the amount or number of transactions for a day. Current account is mostly opened in the name of a firm / company.
Current account can be held in co-operative bank and commercial bank. Account holders are provided with the cheque book facility and can transfer all cheques and drafts in their name. Current Amount can be withdrawn and deposited at any time without any notice period. Customers can withdraw the amount using cheques. Account holders won't get any interest on their current account.
Learn what is current account. Also find the definition and meaning for various math words from this math dictionary.