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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.
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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.
What do you mean by current account answer? ›What is a Current Account? 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.
What is a current account or deposit? ›A current account is usually a better choice for the everyday management of money, and for transactions such as withdrawing cash and paying your bills. A savings account, as the name implies, makes an ideal home for your spare cash and lets you earn interest on it.
What does it mean when your account is current? ›When an account is current, there is either no payment due right now because you've recently made a payment, or the only payment due now is the minimum payment for the current month. Your credit card issuer wants you to bring your account current because delinquent accounts mean they're losing money.
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