As cited in a circular by RBI, “Current Account” is 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 and shall also be deemed to include other deposit accounts which are neither Savings Deposit nor Term Deposit.”

The guidelines for KYC was issued in 2002 under Section 35A of the Banking Regulation Act, 1949.

When you own a bank account, whether savings or current, the bank requires you to maintain a certain amount in the account during a specific period of time. That is called ‘minimum balance’ or ‘average balance’. The specific duration can be a month or quarter. If the minimum balance is prescribed for a quarter it’s […]

As defined by ‘Investopedia‘, a savings account is a deposit account held at a bank or any financial institution that provides principal security and modest interest rate.