{"id":6216,"date":"2024-05-20T12:44:08","date_gmt":"2024-05-20T07:14:08","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=6216"},"modified":"2025-01-07T12:28:40","modified_gmt":"2025-01-07T06:58:40","slug":"benefits-of-current-account","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/","title":{"rendered":"Benefits of a Current Account: Features, MAB &#038; More"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d901b506f5b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d901b506f5b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#What-is-a-Current-Account\" >What is a Current Account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Top-Features-of-Current-Account\" >Top Features of Current Account<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Instant-Access\" >\u27a1\ufe0f Instant Access<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Overdraft-Facility\" >\u27a1\ufe0f Overdraft Facility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Direct-DebitsStanding-Orders\" >\u27a1\ufe0f Direct Debits\/Standing Orders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Online-Banking\" >\u27a1\ufe0f Online Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Mobile-Banking\" >\u27a1\ufe0f Mobile Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Multi%E2%80%93Currency-Accounts\" >\u27a1\ufe0f Multi&#8211;Currency Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Interest-on-Credit-Balances\" >\u27a1\ufe0f Interest on Credit Balances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#%E2%9E%A1%EF%B8%8F-Reduced-Fees\" >\u27a1\ufe0f Reduced Fees<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#5-Benefits-of-Current-Account\" >5 Benefits of Current Account<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#1-No-balance-No-problem\" >1. No balance? No problem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#2-Never-run-out-of-cheque-leaves\" >2. Never run out of cheque leaves<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#3-Transact-limitlessly\" >3. Transact limitlessly!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#4-Credit-set-grow\" >4. Credit, set, grow!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#5-Current-account-future-plans\" >5. Current account, future plans<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Documents-needed-to-Open-a-Current-Account\" >Documents needed to Open a Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Types-of-Current-Account\" >Types of Current Account<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Basic-Current-Account\" >Basic Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Business-Current-Account\" >Business Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Premium-Current-Account\" >Premium Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Joint-Current-Account\" >Joint Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Offshore-Current-Account\" >Offshore Current Account<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#What-is-MAB-Monthly-Average-Balance\" >What is MAB (Monthly Average Balance)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/benefits-of-current-account\/#Frequently-Asked-Questions\" >Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What-is-a-Current-Account\"><\/span><strong>What is a Current Account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-offset-key=\"758h4-8-0\">Knowing the benefits of current account is important because it<\/span><span data-offset-key=\"758h4-17-0\">\u00a0allows for more frequent and flexible access to funds than other types of bank accounts. They are typically used for day-to-day banking and are most suitable for those who regularly move money in and out of their account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Opening a current account is a business founder&#8217;s first step not just towards business legitimacy, but also toward smoother and more organised financial operations.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top-Features-of-Current-Account\"><\/span>Top Features of Current Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here&#8217;s a list of the top features of a Current Account. Let&#8217;s have a look.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Instant-Access\"><\/span><span data-offset-key=\"dnl15-7-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-9-0\">Instant<\/span><span data-offset-key=\"dnl15-10-0\"> Access<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-12-0\">A<\/span><span data-offset-key=\"dnl15-13-0\"> current<\/span><span data-offset-key=\"dnl15-14-0\"> account<\/span><span data-offset-key=\"dnl15-15-0\"> provides<\/span><span data-offset-key=\"dnl15-16-0\"> instant<\/span><span data-offset-key=\"dnl15-17-0\"> access<\/span><span data-offset-key=\"dnl15-18-0\"> to<\/span><span data-offset-key=\"dnl15-19-0\"> funds<\/span><span data-offset-key=\"dnl15-20-0\"> 24<\/span><span data-offset-key=\"dnl15-21-0\">\/<\/span><span data-offset-key=\"dnl15-22-0\">7<\/span><span data-offset-key=\"dnl15-23-0\">,<\/span><span data-offset-key=\"dnl15-24-0\"> enabling<\/span><span data-offset-key=\"dnl15-25-0\"> customers<\/span><span data-offset-key=\"dnl15-26-0\"> to<\/span><span data-offset-key=\"dnl15-27-0\"> make<\/span><span data-offset-key=\"dnl15-28-0\"> payments<\/span><span data-offset-key=\"dnl15-29-0\">,<\/span><span data-offset-key=\"dnl15-30-0\"> deposits<\/span><span data-offset-key=\"dnl15-31-0\"> and<\/span><span data-offset-key=\"dnl15-32-0\"> withdrawals<\/span><span data-offset-key=\"dnl15-33-0\"> as<\/span><span data-offset-key=\"dnl15-34-0\"> and<\/span><span data-offset-key=\"dnl15-35-0\"> when<\/span><span data-offset-key=\"dnl15-36-0\"> required<\/span><span data-offset-key=\"dnl15-37-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Overdraft-Facility\"><\/span><span data-offset-key=\"dnl15-40-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-42-0\">Over<\/span><span data-offset-key=\"dnl15-43-0\">draft<\/span><span data-offset-key=\"dnl15-44-0\"> Facility<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-46-0\">A<\/span><span data-offset-key=\"dnl15-47-0\"> current<\/span><span data-offset-key=\"dnl15-48-0\"> account<\/span><span data-offset-key=\"dnl15-49-0\"> offers<\/span><span data-offset-key=\"dnl15-50-0\"> an<\/span><span data-offset-key=\"dnl15-51-0\"> overd<\/span><span data-offset-key=\"dnl15-52-0\">raft<\/span><span data-offset-key=\"dnl15-53-0\"> facility<\/span><span data-offset-key=\"dnl15-54-0\"> to<\/span><span data-offset-key=\"dnl15-55-0\"> allow<\/span><span data-offset-key=\"dnl15-56-0\"> customers<\/span><span data-offset-key=\"dnl15-57-0\"> to<\/span><span data-offset-key=\"dnl15-58-0\"> withdraw<\/span><span data-offset-key=\"dnl15-59-0\"> more<\/span><span data-offset-key=\"dnl15-60-0\"> money<\/span><span data-offset-key=\"dnl15-61-0\"> than<\/span><span data-offset-key=\"dnl15-62-0\"> they<\/span><span data-offset-key=\"dnl15-63-0\"> have<\/span><span data-offset-key=\"dnl15-64-0\"> in<\/span><span data-offset-key=\"dnl15-65-0\"> their<\/span><span data-offset-key=\"dnl15-66-0\"> account<\/span><span data-offset-key=\"dnl15-67-0\">,<\/span><span data-offset-key=\"dnl15-68-0\"> subject<\/span><span data-offset-key=\"dnl15-69-0\"> to<\/span><span data-offset-key=\"dnl15-70-0\"> a<\/span><span data-offset-key=\"dnl15-71-0\"> pre<\/span><span data-offset-key=\"dnl15-72-0\">&#8211;<\/span><span data-offset-key=\"dnl15-73-0\">ag<\/span><span data-offset-key=\"dnl15-74-0\">reed<\/span><span data-offset-key=\"dnl15-75-0\"> limit<\/span><span data-offset-key=\"dnl15-76-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Direct-DebitsStanding-Orders\"><\/span><span data-offset-key=\"dnl15-79-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-81-0\">Direct<\/span><span data-offset-key=\"dnl15-82-0\"> Deb<\/span><span data-offset-key=\"dnl15-83-0\">its<\/span><span data-offset-key=\"dnl15-84-0\">\/<\/span><span data-offset-key=\"dnl15-85-0\">Standing<\/span><span data-offset-key=\"dnl15-86-0\"> Orders<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-88-0\">Customers<\/span><span data-offset-key=\"dnl15-89-0\"> can<\/span><span data-offset-key=\"dnl15-90-0\"> set<\/span><span data-offset-key=\"dnl15-91-0\"> up<\/span><span data-offset-key=\"dnl15-92-0\"> direct<\/span><span data-offset-key=\"dnl15-93-0\"> deb<\/span><span data-offset-key=\"dnl15-94-0\">its<\/span><span data-offset-key=\"dnl15-95-0\"> or<\/span><span data-offset-key=\"dnl15-96-0\"> standing<\/span><span data-offset-key=\"dnl15-97-0\"> orders<\/span><span data-offset-key=\"dnl15-98-0\"> to<\/span><span data-offset-key=\"dnl15-99-0\"> make<\/span><span data-offset-key=\"dnl15-100-0\"> regular<\/span><span data-offset-key=\"dnl15-101-0\"> payments<\/span><span data-offset-key=\"dnl15-102-0\"> from<\/span><span data-offset-key=\"dnl15-103-0\"> their<\/span><span data-offset-key=\"dnl15-104-0\"> current<\/span><span data-offset-key=\"dnl15-105-0\"> accounts<\/span><span data-offset-key=\"dnl15-106-0\"> without<\/span><span data-offset-key=\"dnl15-107-0\"> having<\/span><span data-offset-key=\"dnl15-108-0\"> to<\/span><span data-offset-key=\"dnl15-109-0\"> remember<\/span><span data-offset-key=\"dnl15-110-0\"> to<\/span><span data-offset-key=\"dnl15-111-0\"> do<\/span><span data-offset-key=\"dnl15-112-0\"> it<\/span><span data-offset-key=\"dnl15-113-0\"> themselves<\/span><span data-offset-key=\"dnl15-114-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Online-Banking\"><\/span><span data-offset-key=\"dnl15-119-0\">\u27a1\ufe0f Online<\/span><span data-offset-key=\"dnl15-120-0\"> Banking<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-122-0\">Most<\/span><span data-offset-key=\"dnl15-123-0\"> current<\/span><span data-offset-key=\"dnl15-124-0\"> accounts<\/span><span data-offset-key=\"dnl15-125-0\"> offer<\/span><span data-offset-key=\"dnl15-126-0\"> online<\/span><span data-offset-key=\"dnl15-127-0\"> banking<\/span><span data-offset-key=\"dnl15-128-0\">,<\/span><span data-offset-key=\"dnl15-129-0\"> enabling<\/span><span data-offset-key=\"dnl15-130-0\"> customers<\/span><span data-offset-key=\"dnl15-131-0\"> to<\/span><span data-offset-key=\"dnl15-132-0\"> check<\/span><span data-offset-key=\"dnl15-133-0\"> their<\/span><span data-offset-key=\"dnl15-134-0\"> balance<\/span><span data-offset-key=\"dnl15-135-0\">,<\/span><span data-offset-key=\"dnl15-136-0\"> view<\/span><span data-offset-key=\"dnl15-137-0\"> transactions<\/span><span data-offset-key=\"dnl15-138-0\">,<\/span><span data-offset-key=\"dnl15-139-0\"> make<\/span><span data-offset-key=\"dnl15-140-0\"> payments<\/span><span data-offset-key=\"dnl15-141-0\"> and<\/span><span data-offset-key=\"dnl15-142-0\"> transfer<\/span><span data-offset-key=\"dnl15-143-0\"> money<\/span><span data-offset-key=\"dnl15-144-0\"> from<\/span><span data-offset-key=\"dnl15-145-0\"> anywhere<\/span><span data-offset-key=\"dnl15-146-0\"> in<\/span><span data-offset-key=\"dnl15-147-0\"> the<\/span><span data-offset-key=\"dnl15-148-0\"> world<\/span><span data-offset-key=\"dnl15-149-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Mobile-Banking\"><\/span><span data-offset-key=\"dnl15-152-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-154-0\">Mobile<\/span><span data-offset-key=\"dnl15-155-0\"> Banking<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-157-0\"> Many<\/span><span data-offset-key=\"dnl15-158-0\"> banks<\/span><span data-offset-key=\"dnl15-159-0\"> now<\/span><span data-offset-key=\"dnl15-160-0\"> offer<\/span><span data-offset-key=\"dnl15-161-0\"> mobile<\/span><span data-offset-key=\"dnl15-162-0\"> banking<\/span><span data-offset-key=\"dnl15-163-0\">,<\/span><span data-offset-key=\"dnl15-164-0\"> allowing<\/span><span data-offset-key=\"dnl15-165-0\"> customers<\/span><span data-offset-key=\"dnl15-166-0\"> to<\/span><span data-offset-key=\"dnl15-167-0\"> make<\/span><span data-offset-key=\"dnl15-168-0\"> payments<\/span><span data-offset-key=\"dnl15-169-0\"> and<\/span><span data-offset-key=\"dnl15-170-0\"> check<\/span><span data-offset-key=\"dnl15-171-0\"> their<\/span><span data-offset-key=\"dnl15-172-0\"> balances<\/span><span data-offset-key=\"dnl15-173-0\"> on<\/span><span data-offset-key=\"dnl15-174-0\"> the<\/span><span data-offset-key=\"dnl15-175-0\"> go<\/span><span data-offset-key=\"dnl15-176-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Multi%E2%80%93Currency-Accounts\"><\/span><span data-offset-key=\"dnl15-179-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-181-0\">Multi<\/span><span data-offset-key=\"dnl15-182-0\">&#8211;<\/span><span data-offset-key=\"dnl15-183-0\">C<\/span><span data-offset-key=\"dnl15-184-0\">urrency<\/span><span data-offset-key=\"dnl15-185-0\"> Accounts<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-187-0\">Some<\/span><span data-offset-key=\"dnl15-188-0\"> banks<\/span><span data-offset-key=\"dnl15-189-0\"> offer<\/span><span data-offset-key=\"dnl15-190-0\"> multi<\/span><span data-offset-key=\"dnl15-191-0\">&#8211;<\/span><span data-offset-key=\"dnl15-192-0\">currency<\/span><span data-offset-key=\"dnl15-193-0\"> current<\/span><span data-offset-key=\"dnl15-194-0\"> accounts<\/span><span data-offset-key=\"dnl15-195-0\">,<\/span><span data-offset-key=\"dnl15-196-0\"> enabling<\/span><span data-offset-key=\"dnl15-197-0\"> customers<\/span><span data-offset-key=\"dnl15-198-0\"> to<\/span><span data-offset-key=\"dnl15-199-0\"> hold<\/span><span data-offset-key=\"dnl15-200-0\"> multiple<\/span><span data-offset-key=\"dnl15-201-0\"> currencies<\/span><span data-offset-key=\"dnl15-202-0\"> in<\/span><span data-offset-key=\"dnl15-203-0\"> one<\/span><span data-offset-key=\"dnl15-204-0\"> account<\/span><span data-offset-key=\"dnl15-205-0\"> and<\/span><span data-offset-key=\"dnl15-206-0\"> switch<\/span><span data-offset-key=\"dnl15-207-0\"> between<\/span><span data-offset-key=\"dnl15-208-0\"> them<\/span><span data-offset-key=\"dnl15-209-0\"> as<\/span><span data-offset-key=\"dnl15-210-0\"> required<\/span><span data-offset-key=\"dnl15-211-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Interest-on-Credit-Balances\"><\/span><span data-offset-key=\"dnl15-222-0\">\u27a1\ufe0f Interest on Credit Balances<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-222-0\">Some<\/span><span data-offset-key=\"dnl15-223-0\"> current<\/span><span data-offset-key=\"dnl15-224-0\"> accounts<\/span><span data-offset-key=\"dnl15-225-0\"> may<\/span><span data-offset-key=\"dnl15-226-0\"> offer<\/span><span data-offset-key=\"dnl15-227-0\"> interest<\/span><span data-offset-key=\"dnl15-228-0\"> on<\/span><span data-offset-key=\"dnl15-229-0\"> credit<\/span><span data-offset-key=\"dnl15-230-0\"> balances<\/span><span data-offset-key=\"dnl15-231-0\">,<\/span><span data-offset-key=\"dnl15-232-0\"> although<\/span><span data-offset-key=\"dnl15-233-0\"> this<\/span><span data-offset-key=\"dnl15-234-0\"> is<\/span><span data-offset-key=\"dnl15-235-0\"> usually<\/span><span data-offset-key=\"dnl15-236-0\"> minimal<\/span><span data-offset-key=\"dnl15-237-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%9E%A1%EF%B8%8F-Reduced-Fees\"><\/span><span data-offset-key=\"dnl15-240-0\">\u27a1\ufe0f <\/span><span data-offset-key=\"dnl15-242-0\">Reduced<\/span><span data-offset-key=\"dnl15-243-0\"> Fees<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"dnl15-245-0\">Many<\/span><span data-offset-key=\"dnl15-246-0\"> banks<\/span><span data-offset-key=\"dnl15-247-0\"> offer<\/span><span data-offset-key=\"dnl15-248-0\"> reduced<\/span><span data-offset-key=\"dnl15-249-0\"> fees<\/span><span data-offset-key=\"dnl15-250-0\"> or<\/span><span data-offset-key=\"dnl15-251-0\"> even<\/span><span data-offset-key=\"dnl15-252-0\"> free<\/span><span data-offset-key=\"dnl15-253-0\"> banking<\/span><span data-offset-key=\"dnl15-254-0\"> to<\/span><span data-offset-key=\"dnl15-255-0\"> current<\/span><span data-offset-key=\"dnl15-256-0\"> account<\/span><span data-offset-key=\"dnl15-257-0\"> customers<\/span><span data-offset-key=\"dnl15-258-0\">,<\/span><span data-offset-key=\"dnl15-259-0\"> depending<\/span><span data-offset-key=\"dnl15-260-0\"> on<\/span><span data-offset-key=\"dnl15-261-0\"> their<\/span><span data-offset-key=\"dnl15-262-0\"> individual<\/span><span data-offset-key=\"dnl15-263-0\"> circumstances<\/span><span data-offset-key=\"dnl15-264-0\">.<\/span><\/p>\n<p><em>Did you know? \ud83e\uddd0<\/em><\/p>\n<p><em>RazorpayX-powered Current Account is a hassle-free current account for businesses that enables them to manage their finances more efficiently. It allows businesses to open and manage a current account, and also provides features like free unlimited transactions, free virtual cards and integrated APIs, free access to working capital, and free access to analytics.<\/em><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_benefits_of_current_account&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX<\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"5-Benefits-of-Current-Account\"><\/span><b>5 Benefits of Current Account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">From streamlining your business finances to imparting legitimacy to your financial operations, there are many <\/span>benefits of opening a current account<span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1-No-balance-No-problem\"><\/span><b>1. No balance? No problem<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Picture this. <em>It\u2019s the end of the month<\/em>.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">On one hand, you\u2019ve made sales, and your payments are yet to come through. On the other hand,<\/span><span style=\"font-weight: 400;\">\u00a0you have bills to pay and all your due dates fall <\/span><i><span style=\"font-weight: 400;\">before <\/span><\/i><span style=\"font-weight: 400;\">you receive any money.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What if, in the process of paying your month-end dues, the balance in your account hits zero? This is where the overdraft facility steps in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the key benefits of current accounts is the option of overdraft. This means you can overdraw your account (withdraw money beyond your available balance) for a short period to meet working capital needs or deal with a short-term cash crunch.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on the bank\u2019s terms and conditions, your transaction history and your rapport with the bank, you may or may not be charged interest on the amount you overdraw.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2-Never-run-out-of-cheque-leaves\"><\/span><b>2. Never run out of cheque leaves<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Remember the time you opened a savings account? Your bank, most likely, gave you a chequebook for the year. Once you were out of leaves, you had to go back to your bank and pay to get another chequebook.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another one from the host of benefits of current accounts is that you get an abundance of cheque leaves.<span style=\"color: #ff0000;\">\u00a0<\/span><\/span>As a current account holder, you get a set number of <a href=\"https:\/\/razorpay.com\/learn\/what-is-cheque\/\">cheques<\/a> that you can use every month, free of charge. This means you get a chequebook refresh every month (based on the terms of your bank) so you can transact without the frustration of running out of cheques.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3-Transact-limitlessly\"><\/span><b>3. Transact limitlessly!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><span style=\"color: #000000;\">As your business grows, so will your volume of transactions. <\/span>\u00a0In this situation, limits on the number of transactions are unthinkable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the fundamental benefits of current accounts is the absence of transaction limits. This happens in two ways:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">You don\u2019t have limits on the amount of any transaction<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You can make any number of transactions in a month, whatever way you prefer &#8211; <a href=\"https:\/\/razorpay.com\/blog\/online-money-transfer\/\">online transfers<\/a>, cheques, demand drafts, pay orders, or cash<\/span><\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_benefits_of_current_account&amp;utm_source=blog&amp;utm_medium=cta\" data-schema-attribute=\"\"><span style=\"color: #ffffff;\">Open<\/span> a Current Account<\/a><\/div>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4-Credit-set-grow\"><\/span><b>4. Credit, set, grow!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When it comes to making them part with their money to fund you, financial institutions can be difficult to convince. And, a current account can give you quite the boost there.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A current account is a record of your transactions, including repayment of the previous debt if any. It also shows the lender your financial standing &#8211; and the basis of your financial projections.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Giving you credibility in the eyes of financial institutions and helping you maintain a sparkling credit score is one of the lesser-known but vital benefits of current accounts.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5-Current-account-future-plans\"><\/span><b>5. Current account, future plans<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you set out to make projections for your business, having messy financials doesn\u2019t help.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the many benefits of <a href=\"https:\/\/razorpay.com\/x\/current-accounts\/\">current accounts<\/a> is that they render your money matters legible. Current accounts help provide a clean record of your transactions for analysis, telling you exactly where your money is coming from and going, and painting a picture of your growth on a month-on-month basis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking at the trends your current account is showing you and analysing them, you can chart out a plan for the future of your business backed by clean financial data.<\/span><\/p>\n<p style=\"text-align: center;\"><b>Read more: <\/b><a href=\"https:\/\/razorpay.com\/learn\/6-differences-between-current-account-and-savings-account\/?utm_adgroup=&amp;utm_gclid=Cj0KCQjwg_iTBhDrARIsAD3Ib5jejcDG-9zFzEl7e0UxhkfWS4bo5DsOltjvijzA1pfKU4Rl7k5cJS4aAgs8EALw_wcB&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=GoogleSearch_RZPx_BrandAwareness_CA_11042022&amp;utm_term=current%20account%20vs%20savings%20account&amp;utm_content=text_1&amp;hsa_kw=current%20account%20vs%20savings%20account&amp;hsa_net=adwords&amp;hsa_grp=141078132128&amp;hsa_cam=14641896928&amp;hsa_acc=9786800965&amp;hsa_tgt=kwd-315366403858&amp;hsa_ver=3&amp;hsa_ad=592347068097&amp;hsa_mt=e&amp;hsa_src=g&amp;gclid=Cj0KCQjwg_iTBhDrARIsAD3Ib5jejcDG-9zFzEl7e0UxhkfWS4bo5DsOltjvijzA1pfKU4Rl7k5cJS4aAgs8EALw_wcB\"><b>6 Differences Between Current Account and Savings Account<\/b><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Documents-needed-to-Open-a-Current-Account\"><\/span>Documents needed to Open a Current Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here is a list of all the basic documents that are required to open a Current Account.<\/p>\n<p><span data-offset-key=\"aof3u-9-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-11-0\">Proof<\/span><span data-offset-key=\"aof3u-12-0\"> of<\/span><span data-offset-key=\"aof3u-13-0\"> Identity<\/span><span data-offset-key=\"aof3u-14-0\">:<\/span><span data-offset-key=\"aof3u-15-0\"> Pass<\/span><span data-offset-key=\"aof3u-16-0\">port<\/span><span data-offset-key=\"aof3u-17-0\">,<\/span><span data-offset-key=\"aof3u-18-0\"> PAN<\/span><span data-offset-key=\"aof3u-19-0\"> Card<\/span><span data-offset-key=\"aof3u-20-0\">,<\/span><span data-offset-key=\"aof3u-21-0\"> Voter<\/span><span data-offset-key=\"aof3u-22-0\"> ID<\/span><span data-offset-key=\"aof3u-23-0\">,<\/span><span data-offset-key=\"aof3u-24-0\"> Driving<\/span><span data-offset-key=\"aof3u-25-0\"> License<\/span><span data-offset-key=\"aof3u-26-0\">,<\/span><span data-offset-key=\"aof3u-27-0\"> etc<\/span><span data-offset-key=\"aof3u-28-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-31-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-33-0\">Proof<\/span><span data-offset-key=\"aof3u-34-0\"> of<\/span><span data-offset-key=\"aof3u-35-0\"> Address<\/span><span data-offset-key=\"aof3u-36-0\">:<\/span><span data-offset-key=\"aof3u-37-0\"> Utility<\/span><span data-offset-key=\"aof3u-38-0\"> bill<\/span><span data-offset-key=\"aof3u-39-0\">,<\/span><span data-offset-key=\"aof3u-40-0\"> bank<\/span><span data-offset-key=\"aof3u-41-0\"> statement<\/span><span data-offset-key=\"aof3u-42-0\">,<\/span><span data-offset-key=\"aof3u-43-0\"> passport<\/span><span data-offset-key=\"aof3u-44-0\">,<\/span><span data-offset-key=\"aof3u-45-0\"> etc<\/span><span data-offset-key=\"aof3u-46-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-49-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-51-0\">Photograph<\/span><span data-offset-key=\"aof3u-52-0\">s<\/span><span data-offset-key=\"aof3u-53-0\">:<\/span><span data-offset-key=\"aof3u-54-0\"> Pass<\/span><span data-offset-key=\"aof3u-55-0\">port<\/span><span data-offset-key=\"aof3u-56-0\">&#8211;<\/span><span data-offset-key=\"aof3u-57-0\">sized<\/span><span data-offset-key=\"aof3u-58-0\"> photographs<\/span><span data-offset-key=\"aof3u-59-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-62-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-64-0\">Initial<\/span><span data-offset-key=\"aof3u-65-0\"> Deposit<\/span><span data-offset-key=\"aof3u-66-0\">:<\/span><span data-offset-key=\"aof3u-67-0\"> A<\/span><span data-offset-key=\"aof3u-68-0\"> minimum<\/span><span data-offset-key=\"aof3u-69-0\"> deposit<\/span><span data-offset-key=\"aof3u-70-0\"> is<\/span><span data-offset-key=\"aof3u-71-0\"> required<\/span><span data-offset-key=\"aof3u-72-0\"> to<\/span><span data-offset-key=\"aof3u-73-0\"> open<\/span><span data-offset-key=\"aof3u-74-0\"> a<\/span><span data-offset-key=\"aof3u-75-0\"> current<\/span><span data-offset-key=\"aof3u-76-0\"> account<\/span><span data-offset-key=\"aof3u-77-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-80-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-82-0\">KY<\/span><span data-offset-key=\"aof3u-83-0\">C<\/span><span data-offset-key=\"aof3u-84-0\"> Documents<\/span><span data-offset-key=\"aof3u-85-0\">:<\/span><span data-offset-key=\"aof3u-86-0\"> KY<\/span><span data-offset-key=\"aof3u-87-0\">C<\/span><span data-offset-key=\"aof3u-88-0\"> (<\/span><span data-offset-key=\"aof3u-89-0\">Know<\/span><span data-offset-key=\"aof3u-90-0\"> Your<\/span><span data-offset-key=\"aof3u-91-0\"> Customer<\/span><span data-offset-key=\"aof3u-92-0\">)<\/span><span data-offset-key=\"aof3u-93-0\"> documents<\/span><span data-offset-key=\"aof3u-94-0\"> such<\/span><span data-offset-key=\"aof3u-95-0\"> as<\/span><span data-offset-key=\"aof3u-96-0\"> Aad<\/span><span data-offset-key=\"aof3u-97-0\">har<\/span><span data-offset-key=\"aof3u-98-0\"> Cards<\/span><span data-offset-key=\"aof3u-99-0\">,<\/span><span data-offset-key=\"aof3u-100-0\"> PAN<\/span><span data-offset-key=\"aof3u-101-0\"> Cards<\/span><span data-offset-key=\"aof3u-102-0\"> etc<\/span><span data-offset-key=\"aof3u-103-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-106-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-108-0\">Signature<\/span><span data-offset-key=\"aof3u-109-0\"> Proof<\/span><span data-offset-key=\"aof3u-110-0\">:<\/span><span data-offset-key=\"aof3u-111-0\"> Signature<\/span><span data-offset-key=\"aof3u-112-0\"> verification<\/span><span data-offset-key=\"aof3u-113-0\"> from<\/span><span data-offset-key=\"aof3u-114-0\"> a<\/span><span data-offset-key=\"aof3u-115-0\"> banker<\/span><span data-offset-key=\"aof3u-116-0\"> or<\/span><span data-offset-key=\"aof3u-117-0\"> a<\/span><span data-offset-key=\"aof3u-118-0\"> post<\/span><span data-offset-key=\"aof3u-119-0\"> office<\/span><span data-offset-key=\"aof3u-120-0\">.<\/span><\/p>\n<p><span data-offset-key=\"aof3u-123-0\">\u27a1\ufe0f<\/span><span data-offset-key=\"aof3u-125-0\">Che<\/span><span data-offset-key=\"aof3u-126-0\">que<\/span><span data-offset-key=\"aof3u-127-0\"> Book<\/span><span data-offset-key=\"aof3u-128-0\">:<\/span><span data-offset-key=\"aof3u-129-0\"> A<\/span><a href=\"https:\/\/razorpay.com\/learn\/what-is-a-bank-cheque-book\/\"><span data-offset-key=\"aof3u-130-0\"> chequebook<\/span><\/a><span data-offset-key=\"aof3u-133-0\">\u00a0for<\/span><span data-offset-key=\"aof3u-134-0\"> making<\/span><span data-offset-key=\"aof3u-135-0\"> payments<\/span><span data-offset-key=\"aof3u-136-0\">.<\/span><\/p>\n<p><strong>Read: <a href=\"https:\/\/razorpay.com\/learn\/business-banking\/current-account-opening-documents-required\/\">Documents Required for Opening a Current Account Online<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types-of-Current-Account\"><\/span>Types of Current Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Let&#8217;s have a look at the different types of current accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Basic-Current-Account\"><\/span>Basic Current Account<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"b85q4-12-0\">A<\/span><span data-offset-key=\"b85q4-13-0\"> basic<\/span><span data-offset-key=\"b85q4-14-0\"> current<\/span><span data-offset-key=\"b85q4-15-0\"> account<\/span><span data-offset-key=\"b85q4-16-0\"> is<\/span><span data-offset-key=\"b85q4-17-0\"> a<\/span><span data-offset-key=\"b85q4-18-0\"> straightforward<\/span><span data-offset-key=\"b85q4-19-0\"> account<\/span><span data-offset-key=\"b85q4-20-0\"> that<\/span><span data-offset-key=\"b85q4-21-0\"> allows<\/span><span data-offset-key=\"b85q4-22-0\"> you<\/span><span data-offset-key=\"b85q4-23-0\"> to<\/span><span data-offset-key=\"b85q4-24-0\"> deposit<\/span><span data-offset-key=\"b85q4-25-0\"> and<\/span><span data-offset-key=\"b85q4-26-0\"> withdraw<\/span><span data-offset-key=\"b85q4-27-0\"> money<\/span><span data-offset-key=\"b85q4-28-0\">,<\/span><span data-offset-key=\"b85q4-29-0\"> pay<\/span><span data-offset-key=\"b85q4-30-0\"> bills<\/span><span data-offset-key=\"b85q4-31-0\">,<\/span><span data-offset-key=\"b85q4-32-0\"> and<\/span><span data-offset-key=\"b85q4-33-0\"> make<\/span><span data-offset-key=\"b85q4-34-0\"> payments<\/span><span data-offset-key=\"b85q4-35-0\"> online<\/span><span data-offset-key=\"b85q4-36-0\">.<\/span><span data-offset-key=\"b85q4-37-0\"> It<\/span><span data-offset-key=\"b85q4-38-0\"> typically<\/span><span data-offset-key=\"b85q4-39-0\"> doesn<\/span><span data-offset-key=\"b85q4-40-0\">&#8216;t<\/span><span data-offset-key=\"b85q4-41-0\"> offer<\/span><span data-offset-key=\"b85q4-42-0\"> any<\/span><span data-offset-key=\"b85q4-43-0\"> additional<\/span><span data-offset-key=\"b85q4-44-0\"> features<\/span><span data-offset-key=\"b85q4-45-0\"> such<\/span><span data-offset-key=\"b85q4-46-0\"> as<\/span><span data-offset-key=\"b85q4-47-0\"> an<\/span><span data-offset-key=\"b85q4-48-0\"> overd<\/span><span data-offset-key=\"b85q4-49-0\">raft<\/span><span data-offset-key=\"b85q4-50-0\"> or<\/span><span data-offset-key=\"b85q4-51-0\"> interest<\/span><span data-offset-key=\"b85q4-52-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Business-Current-Account\"><\/span><span data-offset-key=\"2h87n-51-0\">Business<\/span><span data-offset-key=\"2h87n-52-0\"> Current<\/span><span data-offset-key=\"2h87n-53-0\"> Account<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"2h87n-55-0\">A<\/span><span data-offset-key=\"2h87n-56-0\"> business<\/span><span data-offset-key=\"2h87n-57-0\"> current<\/span><span data-offset-key=\"2h87n-58-0\"> account<\/span><span data-offset-key=\"2h87n-59-0\"> is<\/span><span data-offset-key=\"2h87n-60-0\"> a<\/span><span data-offset-key=\"2h87n-61-0\"> type<\/span><span data-offset-key=\"2h87n-62-0\"> of<\/span><span data-offset-key=\"2h87n-63-0\"> account<\/span><span data-offset-key=\"2h87n-64-0\"> specifically<\/span><span data-offset-key=\"2h87n-65-0\"> designed<\/span><span data-offset-key=\"2h87n-66-0\"> for<\/span><span data-offset-key=\"2h87n-67-0\"> business<\/span><span data-offset-key=\"2h87n-68-0\"> owners<\/span><span data-offset-key=\"2h87n-69-0\">.<\/span><span data-offset-key=\"2h87n-70-0\"> It<\/span><span data-offset-key=\"2h87n-71-0\"> is<\/span><span data-offset-key=\"2h87n-72-0\"> typically<\/span><span data-offset-key=\"2h87n-73-0\"> used<\/span><span data-offset-key=\"2h87n-74-0\"> to<\/span><span data-offset-key=\"2h87n-75-0\"> manage<\/span><span data-offset-key=\"2h87n-76-0\"> cash<\/span><span data-offset-key=\"2h87n-77-0\"> flow<\/span><span data-offset-key=\"2h87n-78-0\">,<\/span><span data-offset-key=\"2h87n-79-0\"> pay<\/span><span data-offset-key=\"2h87n-80-0\"> suppliers<\/span><span data-offset-key=\"2h87n-81-0\"> and<\/span><span data-offset-key=\"2h87n-82-0\"> vendors<\/span><span data-offset-key=\"2h87n-83-0\">,<\/span><span data-offset-key=\"2h87n-84-0\"> and<\/span><span data-offset-key=\"2h87n-85-0\"> keep<\/span><span data-offset-key=\"2h87n-86-0\"> track<\/span><span data-offset-key=\"2h87n-87-0\"> of<\/span><span data-offset-key=\"2h87n-88-0\"> expenses<\/span><span data-offset-key=\"2h87n-89-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Premium-Current-Account\"><\/span>Premium Current Account<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"emkvv-5-0\">A<\/span><span data-offset-key=\"emkvv-6-0\"> premium<\/span><span data-offset-key=\"emkvv-7-0\"> current<\/span><span data-offset-key=\"emkvv-8-0\"> account<\/span><span data-offset-key=\"emkvv-9-0\"> is<\/span><span data-offset-key=\"emkvv-10-0\"> a<\/span><span data-offset-key=\"emkvv-11-0\"> type<\/span><span data-offset-key=\"emkvv-12-0\"> of<\/span><span data-offset-key=\"emkvv-13-0\"> current<\/span><span data-offset-key=\"emkvv-14-0\"> account<\/span><span data-offset-key=\"emkvv-15-0\"> that<\/span><span data-offset-key=\"emkvv-16-0\"> offers<\/span><span data-offset-key=\"emkvv-17-0\"> additional<\/span><span data-offset-key=\"emkvv-18-0\"> benefits<\/span><span data-offset-key=\"emkvv-19-0\">,<\/span><span data-offset-key=\"emkvv-20-0\"> such<\/span><span data-offset-key=\"emkvv-21-0\"> as<\/span><span data-offset-key=\"emkvv-22-0\"> higher<\/span><span data-offset-key=\"emkvv-23-0\"> interest<\/span><span data-offset-key=\"emkvv-24-0\"> rates<\/span><span data-offset-key=\"emkvv-25-0\">,<\/span><span data-offset-key=\"emkvv-26-0\"> insurance<\/span><span data-offset-key=\"emkvv-27-0\">,<\/span><span data-offset-key=\"emkvv-28-0\"> access<\/span><span data-offset-key=\"emkvv-29-0\"> to<\/span><span data-offset-key=\"emkvv-30-0\"> exclusive<\/span><span data-offset-key=\"emkvv-31-0\"> discounts<\/span><span data-offset-key=\"emkvv-32-0\">,<\/span><span data-offset-key=\"emkvv-33-0\"> and<\/span><span data-offset-key=\"emkvv-34-0\"> more<\/span><span data-offset-key=\"emkvv-35-0\">.<\/span><span data-offset-key=\"emkvv-36-0\"> Premium<\/span><span data-offset-key=\"emkvv-37-0\"> current<\/span><span data-offset-key=\"emkvv-38-0\"> accounts<\/span><span data-offset-key=\"emkvv-39-0\"> are<\/span><span data-offset-key=\"emkvv-40-0\"> usually<\/span><span data-offset-key=\"emkvv-41-0\"> more<\/span><span data-offset-key=\"emkvv-42-0\"> expensive<\/span><span data-offset-key=\"emkvv-43-0\"> than<\/span><span data-offset-key=\"emkvv-44-0\"> standard<\/span><span data-offset-key=\"emkvv-45-0\"> current<\/span><span data-offset-key=\"emkvv-46-0\"> accounts<\/span><span data-offset-key=\"emkvv-47-0\"> and<\/span><span data-offset-key=\"emkvv-48-0\"> require<\/span><span data-offset-key=\"emkvv-49-0\"> a<\/span><span data-offset-key=\"emkvv-50-0\"> minimum<\/span><span data-offset-key=\"emkvv-51-0\"> monthly<\/span><span data-offset-key=\"emkvv-52-0\"> deposit<\/span><span data-offset-key=\"emkvv-53-0\">.<\/span><span data-offset-key=\"emkvv-54-0\"> They<\/span><span data-offset-key=\"emkvv-55-0\"> are<\/span><span data-offset-key=\"emkvv-56-0\"> designed<\/span><span data-offset-key=\"emkvv-57-0\"> for<\/span><span data-offset-key=\"emkvv-58-0\"> customers<\/span><span data-offset-key=\"emkvv-59-0\"> who<\/span><span data-offset-key=\"emkvv-60-0\"> want<\/span><span data-offset-key=\"emkvv-61-0\"> more<\/span><span data-offset-key=\"emkvv-62-0\"> from<\/span><span data-offset-key=\"emkvv-63-0\"> their<\/span><span data-offset-key=\"emkvv-64-0\"> current<\/span><span data-offset-key=\"emkvv-65-0\"> account<\/span><span data-offset-key=\"emkvv-66-0\">,<\/span><span data-offset-key=\"emkvv-67-0\"> such<\/span><span data-offset-key=\"emkvv-68-0\"> as<\/span><span data-offset-key=\"emkvv-69-0\"> access<\/span><span data-offset-key=\"emkvv-70-0\"> to<\/span><span data-offset-key=\"emkvv-71-0\"> preferential<\/span><span data-offset-key=\"emkvv-72-0\"> services<\/span><span data-offset-key=\"emkvv-73-0\">,<\/span><span data-offset-key=\"emkvv-74-0\"> exclusive<\/span><span data-offset-key=\"emkvv-75-0\"> offers<\/span><span data-offset-key=\"emkvv-76-0\">,<\/span><span data-offset-key=\"emkvv-77-0\"> and<\/span><span data-offset-key=\"emkvv-78-0\"> other<\/span><span data-offset-key=\"emkvv-79-0\"> benefits<\/span><span data-offset-key=\"emkvv-80-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Joint-Current-Account\"><\/span><span data-offset-key=\"2h87n-141-0\">Joint<\/span><span data-offset-key=\"2h87n-142-0\"> Current<\/span><span data-offset-key=\"2h87n-143-0\"> Account<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"2h87n-145-0\">A<\/span><span data-offset-key=\"2h87n-146-0\"> joint<\/span><span data-offset-key=\"2h87n-147-0\"> current<\/span><span data-offset-key=\"2h87n-148-0\"> account<\/span><span data-offset-key=\"2h87n-149-0\"> is<\/span><span data-offset-key=\"2h87n-150-0\"> a<\/span><span data-offset-key=\"2h87n-151-0\"> type<\/span><span data-offset-key=\"2h87n-152-0\"> of<\/span><span data-offset-key=\"2h87n-153-0\"> account<\/span><span data-offset-key=\"2h87n-154-0\"> that<\/span><span data-offset-key=\"2h87n-155-0\"> is<\/span><span data-offset-key=\"2h87n-156-0\"> shared<\/span><span data-offset-key=\"2h87n-157-0\"> between<\/span><span data-offset-key=\"2h87n-158-0\"> two<\/span><span data-offset-key=\"2h87n-159-0\"> or<\/span><span data-offset-key=\"2h87n-160-0\"> more<\/span><span data-offset-key=\"2h87n-161-0\"> people<\/span><span data-offset-key=\"2h87n-162-0\">.<\/span><span data-offset-key=\"2h87n-163-0\"> It<\/span><span data-offset-key=\"2h87n-164-0\"> is<\/span><span data-offset-key=\"2h87n-165-0\"> a<\/span><span data-offset-key=\"2h87n-166-0\"> great<\/span><span data-offset-key=\"2h87n-167-0\"> way<\/span><span data-offset-key=\"2h87n-168-0\"> to<\/span><span data-offset-key=\"2h87n-169-0\"> manage<\/span><span data-offset-key=\"2h87n-170-0\"> finances<\/span><span data-offset-key=\"2h87n-171-0\"> and<\/span><span data-offset-key=\"2h87n-172-0\"> pay<\/span><span data-offset-key=\"2h87n-173-0\"> bills<\/span><span data-offset-key=\"2h87n-174-0\"> together<\/span><span data-offset-key=\"2h87n-175-0\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Offshore-Current-Account\"><\/span><span data-offset-key=\"2h87n-180-0\">Off<\/span><span data-offset-key=\"2h87n-181-0\">shore<\/span><span data-offset-key=\"2h87n-182-0\"> Current<\/span><span data-offset-key=\"2h87n-183-0\"> Account<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-offset-key=\"2h87n-185-0\">An<\/span><span data-offset-key=\"2h87n-186-0\"> offshore<\/span><span data-offset-key=\"2h87n-187-0\"> current<\/span><span data-offset-key=\"2h87n-188-0\"> account<\/span><span data-offset-key=\"2h87n-189-0\"> is<\/span><span data-offset-key=\"2h87n-190-0\"> a<\/span><span data-offset-key=\"2h87n-191-0\"> type<\/span><span data-offset-key=\"2h87n-192-0\"> of<\/span><span data-offset-key=\"2h87n-193-0\"> account<\/span><span data-offset-key=\"2h87n-194-0\"> that<\/span><span data-offset-key=\"2h87n-195-0\"> is<\/span><span data-offset-key=\"2h87n-196-0\"> held<\/span><span data-offset-key=\"2h87n-197-0\"> in<\/span><span data-offset-key=\"2h87n-198-0\"> a<\/span><span data-offset-key=\"2h87n-199-0\"> foreign<\/span><span data-offset-key=\"2h87n-200-0\"> country<\/span><span data-offset-key=\"2h87n-201-0\">.<\/span><span data-offset-key=\"2h87n-202-0\"> Off<\/span><span data-offset-key=\"2h87n-203-0\">shore<\/span><span data-offset-key=\"2h87n-204-0\"> accounts<\/span><span data-offset-key=\"2h87n-205-0\"> may<\/span><span data-offset-key=\"2h87n-206-0\"> offer<\/span><span data-offset-key=\"2h87n-207-0\"> tax<\/span><span data-offset-key=\"2h87n-208-0\"> advantages<\/span><span data-offset-key=\"2h87n-209-0\">,<\/span><span data-offset-key=\"2h87n-210-0\"> but<\/span><span data-offset-key=\"2h87n-211-0\"> they<\/span><span data-offset-key=\"2h87n-212-0\"> can<\/span><span data-offset-key=\"2h87n-213-0\"> also<\/span><span data-offset-key=\"2h87n-214-0\"> come<\/span><span data-offset-key=\"2h87n-215-0\"> with<\/span><span data-offset-key=\"2h87n-216-0\"> additional<\/span><span data-offset-key=\"2h87n-217-0\"> risks<\/span><span data-offset-key=\"2h87n-218-0\"> and<\/span><span data-offset-key=\"2h87n-219-0\"> regulations<\/span><span data-offset-key=\"2h87n-220-0\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-is-MAB-Monthly-Average-Balance\"><\/span>What is MAB (Monthly Average Balance)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-offset-key=\"ba417-8-0\">The <a href=\"https:\/\/razorpay.com\/learn\/business-banking\/mab-monthly-average-balance-current-account\/\">monthly average<\/a><\/span><span data-offset-key=\"ba417-9-0\"> balance<\/span><span data-offset-key=\"ba417-10-0\"> is<\/span><span data-offset-key=\"ba417-11-0\"> the<\/span><span data-offset-key=\"ba417-12-0\"> average<\/span><span data-offset-key=\"ba417-13-0\"> amount<\/span><span data-offset-key=\"ba417-14-0\"> of<\/span><span data-offset-key=\"ba417-15-0\"> money<\/span><span data-offset-key=\"ba417-16-0\"> in<\/span><span data-offset-key=\"ba417-17-0\"> a<\/span><span data-offset-key=\"ba417-18-0\"> bank<\/span><span data-offset-key=\"ba417-19-0\"> account<\/span><span data-offset-key=\"ba417-20-0\"> over<\/span><span data-offset-key=\"ba417-21-0\"> a<\/span><span data-offset-key=\"ba417-22-0\"> given<\/span><span data-offset-key=\"ba417-23-0\"> month<\/span><span data-offset-key=\"ba417-24-0\">.<\/span><span data-offset-key=\"ba417-25-0\"> It<\/span><span data-offset-key=\"ba417-26-0\"> can<\/span><span data-offset-key=\"ba417-27-0\"> be<\/span><span data-offset-key=\"ba417-28-0\"> calculated<\/span><span data-offset-key=\"ba417-29-0\"> by<\/span><span data-offset-key=\"ba417-30-0\"> adding<\/span><span data-offset-key=\"ba417-31-0\"> up<\/span><span data-offset-key=\"ba417-32-0\"> the<\/span><span data-offset-key=\"ba417-33-0\"> total<\/span><span data-offset-key=\"ba417-34-0\"> balance<\/span><span data-offset-key=\"ba417-35-0\"> at<\/span><span data-offset-key=\"ba417-36-0\"> the<\/span><span data-offset-key=\"ba417-37-0\"> beginning<\/span><span data-offset-key=\"ba417-38-0\"> of<\/span><span data-offset-key=\"ba417-39-0\"> each<\/span><span data-offset-key=\"ba417-40-0\"> day<\/span><span data-offset-key=\"ba417-41-0\"> and<\/span><span data-offset-key=\"ba417-42-0\"> dividing<\/span><span data-offset-key=\"ba417-43-0\"> it<\/span><span data-offset-key=\"ba417-44-0\"> by<\/span><span data-offset-key=\"ba417-45-0\"> the<\/span><span data-offset-key=\"ba417-46-0\"> number<\/span><span data-offset-key=\"ba417-47-0\"> of<\/span><span data-offset-key=\"ba417-48-0\"> days<\/span><span data-offset-key=\"ba417-49-0\"> in<\/span><span data-offset-key=\"ba417-50-0\"> the<\/span><span data-offset-key=\"ba417-51-0\"> month<\/span><span data-offset-key=\"ba417-52-0\">.<\/span><\/p>\n<p><span data-offset-key=\"ba417-53-0\">The<\/span><span data-offset-key=\"ba417-54-0\"> monthly<\/span><span data-offset-key=\"ba417-55-0\"> average<\/span><span data-offset-key=\"ba417-56-0\"> balance<\/span><span data-offset-key=\"ba417-57-0\"> is<\/span><span data-offset-key=\"ba417-58-0\"> used<\/span><span data-offset-key=\"ba417-59-0\"> to<\/span><span data-offset-key=\"ba417-60-0\"> determine<\/span><span data-offset-key=\"ba417-61-0\"> the<\/span><span data-offset-key=\"ba417-62-0\"> fees<\/span><span data-offset-key=\"ba417-63-0\"> and<\/span><span data-offset-key=\"ba417-64-0\"> interest<\/span><span data-offset-key=\"ba417-65-0\"> rates<\/span><span data-offset-key=\"ba417-66-0\"> associated<\/span><span data-offset-key=\"ba417-67-0\"> with<\/span><span data-offset-key=\"ba417-68-0\"> the<\/span><span data-offset-key=\"ba417-69-0\"> account<\/span><span data-offset-key=\"ba417-70-0\">.<\/span><span data-offset-key=\"ba417-71-0\"> It<\/span><span data-offset-key=\"ba417-72-0\"> is<\/span><span data-offset-key=\"ba417-73-0\"> important<\/span><span data-offset-key=\"ba417-74-0\"> to<\/span><span data-offset-key=\"ba417-75-0\"> maintain<\/span><span data-offset-key=\"ba417-76-0\"> a<\/span><span data-offset-key=\"ba417-77-0\"> high<\/span><span data-offset-key=\"ba417-78-0\"> average<\/span><span data-offset-key=\"ba417-79-0\"> balance<\/span><span data-offset-key=\"ba417-80-0\"> to<\/span><span data-offset-key=\"ba417-81-0\"> avoid<\/span><span data-offset-key=\"ba417-82-0\"> fees<\/span><span data-offset-key=\"ba417-83-0\"> and<\/span><span data-offset-key=\"ba417-84-0\"> get<\/span><span data-offset-key=\"ba417-85-0\"> the<\/span><span data-offset-key=\"ba417-86-0\"> best<\/span><span data-offset-key=\"ba417-87-0\"> interest<\/span><span data-offset-key=\"ba417-88-0\"> rates<\/span><span data-offset-key=\"ba417-89-0\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0<a href=\"https:\/\/razorpay.com\/x\/\">RazorpayX<\/a> allows business owners to open <a href=\"https:\/\/razorpay.com\/x\/current-accounts\/?utm_source=direct&amp;utm_medium=website\">current accounts<\/a>, <a href=\"https:\/\/razorpay.com\/x\/tax-payments\/\">pay taxes<\/a>, schedule payments, <a href=\"https:\/\/razorpay.com\/x\/vendor-payments\/\">pay vendors<\/a> seamlessly and check invoices from a single dashboard. This saves valuable time and effort.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It fills the gap between advanced banking solutions and finance professionals. It allows easy accounting software integration.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">With <a href=\"https:\/\/razorpay.com\/payroll\/\">RazorpayX Payroll<\/a>, businesses can automate salary payments and provide insurance policies to their employees.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">That\u2019s not all.\u00a0 You can apply for a RazorpayX-powered Current Account in a matter of minutes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ready to supercharge your business banking?<\/span><\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup\/?r=blog_cta_business_banking_blog_benefits_of_current_account&amp;utm_source=blog&amp;utm_medium=cta\" data-schema-attribute=\"\">Apply for your Current Account!<\/a><\/p>\n<p><strong>Read more:<\/strong><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/current-account-opening-documents-required\/\"><span style=\"font-weight: 400;\">Current Account Documents<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/blog\/business-banking\/what-is-current-account\/\"><span style=\"font-weight: 400;\">What is Current Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/what-is-a-business-account-for-startups\/\"><span style=\"font-weight: 400;\">Business Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/mab-monthly-average-balance-current-account\/\"><span style=\"font-weight: 400;\">Monthly Average Balance<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/blog\/business-banking\/zero-balance-current-account-business\/\"><span style=\"font-weight: 400;\">Zero Balance Current Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/types-of-current-accounts\/\"><span style=\"font-weight: 400;\">Types of Current Account<\/span><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently-Asked-Questions\"><\/span><b>Frequently Asked Questions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\t<div id=\"rank-math-rich-snippet-wrapper\" class=\"\">\n\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>Having a current account is great for your business in more ways than one. Here&#8217;s a quick read on the benefits of current accounts.<\/p>\n","protected":false},"author":151156539,"featured_media":10960,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3437],"tags":[3621,3581,3475],"class_list":{"0":"post-6216","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-benefits-of-current-account","9":"tag-business-banking","10":"tag-current-account"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156539"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=6216"}],"version-history":[{"count":28,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6216\/revisions"}],"predecessor-version":[{"id":15326,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6216\/revisions\/15326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/10960"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=6216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=6216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=6216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}