We have discussed the legal requirements for opening a current account in the previous article. Now we shall turn to the facilities Banks provide for their current account customers. Banks are really generous towards those interested in opening current account with them. Current accounts can be opened in the names of: 1. Individuals (Single or Joint) 2. Proprietary concerns 3. Partnership firms 4. HUF 5. Limited companies 6. Association, clubs, societies etc. 7. Trusts 8. Executors and administrators and liquidators 9. Provident funds 10. Banks.
Current Account holders receive better facilities comparing to Savings Account holders. Following are facilities banks normally offer for current account holders: 1. At Par / Multi city Cheque Books, Cheque book facility 2. Electronic Payment / receipt – National Electronic Funds transfer 3. Real Time Gross Settlement 4. Real Time Money Management as Provision of online statement. 5. Internet Banking Facility 6. Door Step Banking 7. Faster and Trouble-free access to cash 8. Cash Management Services 9. Customised solutions. 10. E- Payments for various utilities 11. ESC: for both the Credit-Debit facilities 12. Any other Standing Instructions, etc 13. Payable at Par (PAP) Cheque facilities.