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How to Open a Current Deposit Account: Online and Offline

What Does a Current Deposit Account Mean?

What Are the Features of a Current Deposit Account?

What Are the Benefits of a Current Deposit Account?

What Are the Eligibility Criteria for Opening a Current Deposit Account?

How to Open a Current Deposit Account?

What Are the Risks Associated With a Current Deposit Account?

Comparing Current Deposits with Savings Accounts, Fixed Deposits (FD) and Recurring Deposits (RD)

Criteria 

Current Deposit Account  Savings Account  Fixed Deposit  Recurring Deposit 
Meaning  Allows daily transactions  Allows limited transactions  Does not allow withdrawals till the set period is over  Monthly deposits are made till the predetermined period
Suitability  Traders and entrepreneurs Salaried Employees or people having monthly income   Risk-averse investors  For people, who cannot deposit a lumpsum amount at once
₹Interest  No such interest rate  Bank offers interest  Varies according to the bank Depends on the bank 
Overdrawing  The overdraft facility is accessible  No overdraft facility  Overdraft is accessible at 1-25 higher interest rates  Overdraft is available
Minimum Balance  Higher when compared to a savings account Usually low  The minimum balance required is ₹1,000 A minimum of ₹100 is to be deposited monthly

A current deposit savings is a boon for societies, trusts, businessmen, and associations. Any other kind of account can not possibly replace the liquidity provided by a current. Therefore, it happens to be highly favoured by most enterprises despite some of its presumable cons.

FAQs about Current Deposit Accounts