Quick Answer: What Are The Disadvantages Of Current Account?

Which is best bank for current account?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows.

Can a salaried person open current account?

Salaried individuals should not open a current account, unless they have a business. Conclusion: Another difference between a savings and a current account is that there are various types of saving accounts. … In any case, you do not get interest for maintaining balances in your current account.

Which bank is best for zero balance current account?

However, ICICI and Axis Bank are the best banks as they offer an option of Zero Balance Current Account….Best Bank for Current Account.BankZero Balance Current AccountsICICI BankNew Start Up Current AccountExploreICICI BankShubhAarambh Current AccountExploreAxis BankLocal Current AccountExplore

Can you lose money on a savings account?

Yes, savings account over a long period of time can lose you money. You may have the physical cash but the purchasing power of that cash has diminished and there is nothing any of us can do about it. Inflation is actually a good thing when it is balanced and so far, it is just a fact of life that isn’t going anywhere.

Is it bad to have 2 bank accounts?

As long as you can manage the accounts, there is no problem opening as many accounts that best fit whatever your needs are. At the bare minimum, we recommend getting at least two accounts, one for checking and the other for saving.

What is the advantage of current account?

Advantages of current account Enables businesspersons to keep the flow of money smooth, and get and make payments on time. Overdraft facilities are available to tide over any temporary cash flow issues. Internet and mobile banking enable smooth and error-free transactions. Very handy for large volume of transactions.

What are the disadvantages of having a bank account?

Savings Account DisadvantagesMinimum Balance Requirements. Most savings accounts have minimum balance requirements or monthly maintenance fees. … Low Interest Rates. … Federal Withdrawal Limits. … Access and availability. … Rates can change. … Inflation. … Compounded interest.

Can current account be negative?

A country’s current account balance may be positive (a surplus) or negative (a deficit); in either case the country’s capital account balance will register an equal and opposite amount. Exports are recorded as credits in the balance of payments, while imports are recorded as debits.

What is the limit of current account?

Description of ChargesMax Current AccountAverage Quarterly BalanceRs.5,00,000/- (AQB)Non-Maintenance Charges (per Quarter/Month/half yearly)Rs. 2,50,000 & above – Rs. 3,000 per quarter Less than Rs.2,50,000 – Rs.8,000 per quarter19 more rows

Which bank has best current account?

Best Bank for current account in India [2020 List]ICICI Bank Current Account.Kotak Mahindra Bank Current Account.HDFC Bank Current Account.IndusInd Bank Current Account.Axis Bank Current Account.Citi Bank Current Account.Bank of Baroda Current Account.State Bank of India Current Account.More items…•

Can a normal person open current account?

A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

How much cash should I keep in savings?

Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000. Personal finance guru Suze Orman advises an eight-month emergency fund because that’s about how long it takes the average person to find a job.