Individual Current Account: If you frequently deposit or withdraw money in your savings account and the bank restricts you due to limits, then you must know about individual current account. Premium savings account has some facilities, but if your transactions are very frequent and in large amounts, then individual current account can be a better option for you.
Individual Current Account is an account opened in the name of a single person and which is specially designed for personal use. This account is usually for those people who have to do more transactions.
Features of Individual Current Account
Facility of more transactions – The limit of withdrawal and deposit of money in it is very high as compared to savings account.
Unlimited and free transactions from ATM – In most banks, you can withdraw money from ATM as many times as you want.
Benefits with Debit Card – You are given a special debit card which has many benefits.
Overdraft facility – Even if there is less money in the account, you can still spend up to the set limit.
Used for personal expenses – like paying bills, paying EMIs, or meeting daily expenses.
Easy to open and convenient to maintain – It is easier to manage than a non-individual current account.
Who can open an individual current account?
Individual current accounts is best for those who do their own work like professionals like doctors, lawyers, consultants who provide their services. Freelancers working for multiple clients simultaneously can also open this account. Apart from this, individuals doing small business can also take advantage of this account. This account is beneficial for such people because with this they can easily keep track of their money and there is no interruption in frequent transactions.
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