Dos and Don’ts While Applying for a Current Account

Current account is a popular term amongst business owners and professionals. This type of account offers overdraft and free cheque facilities at any part of the country. There are different types of current accounts available and it is important to choose the right one to ensure hassle free business transactions.

The below list might help you reap the benefits of current account in the best way.


Follow these below tips to open and sustain a current account for a long time span.

Choose an account which has no minimum balance requirement

Some current accounts need you to keep a minimum balance while others do not have any such criteria. Determine your needs and choose an account as per the requirement; if there are nominal needs then open a free current account.

Get a free current account

If you need a current account just for a debit card or underwriting access then choose a free current account. The chargeable current accounts demands a fee every month and is ideal for large businesses who need premium facilities like free home services, free cheque deposit and cash withdrawal facilities anywhere in the country, etc.

Choose an online current account

These days there is no point standing in long queues to open an account. Choose a bank which provides facilities to open an online current account. You can carry transactions anytime, anywhere just with few clicks.

Read and sign

Reading the fine print is a must before opening a current account. This will ensure that you do not miss on the hidden charges, terms and conditions while opening a current account. So to get the complete benefits of current account be well informed.

Get a free ATM card

While many banks charge ATM charges for current account, others do not. Choose a bank which offers this free service.


Knowing what is actually needed and what is not is a must to maintain a healthy financial status. So keep the below points in mind and do not end up paying excess for unnecessary services.

Opt for unnecessary overdraft protection

Banks offer overdraft protection, which might not be needed by all businesses. While some banks automatically links the current and savings account, others may set up an overdraft line of credit. If you are worried that a transaction might get denied then this kind of facility can be of help but keep in mind this kind of service comes with high fees.

Source: Moneycontrol

Bounce cheques

If you want to continue getting overdraft facilities and retain a good credit score, it is important that you ensure that cheques are not bounced. If you have opted for automatic payments through cheques it is important that you keep a regular check on the current account.

Control expenses

Overdraft facility and as icing on top, a debit card linked to it; there are high chances of overspending with such services. So it is of utmost importance that you keep a check on the spendings on a current account. Some banks even do not charge an ATM fee, increasing the chances of overusing the ATM card.

So the bottom line is to keep a check on your current account regularly, so that you can manage your current account finances smartly.