Can I Open Zero Balance Current Account?

Can a normal person open current account?

i.

Current Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc.

The procedures/documentation relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts..

Which bank is best for current account opening?

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 we have 2 current accounts?

Govt Will Not Allow You To Have Multiple Bank Accounts; Every Bank Account Must Be Reported. As of now, a citizen of India can open as many bank account he or she wants. There is no rule to cap the number of bank accounts which can be possibly open in one bank or a combination of banks.

Who Cannot open a current account?

Non-financing banks cannot open any current account. If a customer is not having any overdraft or cash credit but having credit facility of ₹5 crore and above but below ₹50 crore, only lending banks can open a current account.

Which bank is best for zero balance current account?

ICICI BankHowever, 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 I withdraw cash from current account?

The businessmen can withdraw from their current accounts without any limit, subject to banking cash transaction tax, if any levied by the government. … However, the current account holder can deposit the cash from any other branch of a bank other than the home branch by paying a nominal charge as applicable.

Is current account taxable?

No. With a regular bank account (that’s just being used to hold your money), you won’t normally have to pay tax. … There’s a similar rule for low-income earners in Germany: savings interest of more than €801 is taxable.

Which current account is best?

Top-pick bank accountsOnly free switching perk. Virgin Money: Free wine case + 2.02% interest.Top for ongoing cashback. Santander 123 Lite: 1-3% bills cashback.Top for savers (pays interest) Virgin Money: 2.02% on £1,000 + free wine. Nationwide: 2% on £1,500, but only for a year.

What is the limit of current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different BanksBankMonthly Average Balance (MAB)Free deposit limitsICICI BankRs.25,00012 times the MABAxis BankRs.10,000Up to Rs.2 lakhsIndusInd BankRs.10,000Up to Rs.2 lakhsCanara BankRs.1 lakh (quarterly)Up to Rs.5 lakhs per day3 more rows

What is the minimum balance in HDFC current account?

HDFC Bank Current Account Minimum Balance and ChargesHDFC Bank Bank Current AccountHDFC Bank Bank Current Account Minimum BalanceRegular Current AccountRs.10,000 per quarterPremium Current AccountRs. 25,000 per quarterTrade Current AccountRs. 40,000 per quarterFlexi Current AccountRs. 75,000 per month6 more rows

What documents are required for opening current account?

Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.

Can I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

Is GST mandatory for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

How many days does it take to open a current account?

It usually takes 1-2 working days to open a current account. You will also require to provide your Aadhaar card details when opening a bank account. 1. Proof of existence of entity – Some of the acceptable documents for proof can be – Trade license/GST Identification Number/SSI Certificate/IPR Registration, etc.