Describe the procedure of opening and operating a current account.

1 year ago
Banking

Opening the Current Account: To open a current account, one has to fill up the application form giving all the information required by bank. The application must be introduced by a person known to the bank and operating current account with it. The specimen signature of the person who will operate the account must also be put on a separate card.

After completing all the formalities, the applicant is given an account number to be mentioned at the time of withdrawing money or depositing any amount in the account.

Operating the Current Account: A current account is an account which is generally opened by business people at their convenience. Money can be deposited and withdrawn at any time Money can be withdrawn only by means of cheques usually a banker does not allow any interest on this account.

Susmita Sah
Jan 16, 2022
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