Monday, July 18, 2016

Which bank account is better for business?



The following accounts are available in banks:
Savings deposit accounts for the purpose of saving the money
Term deposits namely - fixed deposits, recurring deposits and reinvestment deposits are available for the purpose of saving the money
Current account is available for the purpose of business
You should open one current account in the bank (Nowadays, current and savings accounts are collectively called as CASA accounts)
You can do any number of credit and debit transactions in current accounts and you can deposit any number of cheques and there are not withdrawal conditions in current accounts
No interest is paid in current accounts.
Anybody or any organisation can open current account

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