Question: What Is The Minimum Balance To Be Maintained In Current Account?

Which kind of account is most likely to require a minimum balance?

Some savings accounts do have minimum balance requirements, but they’re usually lower than a money market account.

Like a money market account, though, withdrawals are limited.

Safe place for your money: Savings accounts are usually FDIC-insured and highly liquid..

What is current account limit?

Normal Current Account. The account provides 25 free transactions per month and offers a free cash deposit facility of up to Rs. 2 lakhs in home branch and Rs. 1 lakh in other branches. It has a daily withdrawal limit of Rs.

What is the minimum balance in Icici Bank for current account?

Rs. 25,000ICICI Current Account minimum balance is Rs. 25,000. How to open a Current Account online with ICICI Bank ?

Can I open current account with GST?

GST registration certificate with the number. A registration certificate issued by Professional Tax authorities. A business registration certificate issued by the respective State Government. RBI (Reserve Bank of India) /SEBI (Securities and Exchange Board of India) registration certificate.

Can an individual open current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.

What is the minimum balance to be maintained in SBI current account?

Rs. 10,000SBI Current Account Eligibility Further, SBI requires a minimum account balance of Rs. 10,000 to be maintained in its current account.

What are minimum balance requirements?

A minimum balance requirement is the minimum amount of money that you have to keep in your bank account, usually in order to waive the account’s monthly fee. For example, if a bank account has a $100 minimum balance requirement, you want to make sure that you don’t let your balance fall to $99.99 or less.

What is the lowest minimum balance required for a savings account?

These tend to be much higher than the daily minimum needed to avoid monthly fees; for example, Bank of America’s Regular Savings Account requires a minimum daily balance of $300 to waive the monthly maintenance fee and $2,500 to waive the excessive withdrawal fee.

Which bank has the lowest minimum balance for current account?

Current Account Monthly Average Balance and Withdrawal Limit 2020BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows

Can I open zero balance current account?

A zero balance current account can be opened in any commercial or non-commercial bank. One can choose from the list of top banks providing zero balance current accounts. The user needs to submit all the KYC acceptable documents along with the current account opening form at the nearest bank branch.

Which bank is best for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

Is Axis Bank good for current account?

AXIS is the best, their online services are good. 0.5 5.0/5 “Blown Away!” I hold a Current account with Axis bank from long time, the experience was good so far and i did not face any issues with this bank. The banking service and their facilities are good in this bank.

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.

Do checking accounts require a minimum balance?

Understanding a Minimum Balance When an individual opens up an account with a bank, they are often required to keep a minimum amount of cash in the account. This is the minimum balance and typically applies to checking accounts. Depending on the bank, the reason for the minimum balance varies.