Which Bank Is Best For Current Account Quora?

Can we change current account to savings account?

It is not possible to convert your savings account to a current account as both the accounts are different in nature and also have distinct features and benefits.

While a saving account is meant for personal use and thus can be opened with basic documents for KYC..

Which is best for savings?

Best Saving PlansNational Savings Certificate.Senior Citizen Savings Scheme.Recurring Deposits.Post Office Monthly Income Scheme (MIS)Public Provident Fund (PPF)KVP (Kisan Vikas Patra)Sukanya Samriddhi Yojana (SSY)Atal Pension Yojana.More items…

What is the best bank to save money?

Best Savings Accounts – December 2020Ally Bank, APY: 0.60%, Min. Balance: $0.American Express Co., APY: 0.60%, Min. Balance: $0.Synchrony Financial, APY: 0.60%, Min. Balance: $0.Capital One Financial Corp., APY: 0.50%, Min. Balance: $0.Marcus by Goldman Sachs, APY: 0.50%, Min. Balance: $0.

Which bank has 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

Is GST compulsory 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.

Can a normal person open current account?

A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

Which is best saving account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

Which current account pays the best interest?

Best high interest current accountsNationwide FlexDirect2% interest on balances up to £1,500. … Bank of Scotland Vantage2% interest on balances from £4,000 to £5,000. … Lloyds Bank Club Current Account2% interest on balances up to £5,000. … TSB Classic Plus1.5% interest on balances up to £1,500.More items…•

Can we do FD in current account?

Current Accounts provide liquidity at all times and have no restrictions on the account and fund usage. Hence, they do not command any interest payment. Along with Savings and Current Accounts, banks encourage people to invest in Fixed Deposits and Recurring Deposits by providing a higher rate of interest.

Does current account give interest?

Current bank accounts are operated to run a business. It is a non-interest bearing bank account. … There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account. Generally, bank does not pay any interest on current account.

What is difference between savings account and current account?

What is the Difference Between Current and Savings Accounts? While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.

Which bank provides zero balance current?

Zero Balance Current Account of Top Banks in IndiaZero Balance Current AccountBank NameCurrent Account TypeICICI BankShubhaarambh Current Account New Start Up Current AccountAxis BankLocal Current AccountBank of BarodaStartup Current Account2 more rows•Feb 28, 2020

Which is best current account or saving account?

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.

What are the documents required for current account opening?

Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving licence. Proof of address for an individual: Telephone bill, electric bill.

Is it safe to keep money in current account?

“While it’s an easy habit to slip into, many people are not aware of the risks saving into your current account can bring. For example, doing so can increase your vulnerability to fraud,” Suzanne Lewsley, chief deposits officer at Ford Money said.

Is current account and salary account same?

Primary difference between savings and current account No interest is normally paid on a current account, while you get regular and periodic interest in the case of a savings bank account. Salaried individuals should not open a current account, unless they have a business.

Which bank is best in 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…•

Which bank is best to open account Quora?

#1. Kotak Mahindra Bank (Highest Saving Interest Account)#2. ICICI Bank (For Best Technology)#3. HDFC Bank (For Best Products)#4. Axis Bank (For Good Services)#5. Citi Bank (Global Presence)#6. IndusInd Bank (Low AQB yet Great Features)