What is Current Account – Meaning, Features & Types | AU Small Finance Bank
Gateway to Digital Life. Download AU 0101.
ApplyNow_Products

All About Current Account

    One thing that is common among small, medium, and large enterprises is that all these businesses deal with a lot of transactions on a daily basis. Effective cash management forms a crucial part of building a sustainable business, which is why having a Current account in place is more than necessary. Let’s learn about the Current Account & how you can open a Current Account online & offline.

     

    What is a Current Account?

    A Current Account is a non-interest-bearing bank account, mainly used to service the needs of the businesses. Current Accounts allow for more transaction limits on cash deposits and withdrawal within or outside city. Current Account can be opened by individuals, sole proprietorships, partnership firms, private and public limited companies, HUFs/ specified associations, Societies, Trusts etc.

     

    Current Account Features:

    • The Current Account is a non-interest-bearing account

    • Enables higher cash deposits & withdrawals within or outside city

    • Overdraft Facility available to businesses based on business transactions, financial documents and average balance maintained in the account

    • The minimum balance requirement varies as per the type of Current Account

    • Enjoy extended banking hours^ for carrying out transactions

    • Avail Debit Card facility based on the Current Account packages

     

    Benefits of Current Account

    • Manage day-to-day business transactions & payments with ease

    • It helps evaluate the actual profit or loss scenario

    • The Overdraft facility enables you to cover up the shortfall of funds

    • Transfer funds digitally through online platforms like Netbanking, Mobile Banking etc.

     

    Types of Current Account

    At AU Small Finance Bank, you can choose from the following types of Current Accounts considering your business requirements:

    Regular Current Account:

    • Manage day-to-day transactions with ease & choose from a range of packages including Basic, Value, Maximum, Premium & Royale Business.

    • Allows your customers & partners to transfer funds free of cost through various channels like NEFT, RTGS, IFT, or IMPS. Similarly, receive payments without incurring charges using QR code and UPI facility

    • Flexible cash deposit limits in all packages

    • Get a free Business Debit Card with all Current Account packages

     

    AU Vishesh Current Account:

    • Targeted at medium-sized enterprises, the AU Vishesh Current Account gives you the opportunity to save more using Auto Sweep-in and Sweep-out facility.

    • Enables higher free cash deposit limit of up to 10 times of previous month AMB, with maximum limit of INR 20 lakhs

    • Customers can easily transfer funds using NEFT/RTGS/IFT/IMPS

    • Free cash withdrawals and free access to AU 0101 App, Retail & Corporate NetBanking

     

    AU Power Current Account:

    • Suitable for traders, shopkeepers, wholesalers, manufacturers & merchants alike can open AU Power Current Account with us.

    • Enables merchants to set up AU QR Code or POS at the time of account opening

    • Waiver of AMB non-maintenance charges on successful completion of 1 collection transaction of INR 100 or more via AU QR or POS

    • Send or receive digital payments from partners using RTGS, NEFT, IMPS, UPI, and Intra-Bank Fund Transfers

    • The minimum cash deposit limit of INR 3 lakhs, while the maximum free limit is INR 10 lakh.

     

    How to open Current Account - Offline & Online

    Online Mode:

    • Now you can apply for a Current Account online with ease, right from the comfort of your home. Select the Current Account type, fill up an online form & then you will receive a call from our representative to assist further.

     

    Offline Mode:

    • You can visit your nearest AU Small Finance Bank branch to open a Current Account in-person.

    • You can also get in touch with our Customer Care at 1800-1200-1200, or reach us via [email protected].

    Existing customers can connect with their dedicated Relationship Manager or Branch Manager to open a Current Account online.

     

    About AU Small Finance Bank Current Account

    If you own a business, opening a Current Account is a wise choice, & with AU Small Finance Bank, you can avail a host of benefits. You can choose to open either Regular Current Account, AU Vishesh Current Account, AU Power Current Account or AU Royale Business depending on your needs.

    ^Not applicable in some select locations. To know your branch timings, click here.


Apply Now

Blogs & Articles