DHANI MANI RAM is a bank. Ramesh is a member of the bank. He has chosen such a/c where there is no restriction on the no. of bank transactions i.e. no. of withdrawals or deposits . Further banks also charge some fee for this facility. What type of a/c Ramesh wants to open.Enlist 2 features of such a/c and also facility provided to the a/c holder if any?
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In DHANI MANI RAM bank Ramesh open bank account.
As per the main points given in question Ramesh wish to open kind of "Current bank a/c ".
Features of Current account:
- It is a non-interest bearing bank account.
- It wants a higher minimum balance to be maintained as compared to the savings account.
- Penalty is charged if minimum balance isn't maintained within the current account.
- It charges interest on the short-term funds borrowed from the bank.
Facilities of Current account:
- Any time withdrawal facility to fulfill the money desires of the business.
- A current account holder will deposit cash or cheques at totally different bank branches that makes it extraordinarily convenient to gather payments from tiny customers.
- Current bank account offer overdraft facilities.
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