What is 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 businesses. Current Accounts allow for more transaction limits on cash deposits and withdrawals within or outside the city. A Current Account can be opened by individuals, sole proprietorships, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts, etc. This current account definition makes it clear that it is tailored for high-volume transaction needs typical in business environments.

Features of Current Account

1. Non-Interest-Bearing Account: The features of current account include the fact that it does not earn interest on the balance maintained.
2. Higher Cash Deposits and Withdrawals: Current Accounts enable higher cash deposits and withdrawals within or outside the city.
3. Overdraft Facility: Businesses can avail of an overdraft facility based on business transactions, financial documents, and the average balance maintained in the account.
4. Minimum Balance Requirement: The minimum balance requirement varies as per the type of Current Account.
5. Extended Banking Hours: Enjoy extended banking hours for carrying out transactions.
6. Debit Card Facility: Avail of the debit card facility based on the Current Account packages.

Benefits of Current Account

1. Ease of Transactions: Manage day-to-day business transactions and payments with ease.
2. Financial Assessment: It helps evaluate the actual profit or loss scenario.
3. Overdraft Facility: The overdraft facility enables you to cover up the shortfall of funds.
4. Digital Transfers: 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:

1. Regular Current Account:
   • Manage day-to-day transactions with ease and choose from a range of packages including Basic, Value, Maximum, Premium, and Royale Business.
   • Allows your customers and 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.
2. 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 facilities.
   • Enables higher free cash deposit limit of up to 10 times of previous month AMB, with a 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 mobile banking App, Retail & Corporate NetBanking.
3. AU Power Current Account:
   • Suitable for traders, shopkeepers, wholesalers, manufacturers, and 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.

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