Current Account

Current account, also known as a transactional account in North America and checking account or chequing account in United Kingdom and some other countries, is a deposit account held at a bank or any other financial institution. The main purpose of this account is to provide secure and quick frequent access to funds on demand, through a variety of different channels.

Since money is available on demand, current account is also referred to as demand accounts or demand deposit accounts. Current account is meant neither for the purpose of earning interest nor for the purpose of savings. Rather, it is meant for the convenience of the business or personal client. A customer of current account can deposit or withdraw any amount of money any number of times, subject to availability of funds.

All current accounts offer itemized lists of all financial transactions, either through a bank statement or a passbook. A current account allows the account holder to make or receive payments by cash, cheque, money order, funds transfer, direct debit and ATM card or debit card.