A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank. Generally, current accounts do not provide interests and requires a higher minimum balance when compared to savings account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.
Features of a Current Bank Account
A current bank account is one of the primary requirements for starting a business. These days, banks offer a number of attractive offers and benefits on current accounts to match the diversified needs of businesses. Listed below are some of the basic features of a current bank account:
- A current account allows transactions beyond the scope of a savings account
- Compared to savings account, a current account requires a higher minimum balance
- It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.
- A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
- No restriction on the number of transactions in a day
- Non-maintenance of the minimum balance can attract penalty charges
- Just like savings account, KYC guidelines are to be followed even for current accounts
- For a single business, there cannot be multiple current accounts
- The prime objective of current account is to facilitate smooth transactions for businesses
- Nowadays, some banks offer interest rates on current accounts as well
- Current accounts charge interests on short-term funds the account holder has borrowed from the bank
Features of HDFC Current Account
- Current account is designed to enable businessmen and self-employed professionals to conduct their business transactions efficiently.
- Current accounts include free cash deposits and free cash withdrawals at home location with a specified limit of Rs. 2 lakhs.
- Current accounts are non-interest bearing accounts and need a higher minimum balance to be maintained as compared to the savings account.
- Current account holders can easily avail overdraft facilities, internet banking and mobile banking.
HDFC Bank Current Account Products
| S.No. | HDFC Bank Current Account | HDFC Bank Current Account minimum average monthly Balance (AMB) | Non-Maintenance Charges | Cash Deposit Requirement |
| 1. | Ultima Current Account | Rs. 20 Lakhs per quarter | Rs. 10,000/- per quarter | Free cash deposit of Rs.200 Lakhs or 8 times the maintained Average Monthly Balance (AMB) |
| 2. | Supreme Current Account | Rs. 1 Lakh per qtr. – Urban/Metro & Rs. 40,000 per qtr. -Semi-Urban/Rural | Rs. 3,000 per quarter | Free cash deposit of Rs.10 Lakhs or 10 times the maintained Average Monthly Balance (AMB) |
| 3. | Apex Current Account | Rs. 10 Lakh per quarter | Rs. 5,000 if AQB is more than Rs. 5 Lakh and Rs. 10,000 if AQB is is less than Rs. 5 Lakhs | Free cash deposit of Rs. 120 Lakhs per month or 10 times the maintained Average Monthly Balance (AMB) |
| 4. | Ezee Current Account | Rs. 50,000 per qtr. – Urban/Metro & Rs. 25,000 per qtr. -Semi-Urban/Rural | Rs. 900 per quarter | Free cash deposit of Rs. 4 Lakhs per month or 6 times the maintained Average Monthly Balance (AMB) |
| 5. | Max Current Account | Rs. 5 Lakhs per quarter | Rs. 3,000 if AQB is more than Rs. 2.5 Lakh and Rs. 8,000 if AQB is is less than Rs. 2.5 Lakh | Free cash deposit of Rs. 60 Lakhs per month or 10 times the maintained Average Monthly Balance (AMB) |
| 6. | Agri Current Account | Rs. 10,000 half-yearly balance | Rs. 1,500 per half year if below Rs. 10,000 | Free cash deposit of Rs. 10 Lakh per month or 25 transactions the maintained Average Monthly Balance (AMB) |
Plus Current Account
| Rs. 1 Lakh per quarter | Rs. 1,500 if AQB is more than Rs. 50,000 and Rs. 6,000 if AQB is less than Rs. 50,000 | Free cash deposit of Rs.10 Lakh per month or 50 transactions the maintained Average Monthly Balance (AMB) | |
| 8. | Current account for hospitals and nursing homes
| Rs. 40,000 | Rs. 2,400 per quarter, if AQB below Rs. 40,000 | Rs. 10 Lakhs free per month or 50 transactions of the maintained Average Monthly Balance (AMB) |
| 9. | Trade Current Account
| Rs. 40,000 per quarter | Rs. 2,400 per quarter | Rs. 5 Lakhs free per month or 40 transactions of the maintained Average Monthly Balance (AMB) |
| 10. | Current Account for Professionals
| Rs. 10,000 | Rs. 1500 per quarter, if AQB below Rs. 10,000 | Up to Rs. 10 lakhs free per month or 25 transactions |
| 11. | Premium Current Account | Rs. 25,000 per quarter | Rs. 1,800 per quarter | Free up to Rs.3 lacs per month or 25 transactions |
| 12. | Merchant Advantage Plus Current Account
| Rs. 100,000/- | Rs 1,000 per month | Free up to 4 times current month POS value per month or 50 transactions |
| 13. | Regular Current Account
| Rs. 10,000/- | Charge of Rs.1500/- per quarter | Free up to Rs.2 lacs per month or 25 transactions |
| 14. | Merchant Advantage Current Account
| Rs. 25,000/- | Rs 600 per month | Free up to 4 times current month POS value per month or 25 transactions |
| 15. | Flexi Current Account
| Rs. 75,000 per month | Rs. 1,000 per month | Free up to 10 times the current month AMB or 50 transactions |
| 16. | Government/Institutional Current Account
| Nil | Ni006C | Free up to Rs.50 lac per month or 50 transaction |
| 17. | Smart Up solution for Start-Ups
| SmartUp Alpha: Zero balance for first year and Rs. 25,000 from year 2. SmartUp Max: Rs. 500,000 | N/A | N/A |
| 18. | Ascent Current Account
| Metro and Urban – Rs. 50,000 per quarter Semi urban and rural – Rs 25,000 per quarter | Rs.3000 | 10 times of current month AMB (upper cap 50 CR) |
| 19. | E-comm Current Account
| Rs. 25,000 per quarter | A charge of Rs. 1800 per quarter | Rs.3 Lacs free per month or 6 times the Average Monthly Balance maintained in the transaction |
| 20. | Saksham Current Account
| Rs. 10,000 (Average Half Yearly balance (HAB)) | Rs. 1,500 per Half Year, if HAB is below Rs. 10,000 | N/A |
| 21. | Activ Current Account Rates
| Rs. 10,000 per quarter | Rs. 3,000 per quarter, if AQB is below Rs. 10,000 | N/A |
Eligibility Criteria
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited Company
- Limited Liability Partnership
- Trust/Association/Club/Society
Documents Required
Resident Individual
- Prescribed Application Form
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
- Two passport size colour photographs
- Account opening Cheque from existing Savings/Individual Current Account
Hindu Undivided Family (HUF)
- Id Proof and Address Proof of the Karta
- Deed of declaration of HUF
- Photos of karta.
Sole Proprietorship Firm
- Pan Card of the firm/ID or address proof
- Photos of the partners
- ID proof of the person holding POA
- Partnership deed
- Partnership registration certificate
Public/Private Limited Company
- ID proof of all directors
- Pan card with authorized signatures
- Incorporation Certificate
- Memorandum of Association (MoA)
- Articles of Association (AoA).
- Board Resolution (BR).
Trust, Society, Association & Club (TASC)
- Constitution document of the entity
- The updated directors list to be submitted.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
Limited Liability Partnership (LLP)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs
- LLP agreement.
- Designated partners updated list.
FAQs
What is a Current Account with HDFC Bank?
An HDFC Bank Current Account is a type of bank account designed for businesses, professionals, and individuals who carry out frequent and large transactions. It offers flexibility with no limits on the number of transactions.
What are the benefits of having an HDFC Current Account?
- Unlimited transactions
- Access to mobile and internet banking
- Overdraft facility (subject to approval)
- Cash deposit and withdrawal at multiple branches
- Free Demand Draft and Pay Order issuance in certain plans
- Access to doorstep banking and trade services