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Saturday, June 22, 2024

Digital current account: Features and Eligibility

Digital current account

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As we all know, many types of bank accounts exist in India. Banks exist in the country to help organizations, individuals, and business professionals handle day-to-day transactions and withdrawals. As we know, all businessmen face a lot of troubles in handling the minimum balance.

But there is always a solution present when the problem arises. This is the reason why the current digital account was introduced. If you want more information on this kind of account, read this article’s facts.

What do you mean by the current digital account?

You all know about the Current account. We will tell you if you do not know about the current account. The current account is the bank account used by entrepreneurs, firms, organizations, and professionals to perform numerous transactions. It is used due to the multiple advantages of the current account only.

However, this is the one thing common in all bank accounts. All kinds of bank accounts need you to maintain the minimum balance average in the account. This process may be irritating sometime.

So to solve this problem, the concept of the current digital account was introduced, and this concept spread worldwide like fire. This is why many banks offer the current account without needing to handle the minimum average balance. In this article, we want to share information about the digital current account, along with its features and the eligibility criteria for better understanding.

Features

  • It can be handled by NGOs, trustees, individuals, and public and private companies.
  • There are no additional requirements to maintain the minimum average balance.
  • Also, there is no need for a minimum balance, and it does not provide interest.
  • The facility is available to withdraw an unlimited amount of money from the home branch. But restrictions are allowed on the money withdrawal from the non-home branch.
  • It provides direct payment methods such as NEFT, pay orders, RTGS, and the demand draft.

Eligibility criteria for the Digital Current Account

Every bank sets the specific eligibility criteria to open the Digital Current Account. But do not need to worry about the eligibility criteria. Even though it is not rocket science, it has the same basic eligibility criteria you must consider before opening the current digital account.

  • The applicant candidate who is going to apply for the digital current account must have the residence proof
  • The candidate must carry the trusted and partnership firm while applying for the digital current account
  • Trust, NGOs, and the societies
  • Sole proprietor and the trader
  • Public and private limited company

Conclusion

This article delivers the information based on your current digital account. You better know about the features and the eligibility criteria of a current digital account if you read the complete article properly.

Would you like to spread the article on the current digital account? If any question arises in your mind after reading the article, then you can ask in the comments box.

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