What are Regular Current Account Fees & Charges

Posted on Friday, January 13th, 2023 | By IndusInd Bank

If you run a business and carry frequent and high-value transactions, then you must be aware of current accounts. A current account is meant for businesses & individuals who carry a significantly higher number of transactions with banks. Further, unlink savings account – a current account has a very high upper limit on daily transactions and cash deposits or withdrawals. Additionally, these accounts offer overdraft facility and pre-approved loans so your business operations can continue without any hassle.

IndusInd Bank offers a wide variety of current accounts that can cater to the present banking requirements of your business and hold up for your future expansion plans. You can also enjoy tailored banking solutions via IndusInd Bank’s industry specific current accounts that cover Agro, Textile, IT/ITes, Telecom, Import & Export, Shipping, etc.

With IndusInd Bank current accounts, you get to enjoy :-

• Instant account opening with minimum paperwork.
• An account number of your choice My Account My Number.
• Account grouping for related business entities with common authorized signatories.
• Pre-approved loans for instant capital requirements.
• Cheque/cash pick and drop facility on call.
• Simple mobile and internet banking interface.

Different kinds of fees & charges on current accounts

IndusInd Bank does not levy any charge on opening a current account, but you should be aware of other charges associated with a current account before you open one.

1. Non-maintenance of minimum account balance

Banks want current account holders to maintain a minimum amount as account balance. This amount varies from bank to bank, and is different for each current account type. This balance is either calculated on monthly basis i.e., AMB (Average monthly balance) or on quarterly basis i.e., AQB. Banks may levy a charge if you fail to maintain the required minimum account balance.

 2. Issuance of additional cheque book
If you have exhausted the free limit of cheque leaves before a certain time period, you may have to pay a small amount for additional cheque book issuance.

3. Bouncing of cheque
If a cheque bounces due to technical issues on the bank’s end, you will not be not be charged anything. However, you may have to pay a fee if the cheque is bounced due to insufficient funds, signature mismatch or incorrect details.

4. Transactions above the free limit

Though current accounts offer very high limit on the number of transactions, you may end up exceeding it. For transactions beyond the free limit, you may be charged a very small amount per transaction.

5. Closing of current account

If you wish to close a current account with your existing bank, you may have to pay a closure fee. Generally, this fee is taken only if you close your account before a certain duration (usually 14 days.)

6. Withdrawing cash from ATM

You may have a pay a small amount on withdrawing cash from ATMs of your existing bank or other banks if you exceed the free limit on both – the amount and the frequency. This limit varies from bank to bank, city to city and across current account variants.

7. Miscellaneous charges
Banks may levy a nominal fee for facilities like duplicate account statements, placement and cancellation of pay orders, etc. The fee on these services is charges to reduce the additional cost that the bank incurs while providing the same.

Open a current account with IndusInd Bank – the right banking partner for your business

IndusInd Bank provides instant current account opening with minimum paperwork. You can also opt for a digital current account opening from the comfort of your home with video KYC. Get pre-approved loans with quick disbursal, premium doorstep banking services and lots more – OPEN NOW.

Conclusion

Current accounts have become increasingly popular in India as more and more people are leaning towards self-employment and kick-starting their own business. To facilitate the rise of new businesses & the expansion of existing ones, the banking industry too has reformed its offerings on these accounts. For instance, IndusInd Bank offers of value-added services and add on features so you can enjoy stress-free banking and focus on taking your business to the next level.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.