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How current account affects your lifestyle

Author: Radha Lakshmi
by Radha Lakshmi
Posted: Dec 02, 2019
current account

A current account is a bank account through which an account holder can deposit and withdraw as per his requirements without any limits. There is a common perception that the current account is mostly used by business professionals which is wrong. Currently, various banks offer current accounts with different services that are suitable for business professionals.

Hence choosing the suitable current account is very important because it does impacts our lifestyle. But how does it affects our lifestyle?

Below is a list of ways through which current accounts can affect your lifestyle:

Impacts the way you conduct business

Businesspersons mostly operate current accounts for maintaining day to day business activities. A small business current account helps the businessmen to conduct financial transactions that are required. Thus helping in maintaining liquidity in the business and avoids unnecessary disruptions. These disruptions can lead to a loss in profits which can influence the lifestyle of the business person.

Businessperson uses the online current account to transfer the salaries of his workers into their salary accounts in a convenient way. It reduces unnecessary hassles for a businessman who can then concentrate on making his business more productive and profitable.

Services provided by current account

Current accounts of various banks provide different services so that customers open their accounts in their respective banks. Services like rewards for maintaining minimum balances, no monthly fees, etc. helps in increasing your savings and also enhance your living standards.

Cost

Before opening a current account, make sure to know the operating fees charged by the bank. High charges on operating a current account can make a dent on your finances, leading to negative consequences on your normal lifestyle.

Current accounts can change your priorities

If you are planning your finances for your retirement, you will choose a current account that provides special services for senior citizens and which is beneficial after retirement.

When choosing the right current account for your life stage in your 40s and 50s, you actually might want to consider what kind of services your bank offers to complement your current account—and make sure that moving money into those accounts is both simple and secure.

These current accounts, especially for senior citizens, will influence your spending habits because now you have to save money for your retirement. This, in turn, will minimize your expenditure which can make you change your lifestyle.

Banks and NBFC prefer opening Current Accounts since these accounts do not pay the account holder any interest. As a result, features like internet banking, 24-hours mobile banking and mobile alert services come inbuilt with most Current Accounts.

In addition, the account holder can also enjoy a certain number of free pay orders/demand drafts and the facility to transfer funds instantly using NEFT/RTGS etc. Some banks offer a zero balance account as well, wherein there is no need to maintain a minimum balance.

Some of the services offered are free inward remittances, deposit, and withdrawals at any location, multi-location transfer, periodical statements and personal relationship managers to cater to your requirements.

While most of these services are also available with a Savings Account, it may require you to maintain a certain minimum balance. A Current Account helps in easy and quick banking transactions, which becomes very important while running a business.

About the Author

A mother of 2 lovely kids. Digital Marketer by profession and a blogger by passion! Here to inspire and motivate people with my writing.

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Author: Radha Lakshmi
Premium Member

Radha Lakshmi

India

Member since: Mar 03, 2019
Published articles: 18

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