Demand account or Transactional account is also known as current account. You can have your business account, student accounts or joint account combined with other accounts with similar features and terms. These transactional accounts allow you to have your banking transactions such as withdrawing money, depositing money and paying your varied bills. These are either carried out electronically or via cheques and ATMs with the help of your debit card. Some banks may demand minimal fee for opening a current account while others may not charge you anything.
In order to open an account you must visit your bank branch office personally. Its procedures are similar to that of a savings account. But, these current accounts offer greater flexibility in withdrawals and deposit. They allow you to have multiple deposits and withdrawals on the same day unlike saving deposits which have a limitation on this. However, for the balance of money which is saved in your bank there is very little rate of interest accumulated. You can improve your chances of winning better rate of interest even on current account by opting for Chartered banking institutions. With this you increase your chances of getting better interest rate as it is FDIC guaranteed.
Just fill up the necessary forms with a small deposit to start the account along with address proof, signature proof and photograph. If it is a joint account you don’t need all the proofs. It is simple!
If you are making use of internet banking take care to see that you don’t reveal your user name and pass word to any one. It is advisable to change them once in each month. Don’t reveal your password even to the bank official as he can access your account and transfer funds to his personal account. Advantages of an internet banking account are you are able to bank at anytime of the day, at anyplace on the globe, provided you have internet in that place. It will save your time and will surely make your work a lot less.
Features if a checking account are:
o Electronic bill presentment and payment - EBPP
o Funds transfer between a customer's own checking and savings accounts, or to another customer's account
o Investment purchase or sale
o Loan applications and transactions, such as repayments of enrollments
Carry out your transactions in a safe and easy manner. With the use of cheques, ATM cards or electronically!
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