Quick Answer: Is A Basic Bank Account A Current Account?

What kind of account is a current account?

A Current Account is actually a no interest-bearing deposit account.

When you withdraw more money from the account, than is actually there, then your account is said to be overdrawn..

What is a basic banking account?

Basic Banking Account (BBA) is conceptualized to facilitate and provide basic banking facilities to customers across Pakistan without the requirement of maintaining a minimum balance and can be opened at any UBL branch.

Is a current account a debit card?

Most banks offer a range of current accounts that have different features, so you can find an account that best suits your needs. When you open a current account, you are usually assigned an 8-digit account number, a 6-digit sort code and a debit card which you can use to access your funds.

Is current account and salary account same?

Primary difference between savings and current account No interest is normally paid on a current account, while you get regular and periodic interest in the case of a savings bank account. Salaried individuals should not open a current account, unless they have a business.

Is current account the same as Cheque account?

A cheque account was designed for the purpose of doing transactions. … A current account works more like a pay-as-you-transact account, in other words, every time you withdraw money or swipe at the shops, you are charged for using your current account.

Which documents are required for bank account?

Savings Bank Account(a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport. (ii) Voter ID card. (iii) PAN Card. (iv) Govt./Defence ID card. … (b) Proof of current address (any of the following) (i) Credit Card Statement. (ii) Salary slip. (iii) Income/Wealth Tax Assessment Order. (iv) Electricity Bill.

Is a basic account a current account?

Basic bank accounts are stripped-back current accounts, so you’re unlikely to get the same range of features you would with a standard current account. For example, you may not get: a cheque book. an overdraft.

Can you have 2 current accounts?

A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.

What is another name for current account?

current account The American word is checking account.

What things are required for opening a bank account?

Ensuring a Smooth ProcessGovernment-issued identification. Almost every bank requires you to present a valid government-issued photo ID when opening a checking account. … Social Security card or individual taxpayer identification number. … Proof of address. … Student accounts. … Joint accounts. … Power of attorney.

What are 4 types of bank accounts?

4 Most Common Types of Bank AccountsChecking Account. The most basic type of bank account is the checking account. … Savings Account. A checking account and savings account go together like Batman and Robin. … Money Market Deposit Account. … Certificate of Deposit (CD) … 4 Most Common Types of Bank Accounts.

Is Halifax basic account a current account?

This is a very basic UK personal current account from the Halifax (which is a division of the Bank of Scotland).