Question

Hello

Please help me with the following

Is interest charged on a current account?

Regards

Nikita

Answer 1

For the bank held in current account, no interest is paid as per the guidelines of RBI in India.

The current account is a business account opened by companies and firms for the purpose of collection of cheques and payment of money through cheques etc.,

There is no question of saving the money through a current account.

As such there is no system of payment of interest for the balance held in current account.