Can I have more than one current account with different banks for same firm?
Can I have more than one current account with different banks for same firm?
In the case of multiple banks, the borrower and the banks can decide mutually where to keep the current account. The current account has to be run through an escrow mechanism, and “current accounts of such borrowers can only be opened/maintained by the escrow managing bank,” the RBI had said in its August circular.
Can I have 2 current accounts with different banks?
You can’t have more than one current account You can have as many current accounts across as many different financial institutions as you like. There could also be benefits to having more than one bank account. So, for example, some bank accounts may pay you more interest on your credit balances than others.
What is the difference between CC account and current account?
You have to pay interest only on the amount taken as loan. Since it is a current account, you can make as many transaction as you want….Differences between Cash Credit and Overdraft Account.
| Cash Credit Account | Overdraft Account |
|---|---|
| It should be used for the purpose of business. | Can be used for any purpose |
Can I have two current accounts with different banks in India?
Under the new rules, lenders are allowed to open current accounts for its borrowers without any restrictions. In case of borrowers where the exposure is more than Rs 5 crores, the RBI said that they can maintain current accounts with any one of the banks with which it has CC/OD facility.
Can we convert CC account to current account?
Under the new guidelines, no bank can open current accounts for customers who have availed credit facilities from the banking system. All transactions should be routed through the CC/OD account.
How many bank accounts can you have with one bank?
How Many Checking Accounts Can I Have? The number of checking accounts any one person can have is entirely up to them. There’s no limit on the number of checking accounts you can open, whether you have them at traditional banks, credit unions or online banks.
Should I have accounts with different banks?
Opening multiple bank accounts is a huge advantage because it ultimately offers you greater freedom by broadening the financial opportunities you can get. As long as you can manage the accounts, there is no problem opening as many accounts that best fit whatever your needs are.
https://www.youtube.com/watch?v=zVhbFhBsEx8