When a U.S. company makes a $200,000 donation to the International Red Cross to help the victims of an earthquake in India, the transaction is recorded in the current account.
What does a company's current account mean?
It is incredibly convenient to collect payments from small customers because current account holders have access to multiple bank branches where they can deposit cash or checks.
One type of deposit account used by people who deal with banks frequently is a current account, also known as a financial account. At the applicant's request, the bank creates it and makes it frequently or instantly accessible.
Therefore, Current accounts, which are linked to liquid deposits, provide a wide range of customized options to assist with financial transactions.
Learn more about the current account from the given link.
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