A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account or bank account held at a bank or other financial institution.
A current account holder can deposit cash or cheques at different bank branches which makes it extremely convenient to collect payments from small customers. Availing an overdraft facility against a current account is easy. Having an overdraft helps meet the working capital needs of the business at any point in.