Current Accounts in Bahrain
Current Accounts Interest Rates in Bahrain
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Current account
Current accounts are widely used among firms, businessmen, companies etc., who make a huge number of regular transactions depending upon their business requirements. While savings account helps in savings, current account aids in having transactions on a regular basis.
Benefits of the current account
- The current account provides ease of business transactions with demand drafts, free pay orders, and flexibility to transfer funds immediately using NEFT/RTGS.
- Overdraft facility is the one thing that can be benefited by having a current account. The account holder can overdraw the money from his account at any time to overcome the shortage of his funds. This is a temporary facility provided by the bank and charges may or may not be applicable to this.
- Sometimes lenders expect to go through your creditworthiness before lending credit to you. In such cases, the process gets simpler if you show them a letter from your bank stating that you are a current account holder.
- Valid Residence Visa
Current account fees and charges
Some of the documents that are required are:
Annual fees:
Demand draft fees
Charges for non-maintenance of minimum balance
Overdraft processing fees
Eligibility of current account
- Minimum balance required to have a current account ranges between BHD 100 and BHD 300 depending upon the bank.
- A person whose age is 21 and above is eligible to open the account.
Documents required to open the account
- CPR ( valid identification document).
- Valid passport.
- Residence document ( for Non- Bahrains).
Islamic current accounts
Most of the banks provide current account under the supervisory of Islamic principles approved by Shari’a and Supervisory board. Banks also offer free debit cards, internet banking, SMS banking etc.,