If you run a business, there are several things you must ensure to keep it going successfully. While the big contracts and opportunities are needed to make your business thrive in a competitive market, it is also the small, everyday aspects of your business that ensure its continuance and success. Having a current account that allows you to manage the everyday finances of your business seamlessly is extremely crucial.
Thanks to current account features like high transaction limits, overdraft facilities, and instant digital access, a business can enjoy smoother operations and better financial flexibility. Keep reading to learn how your business can benefit on a day-to-day level with the right current account.
Looking at the Benefits of Current Accounts for Everyday Banking
A current account comes loaded with features that ease the financial management of enterprises of all levels, whether small, medium or large. With a well-designed current account, you can:
1. Manage High-Volume Transactions with Ease
A current account allows businesses to handle numerous daily transactions without restrictions. Whether you want to deposit cash, transfer funds, or make your regular vendor payments, it ensures smooth operations.
Plus, many banks now offer flexible cash deposit limits, which means you can take care of your fluctuating needs effectively as well. This makes reimbursing your staff, paying utility payments, and carrying out other bulk transactions worry-free.
2. Access Digital Banking Anytime, Anywhere
A recent survey of over 10,000 MSMEs in the Indian retail space found that 75% of small business owners aged 18-30 were highly skilled in using digital tools. When surveyed about their use of digital devices in business, 41% said they used them to simplify financial transactions and track expenses.
Current account features like mobile banking apps, internet banking, and digital payment solutions can help your business participate in this wave of transformative technology. Along with reduced time and effort, you can also enjoy tools like POS devices, soundbox, and secure payment gateway solutions to make your cashless transactions efficient and secure. Thus, you can manage finances without interruptions, even when you are working remotely or managing multiple locations.
In addition, digital banking also allows you to bypass stringent current account documentation and proceed with virtual verification of the same.
3. Use Overdrafts for Emergency Funds
A standout feature of current accounts is the overdraft facility, which helps cover short-term cash flow issues. It allows businesses to access extra funds beyond their balance (up to a limit) when payments are delayed. This ensures that temporary cash flow challenges do not disrupt business operations. For example, a retailer can pay suppliers on time despite a pending bulk payment from customers.
4. Automate Recurring Payments
Taking care of your recurring payments makes up a large chunk of your everyday banking experience. One of the current account benefits is that it allows you to set up standing instructions and direct debit services, which automate recurring payments like rent, salaries, and utility bills. Automation also ensures that these payments are made on time, every time.
Moreover, current accounts allow for instant fund transfers using NEFT, RTGS, and IMPS services, which help maintain a smooth cash flow.
5. Track and Manage Finances with Ease
As a business, it is crucial to know the areas where you can cut back and save on expenses to ensure a better net income. Thanks to detailed statements, a current account can help greatly in this regard. You can consolidate the transactions on a daily, weekly or monthly level and easily track your spending and income, get insights into cash flows, and identify trends and discrepancies.
6. Tailor Your Everyday Banking Experience
With the wave of customisation passing through the retail banking sector, it has become easier for individuals and businesses to tailor their account to meet their needs. A personalised account number that reflects your brand identity, group accounts that extend the benefits to family members, dynamic cash deposit limits, and more are some of the current account advantages you can enjoy thanks to customisation.
7. Go Cashless with Advanced Payment Options
As more and more people prefer online transactions, it is crucial to adopt digital payment methods. Current accounts allow you to support cashless transactions through QR codes, payment gateways, and soundboxes, as well as enjoy higher digital transaction limits. Not only do they make things easier for you, but they also lead to a more improved customer experience.
With IndusInd Bank, you can enjoy all the above current account benefits and even more, such as doorstep banking services, auto-sweep deposit features, and no minimum balance requirements, amongst other things. These features provide a current account experience that goes beyond basic banking functions to help you manage your finances with ease.
What to Check Before Opening a Current Account?
Before you open a current account to enjoy its everyday banking benefits, watch out for these:
1. Account Features and Charges
Look for details like transaction limits, overdraft options, and fees. See if you can enjoy current account features like flexible deposit limits and personalised account numbers to make it more customised for your business.
2. Ease of Opening and Required Documents
Opening a current account should be simple and hassle-free. Check if you can apply and complete the process online, especially if you run a small business. Also, check the account’s documentation needs. Usually, basic documents like a PAN card, address proof, and business verification papers are needed. Additional documents may be needed as per the type of business entity.
3. Minimum Balance Rules
Understand the required average monthly balance (AMB) to avoid penalties. Some accounts may even come with an AMB waiver or no minimum balance requirements.
Conclusion
The various current account benefits make it a valuable and non-negotiable tool for both individuals and businesses looking to optimise their everyday banking experience. With the right current account and a well-suited banking partner, your business can reach newer levels of success each day.
