Trying to find the best current account that can simplify your business's finances and contribute to its growth as well?
As a business owner, you need valuable financial tools to keep your operations running smoothly. One such essential tool is a current account. The right current account can streamline your daily transactions, help you manage cash flow effectively, offer customised services, reduce banking costs, and provide easy access to credit facilities. However, the wrong decision could mean high fees, limited features, and financial inefficiencies.
On that note, let's go through the top factors to consider while choosing a current account.
Analyse the Monthly Average Balance (MAB) requirements
Many banks mandate customers to maintain a monthly average balance in their current accounts. This requirement helps cover the bank’s operational costs and ensures that individuals are using the current account actively. Falling short of the minimum balance may attract fees or penalties.
Want to enjoy all the premium benefits of current accounts without the hassle of maintaining a high minimum balance? Consider the IndusInd Bank Indus Max Current Account. You only need to maintain an MAB of₹10,000 and can enjoy top-tier features. This can be highly beneficial for businesses with variable cash flow patterns.
Following are the additional benefits you get with this digital current account:
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So, what’s the wait for? Complete the account opening process online and get started with IndusInd Bank today!
Check if it’s possible to earn interest on surplus funds
It is a fact that current accounts do not offer interest because these heavily operated accounts need the required support to enable large volumes of transactions. However, the auto-sweep facility, like the one offered by the IndusInd Bank Indus Premier Current Account, allows you to earn Fixed Deposit (FD) like interest on the funds sitting idle in your account.
For example, if you set a threshold of ₹20,000, the system automatically transfers any amount exceeding this limit to FDs, where they will earn interest. If your account does not have sufficient funds for a transaction, the system automatically breaks a portion of the linked FD to meet the shortfall. The premature closure of the deposit is penalty-free.
Is your current account Unified Payments Interface (UPI) compatible?
With about 131 billion UPI transactions recorded in India in FY24, having UPI compatibility in your current account is more than essential. This real-time payment system offers multiple benefits, such as faster transaction times, lower costs, top-notch security, and, most importantly, 24/7 availability. All these advantages make it easier to manage transactions with vendors, customers, and employees.
You can link multiple bank accounts to a single UPI app and simplify your entire payment experience. After linking your account, simply scan any merchant QR code and pay quickly without having to input a CVV or wait for an OTP.
Evaluate the quality of online services
Digital banking services, by offering convenience, speed, and accessibility, have completely revolutionised the way businesses manage their finances. These solutions make it possible to manage various types of transactions online from any location at any time. This efficiency saves time and increases productivity, as you can focus more on crucial business activities.
It’s wise to choose a current account that offers premium digital banking features such as:
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Examine the responsiveness of customer service
Excellent customer service, whether online or offline, is crucial as it helps resolve your banking issues on time. It improves your overall banking experience and allows you to focus more on your business operations rather than on financial management complexities. Hence, open a current account with a bank which offers 24/7 customer support through various channels such as phone, email, live chat, or social media.
Explore the additional premium services
Here are some additional current account features and benefits to look for:
Doorstep banking services: This service allows you to schedule free cheque pickups from your business location. This means no multiple bank visits and no time wastage.
Higher cash deposit limit: If your business deals with large amounts of cash daily, choose a current account with a higher cash deposit limit. This allows you to deposit significant sums in a single transaction without incurring additional charges.
No hidden charges: Look for accounts that clearly outline all fees, including transaction costs, maintenance fees, and penalties. A transparent fee structure helps plan your finances without the risk of incurring unexpected charges.
Overdraft facility: An overdraft facility lets you withdraw money even if your current account balance is zero (up to a pre-agreed limit). It is especially beneficial for businesses that experience frequent cash flow shortages, irregular income, and unexpected expenses. So, you must choose a current account that offers an overdraft limit according to your needs at an affordable interest rate.
Key takeaways
Selecting the best current account is a critical decision that can influence your business’s financial health and operational efficiency. So, evaluate the monthly average balance requirements, associated fees, quality of digital banking services, reliability of customer support, and UPI compatibility. Also check additional features like doorstep banking services, overdraft facilities, and international banking capabilities.
By evaluating your options, you can make sure that your chosen current account can positively contribute to your business’s health and growth. Besides choosing the best current account for your business, you should also have a feature-rich savings account in place to manage your personal finances and excess funds. For instance, the IndusInd Bank Indus Delite Savings Account is a zero-balance savings account that provides complete flexibility in managing your funds. With the convenience of its zero-balance account opening online process, you can effortlessly start saving while benefitting from competitive interest rates that help boost your savings and meet varied financial goals.