A current account is a checking account that offers a high volume of transactions and services, designed for businesses and individuals who conduct high number of financial transactions daily. 

Some notable features of a current account are as follows: 

• It provides regular, rapid and unrestricted access to money. 
• It works like a savings account but provides additional benefits, like extended overdraft facilities and high number of transactions. 
• It is the most efficient way for companies to monitor cash flow, calculate monthly income and expenses, keep track of all activities, and simplify tax planning and filing.  
  
  As, it is crucial to keep your commercial transactions separate from your personal transactions. You can do this by managing your business through an online current account for convenience.

Let us discuss some benefits of having a high-balance current account. 

1. Overdraft facility  

The overdraft feature of a current accounts allows you to spend more money than is present in your account, up to a predetermined limit. This makes it possible for your company to successfully handle short-term cash flow inconsistencies in operations. Even if your payments are late, it enables you to pay your regular monthly expenses like salaries, rent, bills, etc.

The overdraft facility for a current account might save the day if your current account falls below the required minimum balance. When you are holding out for a lump sum payment, it is easier to keep track of key vendor payments and ongoing running costs. When you receive funding, it is deducted from the overdraft and your current account balance is returned to normal. This facility provides a breathing window for business owners experiencing a cash flow crisis.  

2. High number of transactions 
Businesses expand and evolve continuously. This may include –  

• Increased sales volume 
• Inclusion of additional businesses or product lines 
• Opening of new branch offices or geographic expansion  

When you have a current account for your company, you are not subjected to additional fees or restrictions when your company expands. The volume and number of transactions are unrestricted. You can carry on your business transactions with ease, and the current account works as a partner in the expansion of your company. 

3. Credit facilities 

A current account comes with credit facilities like business loans. This is particularly advantageous for companies that need money for investment or expansion.

Your current account serves as a model for both your personal and corporate finances. When you have a current account, your banker has a good grasp of your liquidity, ability to repay debt, and the cash flow of your company. As a result, obtaining a term loan or cash credit facility is simple, and you can avail yourself of competitive interest rates.  

You can open an online current account for your business and develop its stability, instead of having to arrange for capital. 

4. Bulk payment transactions 
Many current accounts offer the ability to make payments in bulk, such as paying all your employees or making payments abroad to expand your export business. This is not only efficient and cost-effective, but it can also make it simpler for you to expand your business overseas without having to worry about currency exchange. 

IndusInd Bank Current Accounts come with digital payment solutions, such as: 

• POS devices, Soundbox and QR codes for payments.  
• The Indus Merchant Solutions app, which offers on-the-go business banking facilities to help you scale faster: 
• You can place banking service requests digitally (such as, block / unblock your business debit card, order a new chequebook, etc.). 
• You get a digital ledger to keep note of all your cash sales. 

Any digital transactions you make with your online current account will be handled securely, without a hitch. 

Additional benefits  

• You receive extra perks like free demand drafts, free NEFT / RTGS / IMPS transactions, and greater pay order limits. 
• You can make high number of transactions from your current account. 
• With an IndusInd Bank Current Account, you may take advantage of premium doorstep banking services like cheque pickup and on-demand cash pickup. 
• You can enjoy tailored banking solutions with the bank’s current accounts. These cover agriculture, IT / ITes, telecom, textile, import and export, shipping, and several other industries. 
• You can group your current account with a related savings account. This helps you let go of the hassles of having to monitor each account separately. 
• You can get reports on the cash inflow, outflow, overdrafts, timing, quantity of cheque transactions, internet transfers and bill discounts.  
• As a result, you get a detailed history of all significant transactions. 
• IndusInd Bank provides the ease of immediate account opening without the need for time-consuming documentation. You can simply use video KYC and open an account digitally from the comfort of your office.  
• By doing away with the requirement for physical paperwork and saving you time and effort, you can open an online current account with IndusInd Bank easily. 

Open an IndusInd Bank Current Account to secure the future of your business. A digital current account is imperative for businesses to manage day-to-day transactions without difficulty.  

Freelancers and small businesses can benefit from IndusInd Bank’s Indus Freedom Current Account in several ways. The features of this digital current account include the following –  

• No Minimum Balance Requirement upon completing 1 digital transaction per month 
• digital banking solutions, such as free NEFT / RTGS / IMPS  
• cash deposit limit of ₹4 lakhs per month 
• multiple debit card variants to choose from 

Conclusion 

Current accounts allow you to focus on the growth of your business, without having to worry about financial stability. You can easily monitor your business transactions with a current account, and use the various features offered by IndusInd Bank to maximise the potential of your account and expand your business.  

So, why wait any longer? Open an online current account and reap these benefits! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. 

With the Indian economy rapidly expanding and evolving, more individuals are turning to freelancing and self-employment as viable income options. As the gig economy rises, it has become essential for such professionals to manage their finances efficiently, since their income fluctuates and depends on the scope of the project. 

If you are a freelancer or a self-employed individual, a key aspect of your financial management is choosing the right current account to suit your business. A well-suited current account can provide you with the necessary tools to streamline your finances and ensure seamless business operations.  

In this blog, we will explore some of the current accounts tailored for freelancers and self-employed professionals in India. 

Understanding unique financial needs 

As a freelancer or self-employed professional, you often have project-based work. Your income may vary based on the frequency of the work. This necessitates an account that offers flexibility, cost-effectiveness, and features to manage business transactions efficiently. This is why current accounts are crucial for freelancers and self-employed individuals.  

A current account offers the flexibility of multiple transactions to receive and make payments without restrictions. This suits your needs as a self-employed and freelancing individual.  

To add to your benefits, IndusInd Bank Current Accounts offer unique features to suit your business requirements:  

1. These accounts levy minimal charges for the smooth management of your finances.  

2. By opening a current account with IndusInd Bank, you have the flexibility to choose the account number via the MAMN (My Account My Number) facility.  

3. You get dynamic cash deposit limits, high transaction limits, efficient cheque collection services, and a lot more.  

4. You also get access to overdraft facilities and pre-approved business loans to maintain your cash flow at all times.  

How to choose the ideal current account for your business banking requirements 

When determining the ideal current account for your freelancing or self-employed venture, several key aspects will guide your decision. Assess the flexibility of the account and look for features that are apt for you, given your income might vary every month.  

The following are a few parameters you must consider when choosing a current account for your business:  

• Flexibility: Opt for an account with a low or no minimum balance requirement, accommodating your varying income streams effectively. 
• Digital convenience: Prioritise accounts that offer a user-friendly mobile app and online banking services, enabling you to manage transactions on the go. 
• Transaction charges: Look for accounts with reasonable charges for essential services like fund transfers, cash deposits and cheque clearances, helping you control costs. 
• Personalised support: Seek accounts that provide tailored solutions, including business advisory services, customised loan options, and flexible payment solutions. 

Keeping these points in mind, evaluate the different accounts based on your specific needs and confidently choose a current account that aligns with your financial goals.  

Current accounts by IndusInd Bank 

We have compiled a list of current accounts for freelancers and self-employed businessmen offered by IndusInd Bank. These accounts have a 100% digital opening procedure and provide instant account access.  

Additionally, you can customise the account number as per your preference via the My Account My Number facility. It lets you pick an account number of your choice – a number that you can easily remember. 

Indus Freedom Current Account 

This account is specially designed for individuals and sole proprietorships, keeping their business needs in mind. As the name suggests, the account offers complete freedom of banking services and meets your daily transactional needs.  

With a comprehensive package of banking services, this account is a must-have for every freelancer / self-employed individual. Some notable features of this account are:  

• This current account is ideal for freelancers and small business owners to manage their finances as there are no minimum balance requirements upon the completion of 1 digital transaction per month.  
• It offers high deposit limits of up to ₹4 lakhs per month.  
• There are no transactional charges on online transactions, such as NEFT, RTGS and IMPS. 
• You get free cash withdrawals at IndusInd Bank and other bank ATMs, for convenient fund access.  
• You get access to a range of business debit cards with unique benefits to choose from. 

Know more about the Indus Freedom Current Account. 

Indus Tarakki Current Account 

The Indus Tarakki Current Account helps you manage finances efficiently in today’s fast-paced business environment. The account is specially designed for merchants, traders and retailer business owners.  

Here are the key features of the Indus Tarakki Account:  

• You enjoy freedom from minimum monthly balance requirements by making or accepting one payment via IndusInd Bank POS / PG / QR / UPI every month.  
• You can experience hassle-free digital collections through POS devices, QR codes, UPI and various other methods of digital payments. 
• You get free cash deposits of up to ₹5 lakhs every month. 
• You can conduct digital transactions through NEFT, RTGS and IMPS, free of charge.

Explore more about the Indus Tarakki Current Account. 

Choosing the ideal account for you 

Selecting the right current account as a freelancer or self-employed professional in India depends on various factors. Consider your transaction volume, digital banking preferences and budget constraints when making your decision. Both of the accounts mentioned above offer unique advantages customised to different needs. Outlining your needs can help you select the current account that is most suitable for you.  

If you are unsure about choosing the right current account, you can contact IndusInd Bank’s dedicated support team for expert advice. 

Conclusion 

As work continues to evolve, so do professionals’ financial needs. IndusInd Bank is keeping pace by offering current accounts with unique features that cater to the specific requirements of freelancers and self-employed individuals.  

Understand your needs and explore the options available to find the perfect account that aligns with your business goals and financial aspirations.  

Open a current account now! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.