When managing your business finances, having the correct type of online current account is crucial. A current account allows multiple transactions in a day, allowing you to manage your funds efficiently.

Every business has different demands, and with the immense number of options available, selecting the right current account can be challenging for you.

Let us talk about the different types of current accounts and how you can choose the one that is ideal for your business.

What is a current account?

A current account is a type of bank account primarily used for business purposes. You can use it for daily financial transactions, such as deposits, withdrawals, payments and transfers.

A current account also facilitates payments to creditors through a cheque facility offered by the bank. Additionally, you get an overdraft facility with a specific limit.

Types of current accounts

Different banks and financial institutions provide different types of current accounts considering the distinct banking needs of the customers. You should select the type of current account based on your business needs.

Here are the different types of current accounts provided by most banks:

Standard current account

This is a basic current account offered by banks. It has a preset minimum balance requirement and a monthly average balance requirement.

Its features include the following –

• Overdraft facility
• Free inward remittances
• Limitless withdrawal

Premium current account

As the name suggests, a premium current account provides a variety of customised and exclusive services to you. This current account is ideal for large businesses with a large volume of transactions.

A premium current account offers customised features for efficient banking. These include –

• Dedicated Relationship Manager
• More cheque leaves
• Free demand draft (up to a limit)
• Doorstep banking services
• Higher cashback

Foreign currency current account

This type of current account is ideal for businesses dealing in foreign currencies. IndusInd Bank offers three kinds of special foreign currency current accounts –

• Special foreign currency accounts for residents
• Special foreign currency account for overseas tour operators
• Resident foreign currency (domestic)

Click here to learn more about Special Foreign Currency Current Accounts in detail.

Choosing the right current account

The main aim of opening a current account is to conduct all business transactions smoothly and allow you to manage bulk transactions easily.

Below are a few factors to consider when selecting the ideal current account for your business.

Minimum balance requirements

A minimum balance must be maintained in your account to prevent the current account from getting deactivated. Typically, the minimum balance value is comparatively higher for current accounts than for savings accounts. The minimum balance requirement may vary across different banks.

Fees, charges and overdraft costs

The fees may vary from one type of current account to another. You must make note of some essential factors, such as cash withdrawal charges, demand draft charges, fund transfer charges, overdraft costs, and more.

Cash deposit limit

Different banks may have different deposit limits for current accounts. You must pick a current account based on the size of your business.

For example, if you are a business owner or a self-employed professional dealing in a high number of cash transactions, it is essential to select a current account with a cash deposit limit that suits your requirements.

Benefits of opening a current account

1. Overdraft facility

A business has to meet daily expenses. At times, small businesses may face cash-flow issues if they have bills to pay but haven’t received payments.

Even if your current account balance hits zero, you can use the overdraft facility offered by your bank. It allows you to get funds as a loan for a short period to meet your working capital requirements.

Depending upon your transaction history and relationship with the bank, you may or may not be charged interest on the overdraft facility.

2. No limits on transactions

The number of transactions increases as the business grows. With a current account, you are not limited to a set number of transactions and are allowed to transfer large amounts.

3. Better management of cash flow

Having your finances organised is crucial for your business. A current account statement shows you a clean record of your transactions for analysis and gives you a clear picture of your debits and credits.

This is essential to establish credibility with lenders and avail of credit in times of need.

4. Unlimited cheque leaves

You may have faced situations where you run out of cheques for your savings account. As the number of cheque leaves is limited, you can’t write out cheques too often.

With a current account, you get a higher number of cheque leaves every month. This facility can be availed of for free.

5. Building a financial history

A current account allows you to build a positive financial history, which is important for the future financing needs of the business. When you apply for a loan, banks and financial institutions check your banking behaviour. This includes how you handle your current account.

Thus, having a current account improves your chances of getting loans in the future.

IndusInd Bank Current Account: ideal banking partner for your business

When it comes to managing your business finances, having a reliable and efficient banking partner is crucial. IndusInd Bank understands the unique needs of businesses and offers a comprehensive range of current account solutions designed to cater to those needs.

You can experience a seamless banking experience that empowers you to focus on what truly matters – growing your business. Whether you are a startup, SME or large enterprise, IndusInd Bank provides tailored current account offerings that combine convenience, flexibility and advanced banking features.

With features like high transaction limits, instant fund transfers, online and mobile banking access, and a dedicated Relationship Manager, you can streamline your financial operations and stay ahead in today’s competitive business landscape.

You even have the option to pick your account number, using the My Account My Number (MAMN) feature.

Click here to learn about the different types of IndusInd Bank Current Accounts available for your business.

Conclusion

Understanding various types of current accounts and their features is vital for you to make better decisions for your business. As a business owner, you must know your financial goals, transaction patterns and banking preferences. You should consider factors such as minimum balance requirements, transaction limits, interest rates and services offered to select an ideal option.

You can open a current account online with IndusInd Bank. The process is convenient and 100% digital. You can even get the KYC process done through video KYC, regardless of your location.

Apply for an IndusInd Bank 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.

Effective financial management is crucial to stay afloat in today’s competitive business landscape. It enables your business to operate efficiently, meet its objectives, and drive growth. Amid all the financial tools available at your business’s disposal, a current account emerges as a significant component. It offers a host of features to support and streamline various financial aspects of a business.

A current account, unlike a regular savings account, is explicitly designed for businesses, traders, entrepreneurs, and commercial entities that require frequent monetary transactions. With its characteristics of no limit on transactions, online banking services, overdraft facilities, and more, it serves as a dynamic financial instrument. The right current account can elevate your business’s financial management, ensuring the smooth running of its financial operations.

IndusInd Bank offers a suite of current account options tailored for businesses of different scales and sectors. The bank blends innovation with customer-centric practices to deliver superior banking services. From offering a digital current account to a zero balance current account for startups and small businesses, IndusInd Bank provides a versatile range of current accounts to choose from.

Whether you’re a startup, a medium-scale enterprise, or a large corporation, understanding the nuances of a current account and leveraging its benefits can open up new avenues of growth and financial efficiency for your business. This article will delve into the basics of a current account, how it differs from a savings account, and why you should consider IndusInd Bank for your current account needs.

What is a current account?

A current account is a type of deposit account commonly used by businesses, firms and entrepreneurs. A current account does not restrict the number of transactions you can make, thereby providing liquidity and flexibility. This is crucial for day-to-day business operations. If you’re running a business or planning to start one, a current account is an indispensable tool for managing your finances efficiently.

Benefits of a current account

The decision to open a current account can bring a wealth of benefits for businesses, firms or individuals with high transaction volume. Let’s look at some of these benefits in detail:

Ease of business transactions

In a business, financial transactions are a daily routine. Current accounts provide unlimited transactions without any caps, which is an essential feature for businesses. This means you can make as many withdrawals and deposits as your business requires. It allows you to manage high volumes of receipts and payments with ease.

Overdraft facility

One of the significant benefits of a current account is the overdraft facility. This provision allows you to withdraw more money than what is present in your account. It can be very helpful during a cash crunch or when you need instant working capital, offering a cushion to meet unexpected expenses.

Digital banking and online services

In this digital era, current accounts offer more than just physical banking benefits. You can make use of multiple online services –

• Conduct fund transfers
• Use standing instructions
• Make bill payments
• Accept digital payments
• Track account details
• Settle POS payments
• Order a new chequebook
• Reset your debit card pin
• Block / unlock your card

These services save time and make banking processes more efficient.

Access to banking products

Having a current account provides access to various other banking products and services, such as business loans, cash management services, trade finance services, etc. These services can help manage business finances more efficiently.

Ease of international transactions

If your business involves dealing with overseas clients or vendors, a current account makes handling foreign transactions easier. Services like forex, letter of credit, and bank guarantees become more accessible when you have a current account in your business’ name.

Advantages of IndusInd Bank Current Accounts

Opening a current account with IndusInd Bank can bring a plethora of advantages. Some of these are mentioned below –

Unparalleled flexibility

IndusInd Bank offers an array of current accounts, each designed for specific business needs.

For instance, you can apply for IndusInd Bank’s Digital Current Accounts like the Indus Freedom Current Account and Indus Tarakki Account from the comfort of your office. It is a completely paperless and digital process. You do not need to submit any physical documents.

Unique account personalisation

IndusInd Bank allows you to personalise your account number through a feature called MAMN (My Account My Number). This feature not only adds a personal touch to your business account but also makes it easier to remember your account number.

Digital and tech-savvy banking

In today’s digital age, IndusInd Bank provides advanced digital banking solutions for all customers. You can open a current account online, manage your account, and perform various transactions from the comfort of your office.

Robust customer support

IndusInd Bank is renowned for its robust customer support. The bank provides dedicated Relationship Managers and round-the-clock customer service to resolve queries and offer assistance whenever required.

Conclusion

A current account is an essential financial tool for managing your business. IndusInd Bank’s diverse range of current accounts provides comprehensive solutions tailored to your business requirements. Whether you’re a small start-up or a large corporation, IndusInd Bank has a current account solution to meet your needs.

With a multitude of features, including overdraft facilities and pre-approved business loans, an IndusInd Bank Current Account offers the flexibility and convenience your business needs. Apply now to experience a seamless and convenient banking journey.

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.