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Banks offer a variety of features through their current accounts to help businesses grow and sustain themselves. IndusInd Bank’s Current Accounts, for instance, offer specialised features such as no monthly balance requirement, free cheque books, free NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) transactions, among other benefits, to customers. A current account is designed to help businesses grow, and understanding its benefits and features can help business owners pick the right current account for their ventures.
Important features of a current account:
IndusInd Bank offers the following set of unique features through its current accounts:
Account holders can access their funds at any hour:
Customers can access the funds in their current account 24/7 by logging into the official mobile app or internet log in, offering a user-friendly interface and seamless access to their current account.
Overdraft facility through the current account:
The overdraft facility allows current account holders to access an amount higher than their bank balance, subject to a limit that is agreed upon with the bank. This facility helps business owners meet their working capital needs or deal with a short-term cash requirement effectively.
Account grouping:
As an IndusInd Bank current account holder, you get the option of grouping your current account as well as related savings account. This makes it easier to track expenses and to make it easier for you to track expenses and avoid the hassle of monitoring individual accounts.
How does choosing a current account benefit a business?
Current accounts offer key features that are beneficial to any business owner who chooses to sign up for them:
Business owners need not worry about having no balance in their current account:
The overdraft facility helps business owners deal with a short-term cash crunch by overdrawing from their current account. This feature is a current account-only feature and it helps business owners deal with unforeseen financial emergencies, thus helping them always sustain their growth.
The bank offers cheque leaves that customers can use every month free of charge:
Savings account holders receive a limited number of cheque books with their account. However, this is not the case with current accounts, since the account holders are provided with a fixed number of cheque leaves monthly, free of charge. Business owners, therefore, need not worry about running out of cheques.
No limit on the transaction amounts or the number of transactions made:
Current accounts also do not have any transaction limit; thereby enabling customers to transact as often as they wish through the payment mode of their choice – online transfer, cheques, or demand drafts.
Current accounts can help business owners improve their credit score:
Since a current account is a record of a business owner’s transactions including the repayment of debt, it can also act as a proof of the account holder’s capability to repay debt. Account holders can leverage their current accounts to increase their credit score and demonstrate higher creditworthiness.
Knowing about the benefits and features of current accounts can help customers identify the features that matter most to them and subsequently select the account that is best for them.
Also Read: Joint bank accounts for unmarried couples: Pros and cons
