![The-Advantages-of-Having-a-Current-Account-for-Everyday-Banking](https://www.indusind.com/iblogs/wp-content/uploads/The-Advantages-of-Having-a-Current-Account-for-Everyday-Banking-min.jpg)
The Advantages of Having an Online Current Account for Everyday Banking
Posted on Friday, August 23rd, 2024 | By IndusInd Bank
A Current Account is essential for meeting the banking needs of any business or professional involved in a high turnover business, either in volume or value. A Current Account comes with many features and benefits for the business or professional’s convenience. In today’s fast-paced world, an online current account is a proposition which provides the account holder with tools to match the advanced demands of a particular business. Read on to learn about the several advantages a Current Account can bring for everyday banking for your business and why opening a Current Account is necessary.
- Convenience and Efficiency in Transactions: A Current Account meets the daily banking needs of a business. Customers may deposit cash and cheques, withdraw cash and transfer funds with the chequebooks provided. Customers may make payments through RTGS and NEFT and use the internet banking facility and debit card for transactions.
- Flexibility in Account Access: Online Current Accounts allow you to access your account 24/7 through Internet Banking, ATMs and Debit Cards. These are secure platforms and allow you to access and control your funds at your convenience. At this juncture, it is natural for you to be curious about the Current Account Interest Rate. Normally, the bank does not pay interest on your Current Account. An IndusInd Bank Current Account comes with the benefit of an auto sweep facility where your idle funds will earn interest in fixed deposit accounts.
Also Read: All About Current Accounts – Types, Features, Eligibility and More
- Availing Overdraft Facility: An overdraft facility is often granted to a current account, allowing the account holder a predetermined limit for drawings over the available balance in the account. This temporary credit facility is useful for the daily running of a business. Often payments and funds are delayed, and this facility helps honour cheques and make payments in the interim period. The cash flow of the business remains unaffected with the help of this credit facility.
- Streamlining the Process of Bill Payment: Standing instructions and Direct Debit mandates may be set up in a Current Account. Certain recurring payments like those for loan repayments, utility bills and insurance payments may get paid automatically as per the instructions set up, thus streamlining the entire process.
Also Read: Documents Required to Open a Current Account
- Efficiency in Fund Transfers: Current Accounts allows you to move funds between your savings account and Current Accounts for business payments very efficiently and quickly. You may use the Internet Banking facility or the app for Mobile Banking to carry out transactions quickly at your convenience. An online Current Account means you may access your account, carry out your transfers anytime, and pay tax to the government.
- Financial Management and Record-keeping: Your Current Account statement provides you with all the details of your payments and receipts, helping you to manage your finances wisely. You may access your account details anytime, analyse your cash flows and understand where you are spending. These records will help you identify any discrepancies and irregularities. The details available in your account statement are required in the audit of your business.
- Business Advantages: Current Accounts help keep your personal and business transactions distinct from each other and help you maintain your books of accounts more efficiently. You may deposit cheques received from your customers and even go for advanced cash management facilities across diverse geographies through your Current Account. Using a Current Account helps you establish professional relationships with your bankers, which is beneficial for the progress of your business operations. This may help you access other banking services too.
Conclusion
Current Account Opening is an essential step for any business, as you have just read about the various features and advantages they offer.
Open 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.