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Common Mistakes to Avoid When Opening a Current Account
Posted on Wednesday, March 9th, 2022 | By IndusInd Bank
A current account is a zero interest rate bank account popular among business owners who carry out large amounts of transactions regularly. Like a regular savings account, current account holders can also withdraw, deposit and transact money but with higheror no limit.
Current accounts nowadays also come with the facility of direct deposit or auto-pay. The money is transferred to the payee’s account directly with no clearance requirements in this mode. This mode is a better alternative to cheque deposits or payments.
If you are looking forcurrent account opening details, and learn about the best bank for current account opening, look no further. As you will find the requisite information in this article.
It is also essential to learn about the common mistakes that many people make while opening a current account. The more information, the better chances of facing no issues in this regard. Let’s get started.
Not Keeping Track of the Account Balance
Current accounts come with the feature of unlimited cash withdrawals and other transactions. As a result, many current account holders miss checking the account balance. This leads to low balance and Non Maintenance Charges are deducted.
So, always keep track of how much balance is in the account and maintain the required minimum monthly balance.
Not Availing of the Overdraft Protection Plan
The current account can be linked to your savings account to avail of the overdraft protection plan. What does it do? In times of a low or no balance, the bank transfers some amount from the savings account to the current account.
Overdraft protection plan saves you from any declined card transaction or cheque bounces in case of a low current account balance. This also protects you from the hefty cheque bounce charges. It is to be noted that overdraft protection may not save you the charges related to low AMB (Average Monthly Balance).
Opening a Current Account with a High Fee Rate
Money is the most precious asset for all in today’s world. And you should always seek ways to reduce your expenses as much as possible. Another mistake that most customers make is opening a current account with a high fee charge. In such cases, commercial banks like Indusind has value for money current account offers to suit the business owners.
Overlooking the Transaction History
The digitised world has made everyone’s life easier and more vulnerable at the same time. One fundamental mistake that new current account holders make is not checking the transaction history. Why should you check the transaction history of your current account? To stay alert of any suspicious or fraudulent activity. If found any, then you can raise a dispute with the bank.
Final Word
These are the basic mistakes one makes while opening a current account. The current account does come with its own set of pros and cons. But if you steer away from the above mistakes, you can enjoy the benefits to their maximum potential. So, once you open a current account online, be sure to learn about the fees charged from the bank officials before you get started
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.
