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5 Reasons Small Businesses Should Have a Current Account
Posted on Tuesday, April 19th, 2022 | By IndusInd Bank
For any business, having a current account is very important in order to conduct their day-to-day transactions with ease. A current account has no cap on the number of transactions made daily and comes with a number of other benefits like the overdraft facility, free NEFT/RTGS/IMPS transactions, and internet banking. So, if you are a small business or are looking to start a business, here are 5 reasons you should open a current account.
Open a Separate Business Account
Having a current account to manage your business’s transactions will keep them separate from your own personal transactions, which is very important to manage your business more effectively. With a separate account, you can keep track of all our transactions, calculate your monthly incomes and expenses, manage your cash flows, and simplify your tax planning and filing.
Also having your business’s official name on all transactions makes you look professional and dependable.
Overdraft facility
Current accounts come with the overdraft facility wherein you can spend more money than what is there in your account up to a maximum limit. This enables businesses to manage short-term cash flow mismatches in their business effectively. It lets you cover those end-of-month expenses such as salaries, bills, accounts payables, etc. even when your own payments get delayed.
Unlimited number of transactions
Businesses have to deal with a number of transactions and money transfers on a daily basis. Current accounts make this easy by having no caps on the number of transactions and withdrawals so that your business’s day to day operations run smoothly.
You also get the flexibility of using the payment and money transfer modes of your choice which are accessible to you at all times everywhere with all-in-one banking apps, internet banking, and credit/debit cards, and cheque books.
Conduct bulk payment transactions and foreign transactions
Many current accounts also come with the facility of conducting bulk payments such as paying salaries and making foreign payments to boost your exports business. This not only is cost-effective and efficient, it can make it easier for you to scale your business internationally without worrying about foreign exchange transactions.
Do check with your banking partner if your current account comes with these features.
Additional benefits
In addition to the unlimited number of withdrawals and transactions that can be made using your current account, you also get additional benefits such as free demand drafts, free NEFT / RTGS/IMPS transactions, higher pay order limits, etc. The IndusInd Indus Max Account is one such account that has similar features like free NEFT /RTGS/IMPS transactions, anywhere cash deposits, and automatic transfer of excess balance in current account to sweep FD and much more.
Final words
With all these benefits, a current account is a must-have for any small business in order to manage their day-to-day transactions easily. If you are looking to apply for a current account online, IndusInd Bank offers the Indus Max Account and the Indus Premier current account with features like anywhere cash deposit limits, Free NEFT /RTGS/IMPS, low minimum average balance requirement, and many more so that you can focus on your business without worrying about the banking. To know more, click here.
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.
