Exploring the different payment modes available for current accounts

Posted on Friday, December 29th, 2023 | By IndusInd Bank

Banking in India has undergone significant transformations over the past few years. One notable advancement is the online current account, which has emerged as an indispensable tool for efficient financial management. 

Designed for frequent business transactions, online current accounts blend the robust features of traditional accounts with the convenience of digital platforms. In this blog, we’ll delve into the features and advantages of an online current account, for modern businesses and individuals. 

Types of current accounts 

A current account plays a pivotal role in the financial ecosystem. There are several different options available for current accounts with unique benefits.  

The standard current account is a basic banking account with a required minimum balance and offers features like limitless withdrawals and an overdraft facility, but usually doesn’t have interest benefits. 

The packaged current account provides enhanced benefits compared to the standard, while the single-column cash book is tailored for businesses that do not want separate bank accounts and lack an overdraft facility. 

Premium current accounts, ideal for large businesses, comes with features such as free cash deposits up to set limits and perks like travel insurance and interest on deposits. 

For businesses operating mainly in foreign currencies, the foreign currency current account facilitates transactions in multiple currencies ideal for global operations. 

Payment modes available for current accounts 

In today’s digital world, managing a bank account has become more straightforward than before. It is crucial to grasp the various payment methods on offer, each designed for your convenience. 

1. Instant fund transfers 

Online banking has made managing your current account far more convenient than in the past. Through this service, you can handle transactions, settle bills, and even request chequebooks without a bank visit. 

The benefits include: 

• Accessibility: Available 24×7, allowing you to perform banking operations anytime, anywhere. 
• Ease of use: User-friendly interface to make navigation and operation simple. 

• Security: Encryption and two-factor authentication to ensure your online activities are secure. 

Mobile banking can make managing your current account effortless. It offers: 

• Instant transactions: Pay bills, send money, or check your balance instantly. 
• Alerts and notifications: Stay informed about account activity with real-time alerts. 
• Customisation: Many apps allow you to tailor your dashboard for a personalised experience. 

NEFT/RTGS provides you with a secure and efficient method of transferring large sums of money: 

• NEFT (National Electronic Funds Transfer): Suitable for any sum; settled in hourly batches. 
• RTGS (Real-Time Gross Settlement): Best for transactions over ₹2 lakhs; settled instantly. 
• Safety: Tracking and security are ensured with unique transaction IDs. 

2. UPI: Making payments simple and swift 

Unified Payments Interface (UPI) is a revolutionary tool for your current account: 

• Seamless integration: Link multiple bank accounts to one mobile application. 
• Instant transfers: Send or receive money instantly without sharing bank details. 
• Low cost: Most UPI transactions are free or carry minimal charges. 

3. QR code: Scanning your way to swift payments 

Quick Response (QR) codes offer contactless and quick transaction modes for your current account: 

• Instant processing: Just a scan away, payments are processed in seconds to boost business efficiency. 
• Contactless transactions: With health and safety in focus, QR codes ensure no physical exchange, reducing contact risks. 
• Versatility: Cater to a wide audience; they don’t require high-end smartphones, work with basic camera phones too. 

4. POS machine: Your desk-side cashier 

Point of Sale (POS) machines provide real-time electronic transaction solutions for your current account. You can even order a POS device through the Indus Merchant Solutions App. The advantages of POS machines include: 

• Multiple payment methods: Accept both credit and debit card payments, offering versatility to your customers. 
• Real-time reconciliation: Immediate transaction records ensure simpler accounting and financial tracking. 
• Enhanced security: With encrypted transactions, POS machines reduce the risk of fraud, safeguarding your business. 

5. Soundbox: Transforming audio into payments  

Soundbox offers an auditory payment confirmation, ensuring reliability for your current account: 

• Audible confirmation: Each transaction triggers an audio confirmation, removing uncertainty and ensuring transparency. 
• Integration with multiple devices: Compatibility with various POS machines and payment gateways increases its utility. 
• Battery operated: Ensures continuous operations even during power outages, vital for uninterrupted business transactions. 

6. Pay by link: Convenience redefined 

Pay By Link is an emerging payment method that is gaining popularity for its utmost convenience: 

• Simplified payments: Generate a unique payment link that can be shared. Recipients click the link and make payments swiftly, eliminating the need for sharing sensitive bank details. 
• Versatility: It is highly versatile and can be used for various purposes, such as bill payments, event registrations, or product purchases, making it suitable for both personal and business transactions. 
• Enhanced tracking: With Pay by Link, you can easily track payments and reconcile them, simplifying your financial record-keeping. 

Cash management services 

In the bustling world of finance, managing your cash flow efficiently is paramount. Cash management services are integral to online banking for a current account. 

• They seamlessly integrate with digital platforms to offer optimal cash flow solutions.  
• You can effortlessly deposit funds, ensuring both convenience and security. 
• You are granted instant access to withdraw your money anytime and from any location. 

An online current account assures speed, unparalleled availability, and top-tier security. Streamline your cash dealings and stay a step ahead. 

IndusInd Bank offerings 

Navigating the vast array of payment modes can be difficult. However, with the right bank as your ally, managing a current account becomes a breeze. 

IndusInd Bank understands your unique needs and offers you a blend of traditional and modern payment methods. 

• Instant account opening: Bid goodbye to tedious paperwork. With streamlined and 100% digital processes, you can get your account started within minutes. 
• Personalised account number: The MAMN (My Account My Number) facility lets you choose an account number of your choice. 
• Round-the-clock access: With state-of-the-art mobile and internet banking services, your account details are just a click away. 

Apart from the different digital payment methods, IndusInd Bank also offers free chequebooks with their current accounts. These cheques remain a dependable and methodical payment method for many businesses. In addition to providing tangible proof of payment, which is ideal for legal and tax purposes, IndusInd Bank’s cheques can also be post-dated, providing better control over when the payment is made. Additionally, they are accepted widely and can be used where digital methods are not prevalent. 

So, why wait? Dive deep into the world of convenient banking. Know more about the multitude of features and benefits that come with IndusInd Bank’s current accounts, and redefine your banking experience. 

Conclusion 

Proper management of finances is a critical aspect of your life. Choosing the right payment mode for your current account is a crucial decision. 

IndusInd Bank offers a wide range of secure and efficient options that are tailored to meet the diverse needs of individuals and businesses alike. Whether it is for daily transactions or strategic business requirements, IndusInd Bank has got you covered. 

By choosing IndusInd Bank, you are not just choosing a bank, but a partner who is dedicated to enhancing your banking experience. With an array of offerings that have been designed keeping your requirements in mind, make IndusInd Bank your trusted partner for all your banking needs and elevate your financial manoeuvres to new heights. 

Click here to 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.