How to choose the Ideal current Accounts For Freelancers and Small Scale Businesses?

Posted on Tuesday, September 12th, 2023 | By IndusInd Bank

With the Indian economy rapidly expanding and evolving, more individuals are turning to freelancing and self-employment as viable income options. As the gig economy rises, it has become essential for such professionals to manage their finances efficiently, since their income fluctuates and depends on the scope of the project. 

If you are a freelancer or a self-employed individual, a key aspect of your financial management is choosing the right current account to suit your business. A well-suited current account can provide you with the necessary tools to streamline your finances and ensure seamless business operations.  

In this blog, we will explore some of the current accounts tailored for freelancers and self-employed professionals in India. 

Understanding unique financial needs 

As a freelancer or self-employed professional, you often have project-based work. Your income may vary based on the frequency of the work. This necessitates an account that offers flexibility, cost-effectiveness, and features to manage business transactions efficiently. This is why current accounts are crucial for freelancers and self-employed individuals.  

A current account offers the flexibility of multiple transactions to receive and make payments without restrictions. This suits your needs as a self-employed and freelancing individual.  

To add to your benefits, IndusInd Bank Current Accounts offer unique features to suit your business requirements:  

1. These accounts levy minimal charges for the smooth management of your finances.  

2. By opening a current account with IndusInd Bank, you have the flexibility to choose the account number via the MAMN (My Account My Number) facility.  

3. You get dynamic cash deposit limits, high transaction limits, efficient cheque collection services, and a lot more.  

4. You also get access to overdraft facilities and pre-approved business loans to maintain your cash flow at all times.  

How to choose the ideal current account for your business banking requirements 

When determining the ideal current account for your freelancing or self-employed venture, several key aspects will guide your decision. Assess the flexibility of the account and look for features that are apt for you, given your income might vary every month.  

The following are a few parameters you must consider when choosing a current account for your business:  

• Flexibility: Opt for an account with a low or no minimum balance requirement, accommodating your varying income streams effectively. 
• Digital convenience: Prioritise accounts that offer a user-friendly mobile app and online banking services, enabling you to manage transactions on the go. 
• Transaction charges: Look for accounts with reasonable charges for essential services like fund transfers, cash deposits and cheque clearances, helping you control costs. 
• Personalised support: Seek accounts that provide tailored solutions, including business advisory services, customised loan options, and flexible payment solutions. 

Keeping these points in mind, evaluate the different accounts based on your specific needs and confidently choose a current account that aligns with your financial goals.  

Current accounts by IndusInd Bank 

We have compiled a list of current accounts for freelancers and self-employed businessmen offered by IndusInd Bank. These accounts have a 100% digital opening procedure and provide instant account access.  

Additionally, you can customise the account number as per your preference via the My Account My Number facility. It lets you pick an account number of your choice – a number that you can easily remember. 

Indus Freedom Current Account 

This account is specially designed for individuals and sole proprietorships, keeping their business needs in mind. As the name suggests, the account offers complete freedom of banking services and meets your daily transactional needs.  

With a comprehensive package of banking services, this account is a must-have for every freelancer / self-employed individual. Some notable features of this account are:  

• This current account is ideal for freelancers and small business owners to manage their finances as there are no minimum balance requirements upon the completion of 1 digital transaction per month.  
• It offers high deposit limits of up to ₹4 lakhs per month.  
• There are no transactional charges on online transactions, such as NEFT, RTGS and IMPS. 
• You get free cash withdrawals at IndusInd Bank and other bank ATMs, for convenient fund access.  
• You get access to a range of business debit cards with unique benefits to choose from. 

Know more about the Indus Freedom Current Account. 

Indus Tarakki Current Account 

The Indus Tarakki Current Account helps you manage finances efficiently in today’s fast-paced business environment. The account is specially designed for merchants, traders and retailer business owners.  

Here are the key features of the Indus Tarakki Account:  

• You enjoy freedom from minimum monthly balance requirements by making or accepting one payment via IndusInd Bank POS / PG / QR / UPI every month.  
• You can experience hassle-free digital collections through POS devices, QR codes, UPI and various other methods of digital payments. 
• You get free cash deposits of up to ₹5 lakhs every month. 
• You can conduct digital transactions through NEFT, RTGS and IMPS, free of charge.  

Explore more about the Indus Tarakki Current Account. 

Choosing the ideal account for you 

Selecting the right current account as a freelancer or self-employed professional in India depends on various factors. Consider your transaction volume, digital banking preferences and budget constraints when making your decision. Both of the accounts mentioned above offer unique advantages customised to different needs. Outlining your needs can help you select the current account that is most suitable for you.  

If you are unsure about choosing the right current account, you can contact IndusInd Bank’s dedicated support team for expert advice. 

Conclusion 

As work continues to evolve, so do professionals’ financial needs. IndusInd Bank is keeping pace by offering current accounts with unique features that cater to the specific requirements of freelancers and self-employed individuals.  

Understand your needs and explore the options available to find the perfect account that aligns with your business goals and financial aspirations.  

Open a 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.