Best Current Account Guide for Start-Ups in India

Posted on Wednesday, July 31st, 2024 | By IndusInd Bank

Starting a business requires planning, especially in managing finances. One of the crucial steps for a new business is selecting the right current account. A variety of current accounts are available in the market, designed to meet the specific needs of start-ups. 

Here’s a guide to help you choose the right current account for start-ups and how it can enhance your business’s financial health.

How to Choose the Right Current Account for Start-ups?

Before you select a current account for your start-up, consider the following factors:

1. Business Needs

First, evaluate the financial needs of your business. Does your start-up require frequent transactions, or do you need an account for holding funds? Understanding these aspects will help you select an account that offers relevant features.

2. Business Scale and Goals

 Newer businesses may find certain current account types to be a better fit. In contrast, established businesses would require different things. It is crucial to review the existing scale of your start-up business and the growth goals you may have in mind. Depending on those, you can choose from a variety of current accounts. 

IndusInd Bank offers multiple current account options for diverse business types and needs, like:

1. Indus Tarakki Account – Ideal for smaller businesses, retailers, merchants, and traders.
2. Indus Premier Current Account – Suitable for sole proprietors, partnerships, trusts, limited companies, limited partnerships, and more.
3. Indus Freedom Current Account – Ideal for small to medium businesses. 
4. Indus Select Current Account – Ideal for medium-sized businesses.  

To open a Current Account with IndusInd Bank, visit our website or your nearest bank branch. 

3. Transaction Limits and Charges

Look for accounts with high transaction limits and low or no charges for account maintenance or other services.

Some transactions you need to be aware of include:

• Minimum balance non-maintenance charges 
• Cheque deposit fees
• Outstation cheque collection charges
• Chequebook issuance charges
• No transaction charges
• Cheque return charges
• Debit Card annual fee, and more. 

4. Digital Banking Services

As a start-up, you must choose a digital-savvy banking partner to make your banking experience easier. Opt for banks that offer seamless digital and mobile banking facilities, so that you can manage your finances on the go.

For instance, you can carry out complex transactions, such as bulk upload for salary credits, vendor payments and even multi-party NEFT/RTGS digitally with the Indus Direct platform by IndusInd Bank. 

5. Overdraft Facilities

Start-ups may face gaps in cash flow. Hence, an overdraft facility is crucial when choosing a current account for start-ups. This facility allows the account holder to access funds despite a low account balance. This can help the business resolve cash flow issues. 

Also Read: The Importance of Overdraft Facility in Current Account

Why Choose IndusInd Bank as Your Banking Partner?

By opening a current account with IndusInd Bank, you can get the following benefits:

1. Choice Money ATM

At our Choice Money ATMs, you can pick what denomination of notes you want to withdraw. 

2. Flexi-Transaction Current Account

With this feature, you can design your banking services to fit your start-up business needs with customisable transaction limits.

3. Check on Cheque

Access images of cleared cheques anytime via IndusInd Bank’s Net Banking portal. These images are also available in your monthly e-statement.

4. My Account My Number

Choose an easy-to-remember account number, such as your date of birth, mobile number, or any number pattern related to your business/personal identity. 

Conclusion

Selecting the right current account is important for the smooth financial operations of your business. Keep the above points in mind when choosing the best account for start-ups. With IndusInd Bank, you can enjoy tailored banking solutions that support your entrepreneurial journey.

Ready to take your start-up to the next level? – Open a Current Account online with IndusInd Bank now! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your 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 making any financial decisions based on the contents and information.