Maximising Benefits from Your Current Account: Important Tips

Posted on Wednesday, September 11th, 2024 | By IndusInd Bank

A current account is essential if you deal with a large number of transactions, whether you are a sole proprietor or a business partner. But are you truly making the most of the current account benefits offered by your bank? Here are some points to help you optimise the full potential of your current account and save money. 

How to Make the Most of Your Current Account?

Here are some key strategies to maximise your current account benefits:

1.      Understand Your Account

Make yourself familiar with all the features available in your chosen current account. This includes understanding transaction limits, interest rates (if any), online banking features, and so on. Also, look for specific perks like free debit cards or discounts on other banking products.

2.      Take Advantage of Online and Mobile Banking

One of the best current account benefits you can enjoy in today’s digital age is the convenience of online and mobile banking platforms. These platforms allow you to track transactions, pay bills, transfer funds, and manage your account 24/7.

With IndusInd Bank, business owners can enjoy seamless digital banking through our IndusDirect mobile banking application, IndusNet portal, and the IndusMobile application. Account holders can manage payments, get real-time balances, request statements, view their trade dashboard, and more. 

3.      Set Up Account Alerts

Stay informed about your account activity by setting up transaction alerts via SMS, email, or the app. This way, you can keep watch on your balance, detect any unauthorised transactions, and have better control over your finances.

4.      Leverage Overdraft Facilities

One of the best current accounts benefits is the overdraft facility. With this facility, you can withdraw more money than you have in your account to manage short-term cash flow issues. However, be mindful of the interest rates and fees associated with overdrafts to avoid unnecessary costs.

5.      Explore Value-Added Services

One way to maximise your current account benefits is to make use of value-added services. Many banks offer services, such as cash management solutions, merchant services, or investment options with their current accounts. Explore these services to see if they are in tune with your business needs and how they can add value to your banking experience.

IndusInd Bank offers a range of value-added services with its current accounts, such as easy GST payments, direct tax payments, doorstep banking services, smart cash management services, and more. Businesses can use these services to streamline their tax payments, vendor payments and collections, and manage their cash flow more easily. 

6.      Negotiate Fees and Charges

Don’t hesitate to negotiate with your bank on fees and charges associated with your current account. Businesses with high transaction volumes can benefit from reduced charges. 

7.      Maintain a Healthy Average Balance

Some current accounts come with minimum balance requirements. Or they may offer higher benefits for maintaining a healthy average balance. You must understand these requirements to avoid unnecessary fees and enjoy some additional benefits if available.

8.      Review Your Account Regularly

Make it a habit to review your current account statements and transaction history at regular intervals. This helps track your spending patterns, identify any issues, and ensures the accuracy of your finances.

Also Read: Top Factors to Consider When Choosing a Current Account

Conclusion

By implementing these tips and choosing the right banking partner like IndusInd Bank, you can unlock the full potential of your current account and make it more seamless and rewarding. 

IndusInd Bank provides a range of current accounts designed to cater to the unique requirements of various businesses, including sole proprietors, small and medium businesses, professionals, and more. With IndusInd Bank, your business and finances are in the right hands. 

Ready to experience the best of current accounts? Open a current account online with IndusInd Bank today! 

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.