Top Factors to Consider When Choosing a Current Account

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

Thinking about opening a current account? This decision is something you should never take lightly because this key step shapes your business’s financial journey. How?

When you run a business, every transaction counts. You must handle daily expenses and pay workers on time. You also need funds for growth and expansion, investments, tax payments, and more. Your current account is quite important for all these transactions. You can consider it as thee financial foundation facilitating your business. Thus, it becomes a critical task to choose the right current account by evaluating a lot of factors.

Key Factors to Consider When Choosing a Current Account

Fees/Charges

Different banks apply different fees or charges to their current accounts. Some may charge a monthly fee just to keep the account open. Others might have fees for money transfers or ATM withdrawals. Compare these fees across various banks.

Say ‘Bank A’ charges ₹70 per month as a maintenance fee but offers free online transactions. Meanwhile ‘Bank B’ has no maintenance fee but charges for each online transaction. Depending on your transaction volume, one can be more cost-effective than the other.

Digital Services

Nowadays, with peoplepeople wanting banking at their fingertips, digital bank services are important. . So, digital bank services become important. It helps you open a current account online instantly, check your balance, send/receive money, or pay bills directly from your phone or laptop.

But the catch is to select a bank that has a secure and easy-to-use online platform for its customers. IndusInd Bank meets this need by offering intuitive digital platforms that include advanced features like quick transfers, withdrawals, and bill payments. A current account with IndusInd Bank means you save both your time and effort.

Overdraft Facilities

Overdraft facilities offer a lifeline when funds run low. Suppose you have to make a payment of ₹6.5 lakh. But all you have in your account is ₹4 lakh. With an overdraft, you can still pay that amount. The bank pays the extra ₹2.5 lakh for you, and you pay it back later. However, you incur interest on the overdraft amount. So, check out the interest rates and terms thoroughly before you open a current account.

Customer Service

If you have trouble with a payment or any other banking job, you would naturally want quick help from your bank. Good customer service means you have options to get help via multiple channels like email, phone calls or online chat and responsive staff. Customer service that is available 24/7 is even better. It gives you comfort because you know that if there’s a problem with your bank account, it will be fixed quickly.

Get Interest on Surplus Funds

Current account interest rates do not exist. But with most IndusInd Bank Current Accounts, you earn money on surplus funds. Through the auto sweep deposit feature, any amount over a set limit is moved to a fixed deposit automatically. Let’s say your account threshold is ₹2 lakh and your balance reaches ₹2.5 lakh, the surplus ₹50,000 will be moved to an FD where it earns FD-like interest.

Wondering how to open a current account with IndusInd Bank? Well, with a 100% digital process, you can complete the entire process from your home, office, or any other location.

Additional Premium Services

If you need high-end banking services, choose an account with premium features to benefit you and your business. Take Indus Select Current Account, for example. It offers exclusive services like:

• Simple requirements for current account opening
• Auto-sweep fixed deposit options
• Dynamic cash deposit limit
• Preferential foreign trade charges
• Free cheque and cash pickup/delivery services
• A high limit on free demand drafts and pay orders

In short, your goal should be to choose current accounts with features and benefits that offer value to you and your business.

To Sum Up

These are a few important points you must evaluate before opening a current account. If you want value-added perks like unlimited withdrawals, higher cash deposit limits, and advanced digital banking platforms, consider exploring exclusive current accounts offered by IndusInd Bank. Enjoy impressive privileges, customised account numbers, smooth business transactions, family banking, and much more.

Apply for an IndusInd Bank Current Account online today! Enjoy a 100% digital process and instant approvals.

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.