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How to set up a Current Account for Home-run/ Small Business?
Posted on Friday, November 26th, 2021 | By IndusInd Bank
Do you know that 68 percent of small businesses have separate accounts in banks for their personal and business transactions? As businesses need to conduct a lot of monetary transactions on a daily basis, having a current account is a necessity. So, if you are planning to set up a current account for a home-run/ small business, the blog post is for you. Read on to find out how to set up a current account for home-run or a small business.
Why is a current account a must for your small business?
Business transactions happen in large volumes, and this is why a current account is better than a savings account. By opening a current account, you get to plan your business finances in a better way. Also, a current account makes it easy to analyse the profit or loss of a business. You can also have separate accounts to avoid overspending and file taxes.
Another reason for a business to have a current account is because it improves the creditworthiness. If you have plans to take a loan in future, a business account will help in qualifying for the same. But, make sure you choose a reputable bank such as IndusInd Bank for the many benefits you will get in the long run.
How to set up a current account?
Setting up a current account in any bank, including IndusInd Bank is quite easy. All you need to do is, visit the bank website, go to the current accounts section and ‘APPLY NOW’ for current account variant you wish to open.
The Bank Employee will visit you to assist in hassle-free digital account opening through an account opening app. This ensures a delightful experience without any stress of arranging scan copies of documents, doing multiple signatures on account opening form and delay in account opening process. You can easily open Indus Max Current Account, which is ideal for small/startup businesses.
Why Opt for Indus Max Current Account by IndusInd Bank?
If you are a small or home-run business, Indus Max account is affordable and convenient. It is a small-business appropriate account that offers value-for-money and has many practical features to help you grow your business. The Average Monthly Balance requirement for Indus Max current account is Rs. 10,000 only.
Features of Indus Max Current Account
Anywhere cash deposit limits – Deposit a combined cash of Rs. 6 lacs at home and non-home locations, free of cost.
Grouping of accounts – Group your current account with the saving/current accounts of your own or family members and enjoy the flexibility of maintaining group balances.
Auto sweep deposit – Enjoy auto transfer of excess balance from current account into sweep FD.
Doorstep Banking – Up to 3 cheques can be picked in one month through a call facility free of cost
Demand Draft – NIL charges on Issuance of Demand Drafts/ Pay Orders up to 25 Lacs every month. At IndusInd Bank
Eligibility Criteria
Limited company, sole proprietorship, limited liability partnership, association, society, and club are some of the organisations eligible to open the Indus Max current account.
Last Few Words
Managing a business efficiently needs a lot of planning and hard work. Considering this, worrying about making payments smoothly and maintaining your profit and loss record should not interfere with managing your business. Opening a current account will help you manage the transaction part with ease and convenience.
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.
