Benefits of having a high-balance current account

Posted on Wednesday, September 13th, 2023 | By Indusind Bank

A current account is a checking account that offers a high volume of transactions and services, designed for businesses and individuals who conduct high number of financial transactions daily. 

Some notable features of a current account are as follows: 

• It provides regular, rapid and unrestricted access to money. 
• It works like a savings account but provides additional benefits, like extended overdraft facilities and high number of transactions. 
• It is the most efficient way for companies to monitor cash flow, calculate monthly income and expenses, keep track of all activities, and simplify tax planning and filing.  
  
  As, it is crucial to keep your commercial transactions separate from your personal transactions. You can do this by managing your business through an online current account for convenience.

Let us discuss some benefits of having a high-balance current account. 

1. Overdraft facility  

The overdraft feature of a current accounts allows you to spend more money than is present in your account, up to a predetermined limit. This makes it possible for your company to successfully handle short-term cash flow inconsistencies in operations. Even if your payments are late, it enables you to pay your regular monthly expenses like salaries, rent, bills, etc.

The overdraft facility for a current account might save the day if your current account falls below the required minimum balance. When you are holding out for a lump sum payment, it is easier to keep track of key vendor payments and ongoing running costs. When you receive funding, it is deducted from the overdraft and your current account balance is returned to normal. This facility provides a breathing window for business owners experiencing a cash flow crisis.  

2. High number of transactions 
Businesses expand and evolve continuously. This may include –  

• Increased sales volume 
• Inclusion of additional businesses or product lines 
• Opening of new branch offices or geographic expansion  

When you have a current account for your company, you are not subjected to additional fees or restrictions when your company expands. The volume and number of transactions are unrestricted. You can carry on your business transactions with ease, and the current account works as a partner in the expansion of your company. 

3. Credit facilities 

A current account comes with credit facilities like business loans. This is particularly advantageous for companies that need money for investment or expansion.

Your current account serves as a model for both your personal and corporate finances. When you have a current account, your banker has a good grasp of your liquidity, ability to repay debt, and the cash flow of your company. As a result, obtaining a term loan or cash credit facility is simple, and you can avail yourself of competitive interest rates.  

You can open an online current account for your business and develop its stability, instead of having to arrange for capital. 

4. Bulk payment transactions 
Many current accounts offer the ability to make payments in bulk, such as paying all your employees or making payments abroad to expand your export business. This is not only efficient and cost-effective, but it can also make it simpler for you to expand your business overseas without having to worry about currency exchange. 

IndusInd Bank Current Accounts come with digital payment solutions, such as: 

• POS devices, Soundbox and QR codes for payments.  
• The Indus Merchant Solutions app, which offers on-the-go business banking facilities to help you scale faster: 
• You can place banking service requests digitally (such as, block / unblock your business debit card, order a new chequebook, etc.). 
• You get a digital ledger to keep note of all your cash sales. 

Any digital transactions you make with your online current account will be handled securely, without a hitch. 

Additional benefits  

• You receive extra perks like free demand drafts, free NEFT / RTGS / IMPS transactions, and greater pay order limits. 
• You can make high number of transactions from your current account. 
• With an IndusInd Bank Current Account, you may take advantage of premium doorstep banking services like cheque pickup and on-demand cash pickup. 
• You can enjoy tailored banking solutions with the bank’s current accounts. These cover agriculture, IT / ITes, telecom, textile, import and export, shipping, and several other industries. 
• You can group your current account with a related savings account. This helps you let go of the hassles of having to monitor each account separately. 
• You can get reports on the cash inflow, outflow, overdrafts, timing, quantity of cheque transactions, internet transfers and bill discounts.  
• As a result, you get a detailed history of all significant transactions. 
• IndusInd Bank provides the ease of immediate account opening without the need for time-consuming documentation. You can simply use video KYC and open an account digitally from the comfort of your office.  
• By doing away with the requirement for physical paperwork and saving you time and effort, you can open an online current account with IndusInd Bank easily. 

Open an IndusInd Bank Current Account to secure the future of your business. A digital current account is imperative for businesses to manage day-to-day transactions without difficulty.  

Freelancers and small businesses can benefit from IndusInd Bank’s Indus Freedom Current Account in several ways. The features of this digital current account include the following –  

• No Minimum Balance Requirement upon completing 1 digital transaction per month 
• digital banking solutions, such as free NEFT / RTGS / IMPS  
• cash deposit limit of ₹4 lakhs per month 
• multiple debit card variants to choose from 

Conclusion 

Current accounts allow you to focus on the growth of your business, without having to worry about financial stability. You can easily monitor your business transactions with a current account, and use the various features offered by IndusInd Bank to maximise the potential of your account and expand your business.  

So, why wait any longer? Open an online current account and reap these benefits! 

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.