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It is compulsory to open a current account for startups in India?
Posted on Friday, March 31st, 2023 | By IndusInd Bank
Starting a new business is an exciting time for entrepreneurs, but it also comes with many important decisions that need to be made. One of those decisions is whether to open a current account for the startup. In India, there is no legal requirement for startups to open a current account, but there are many benefits to doing so.
What is a current account?
First, let’s understand what a current account is. A current account is a type of bank account that is designed for businesses and other organizations to manage their finances. Unlike a savings account, a current account allows businesses to deposit and withdraw money as often as they need to. Current accounts also come with features such as overdraft facilities, checkbooks, and online banking that can be beneficial to businesses.
Why should MSMEs/startups open a current account?
Now let’s discuss why it may be beneficial for startups to open a current account. One of the main benefits is that it can help separate personal and business finances. By having a separate account for the business, it becomes easier to keep track of the money coming in and going out of the business. This can help with accounting and tax purposes.
A current account also offers convenience and flexibility. With a current account, businesses can make and receive payments easily through online banking, checkbooks, and other payment options. This can save time and effort compared to using personal accounts for business transactions.
In addition, a current account can also provide access to additional services and products that may be beneficial for startups. For example, some banks offer cash management services, business credit cards, and other financial products that can help manage and grow a business.
Which current account should startups open?
If you are looking for the best-in-class banking services for your enterprise, open a current account with IndusInd Bank. Here are 5 reasons why you should choose IndusInd Bank Current Account:
- IndusInd Bank offers tailored banking solutions to cater to the specific needs of various industries, including IT/ITes, textile, telecom, shipping, agro import and export, and more.
- With an IndusInd Bank current account, you can choose an easy-to-remember account number, whether it’s your anniversary date, mobile number, or lucky number.
- IndusInd Bank’s current accounts offer flexible cash deposit limits that can adapt to your business’s dynamic transaction requirements today and tomorrow.
- Our current account comes with a range of digital payment solutions, including POS devices, QR codes, Soundbox, and Payment Gateway solutions, so you can accept cashless payments from vendors, channel partners, customers, and more without any hassle.
- IndusInd Bank provides user-friendly online banking portals, as well as secure mobile banking apps, making banking on the go simple, secure, and smooth.
That’s not all! You also get to experience hassle-free and secure doorstep banking services, including cheque pickups and on-call cash pickups, with IndusInd Bank’s premium doorstep banking offering for current account holders. So, what are you waiting for? Click here to open IndusInd Bank Current Account instantly, without any paperwork!
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.
