A current account is important for all sizes of businesses. It allows the business to carry the seamless transactions in a day. Sometimes, small business owners think that they run their business with their savings account, but later they realize the importance of a current account
Axis Bank’s Current account allows you to streamline deposits, withdrawals, and other business transactions within your business. If you also plan to open your current account, there are some pointers you need to consider. Keep reading this post to know such pointers.
- Minimum balance needs
Usually, all banks are required to hold the minimum monthly balance in your account to become eligible for a current account opening. Ensure to check this requirement by the bank before applying for your current account.
This factor is useful if you just begin your business or want to use all funds that exist in your current account.
- Digital services
It is always suggested to choose a bank to open your current account that provides you mobile banking portal and user-friendly internet. The portal allows you to open your current account online without visiting the bank branch.
The best thing is that banks also provide you with online services like salary and bill payments, funds transfers, etc. These facilities help you to perform business operations at your convenience.
- Privileges and perks
It is suggested to check the perks and privileges that are provided by banks above standard services while applying for a current account. For instance, the same banks provide you with the account group, doorstep services, sweep-in and sweep-out facility, dynamic cash deposit limits, etc.
While choosing a current account, consider switching to that current digital account that offers you standard services with some perks and privileges. If you ensure this factor, you can get benefits from the digital banking services offered by the bank.
- Overdraft facilities
Banks offer overdraft faculties to current account holders if they have been with the bank for a long time. This overdraft facility also allows the account holders to take a low-interest rate loan against the balance in their account.
A current account that expands the overdraft facilities helps you to tide over the sudden cash that your business face. So, it is suggested to choose a bank that does not provide this facility but also has a high overdraft limit at best deals.
- Transactions fees
You can easily perform unlimited transactions with your current account. They only charge the fee when your transaction limits are crossed or go international. Ensure to schedule transaction charges before opening your current account. It is suggested to choose a bank that has a high fee transaction limit and a low transaction fee.
Conclusion
It is important to have a current account for your business, as it allows you to make business transactions flexibly. It provides you with flexible transaction limits and higher cash deposit limits, and online banking facilities.
Before applying current account, ensure to consider all the above factors, check eligibility criteria, and carry your complete documentation.
