For any company, current account opening is essential as through this account, conducting daily transactions becomes easier. A current account comes with zero cap on daily transaction limit and provides various benefits like free NEFT, IMPS, RTGS transactions, overdraft facility, free cheque book, waivers on cheque deposit fees, waivers on cash withdrawal fees, etc. So, if you have a business and looking to open an offline or online current account, understanding the current account requirements is crucial. Here are some special facilities of current account you must be well-versed with.
Important features of a current account
- Unlimited transactions
Businesses require dealing with various number of transactions and transfer of money on a regular basis. A current account makes it simpler as it has no caps on the transaction as well as withdrawal limits making it simpler for you to conduct your company’s daily operations smoothly.
You even get the flexibility to pay and transfer the money anytime from everywhere through internet banking, all-in-one banking apps, debit/credit cards and cheque books.
- Overdraft option
A current account offers overdraft option using which you can spend a higher amount than your account balance up to an assigned limit. This allows you to easily manage your company’s short-term monetary mismatches effectively. It even allows you to cover your company’s month-end expenditures like bills, salaries, account payables, etc. at times when your own payments may be delayed.
- Conduct bulk payments and foreign transactions
One of the crucial current account benefits is it allows you to conduct bulk payments like payment of salaries, commissions, etc. and even allows you to make foreign payments to enhance the export business. So, with a current account, making bulk payments and foreign transactions is not just efficient and cost-effective, it even allows you to scale your company internationally without fretting much about the foreign exchange transaction cost.
- Additional benefits
Besides offering unlimited number of transactions and withdrawals that can be done through the current bank account, you even get additional benefits like free NEFT, IMPS, RTGS transactions, free demand drafts, higher pay order limits, free access at all the international and domestic ATMs, free cheque collection via speed clearing, daily visits by bank reps to your office or home for picking and depositing cheques in your account, waiver on outward cheque returns, a dedicated relationship manager, better foreign exchange rates, cash management services, POS (point of sale) solutions, free alerts through SMS and email, instant EMI conversion, dynamic currency conversion, etc.
Owing to the offered benefits, current account opening is a must for your business to manage your daily transactions with ease. In case you are looking to open an online current account, then you can visit your preferred bank’s website to apply for a current account. Here, you must fill out the application form and attach the asked documents such your business proof, identity, and address proof. The bank will approve your current account application within a few days, after which you can begin using the account for your business requirements.