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When you start a new business, taking car of your finances might look easy at first. After all, you probably have only a handful of team members and minimal transactions to manage. But as your business grows and you focus on attracting more customers and cash influx grows, the need to open a Current account becomes imperative.
Doing your banking in this way makes tracking all your transactions easy. Plus, you can easily record every transaction. Let’s look at some of the benefits of having a Current account with IndusInd Bank for a new business.
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A Current Account Gives You Ease with Day-to-Day Transactions
Whether you are an entrepreneur, a business owner, or a trader who needs to access their account daily for managing transactions, a Current account is the right choice. However, the cash deposit and withdrawal limit will vary depending upon the type of account you choose.
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Enjoy Hassle-Free Foreign Transactions
Some banks offer their account holders forex facility along with their account. However, it is advisable to speak with their team to understand the legal regulations related to foreign trade and investment.
Make Bulk Payments
Be it sending money to service providers or giving salary to employees, if you want to make bulk payments, a Current account will enable you to do so. Some banks also offer cash management solutions that enable account holders to make payments digitally.
Track and Protect Transactions with a Current Account
Running a business without a bank account means you need a resource to keep records of all your company’s financial transactions.
Eventually, this will become an exhaustive process. Having a Current account saves you both time and money. You can track all your transactions easily.
What’s more, banks give account holders the facility to make digital transactions and check all their transaction details online. If there’s any wrong transaction reflecting in the account summary, you can always get back to the bank for details.
Take Advantage of the Overdraft Facility
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Many accounts come with an overdraft facility. This allows the account holder to withdraw an amount that’s beyond their account balance. The money borrowed will be taken out of the next credit transaction made into the account.
A Final Word
A Current account is the primary requirement of starting a business. It allows transactions beyond the scope of a savings account. It also facilitates frequent transactions such as transferring funds, receiving checks, and so on.
Whether you are a public or private company, a trust, an individual, a proprietary concern, or an association, you can operate a Current account with no restrictions on the number of transactions per day.
A number of banks including IndusInd Bank offer many attractive benefits on Current accounts that meet the diversified needs of a business. However, when opening a Current account, you need to remember that not maintaining a minimum balance in your account can incur penalty charges.