Current account for your small business

by Radha Lakshmi Blogger

Having a current account is a mandate for every business today. Be it big or small, every business setups needs a well-sought business bank account so as to manage and monitor its day to day transactions.  A small business is at the threshold of a new journey, and is therefore in a need of a steady cash flow. So, a thorough check on its daily business transactions is imperative; and in order to make that happen seamlessly, you need a current account for your small business. Online current accounts making inroads in the banking scenario recently has made it even easier for entrepreneurs to open a small business current account, and enjoy various benefits and facilities of a current account from the comfort of their home or office.

Let us now look at some of the top features of a small business current account.

·         A current account allows you to maintain a relatively higher minimum balance amount.

·         There is no interest offered on minimum balance.

·         There are no caps on the number of free transactions.

·         You can enjoy benefits of an overdraft facility, wherein you can withdraw money on credit from the bank and meet your immediate business requirements, even when you have zero balance in your current account.

·         You are also given value added services related to online banking, unlimited deposits and withdrawals, etc. with your current account.

The benefits related to a current account are many. But what are the documents that you would need to open a business bank account? Let’s learn in depth.

·         A proof of identity

·         A proof of address

·         A recent colour photograph of yours

·         PAN Form 49/Form 60 if you have applied for PAN

·         A cheque from your existing savings account/current account

Opening a current account online is merely a piece of cake these days – more so because of the various technological advancements. Most banks help you open your small business current account without even visiting the bank in person. Simply apply for your current account online and reap maximum benefits out of the same. Let us now discuss at length about the various associated benefits of a current account.

·         Conduct your day to day transactions at ease. Withdrawal limits vary as per the type of current account you opt for.

·         Initiate bulk transactions of higher value without any worry, as current accounts have a higher transaction limits as compared to other type of accounts.

·         Keep a check and protect your transactions through constant monitoring of your current account.

·         Improve your credit rating with the aid of a current account and make yourself eligible for future loan requirements.

So, if you are a startup looking to grow and develop in the right environment, the first step to take is to open a current account for your small scale startup. Conduct a thorough market research on which bank offers you the best schemes related to current accounts, and go for the one that suits your business needs in the best possible way.

 

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Created on Aug 8th 2019 13:57. Viewed 605 times.

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