Current account for your small business
by Radha Lakshmi BloggerHaving
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 613 times.