Types of current accounts and what suits you best
by John Judge WriterMost banks today offer a lot more than just a standard current account. These days, banks offer carried types of current accounts on the basis of a customer’s needs. Along with regular banking services, banks also offer a number of privileges and complimentary services, so be sure to ask your relationship manager how you can make the most of your current account. Here's a glimpse of the types of current accounts offered by most banks in India.
Standard current account
Most banks offer a standard current account facility. With this kind of account, you can make an unlimited number of withdrawals and deposits. At a minimal fee, you can even make deposits at branches other than your home bank branch. Since this account helps your business maintain fluidity, it does not ask you to maintain a minimum balance. However, being a zero-balance current account, it will not be able to give you any interest on your deposits.
Customer based current account
A number of banks provide speciality current accounts to help customers from varied business and trading backgrounds. As each business has different needs, a current account specially designed for a particular genre of business or trade becomes extremely useful to a business entity. Banks offer current accounts tailor made for start-ups, businesses involved in transport, businesses involved in travel and tourism etc. So, before you open a current account, ask your customer representative for options.
Foreign currency current account
A number of businesses trade internationally and as such need a cash flow of foreign currency - banks offer specially designed foreign currency current accounts to help international businesses with day to day business operations.
Premium current account
Unlike a standard current account, a premium current account requires customers to maintain a minimum balance. But most banks make up for this by offering customers a number of complementary banking privileges including high transaction limits, dynamic cash deposits, monthly statements, multi-location banking, multi transaction banking, unlimited withdrawals and deposits, and personal, phone, mobile and SMS banking services etc.
Packaged current account
Some banks offer packaged current account privileges, at a nominal fee, including general insurance, travel insurance or accidental insurance. When a customer purchases a packaged current account, they get the benefit of insurance plans affiliated to said bank - the process is easier as the bank already has all your information. It's also an easy way to protect yourself or your employees.
A number of major banks offer varied services and benefits when it comes to current accounts. It is always advised that you conduct thorough research and choose a current account that best suits your business and financial needs.
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Created on Nov 29th 2019 04:11. Viewed 437 times.