Successfully running a business is not easy. However, your dedication and passion make it possible. Your business may have several banking and financial needs. Ensure they are met securely and efficiently, as it puts your business at stake. One minor mistake: your business and your employees' financial standing go for a toss.
Consider opening a Current Account to seamlessly manage your business's banking and financial needs. The Current Account meaning is simple. The account has higher deposit/ withdrawal/ transaction limits and extends an overdraft facility, which makes it suitable for managing your business banking needs. Here is how a Current Account can help you manage your business:
- Segregation of funds
Many business owners, especially small-business owners, deposit their personal and business money in the same account. While doing so may seem convenient for money management, it can lead to serious liabilities. Hence, segregate your personal and business money into two different accounts.
A Savings Account is great for depositing for your personal goals, while a Current Account is suitable for businesses. You can deposit up to Rs. 2 lakh in the Current Account per month at any bank branch.
- Higher transactions/ withdrawal limits
When managing a business, a significant financial requirement can arise anytime. For instance, your manufacturer could ask you to clear a bulk order payment. Given this, you want to access a significant amount held in your account. With a Current Account, you enjoy higher transaction and withdrawal limits. This means you can readily access the amount you require without any hassles.
- Overdraft facilities
One of the most significant advantages of opening a Current Account for your business is that it extends the overdraft facility. This is a credit facility that allows you to withdraw funds from your account despite having zero balance. This allows you to instantly get funds to meet your business's short-term working capital requirements.
The overdraft facility limits depend on the bank. Typically, the higher the overdraft facility limit, the better, as it can help in many ways.
- Easy banking
As a business owner, you would constantly be juggling several things at a time. In such a tight scenario, you may not have time to visit the bank personally. Banks understand this and have introduced user-friendly online platforms that let you bank from anywhere and at any time. Just link the Current Account to the bank platforms. With the Current Account, you also enjoy door-step banking facilities.
The bank offers cash and cheque picks from your door-step through trusted partners, allowing you to take care of your banking requirements in a hassle-free manner. So, open the Current Account to simplify your banking journey today!