Here in this blog, we talk about choosing the right bank account for your business if you are trying to understand what best fits your business or you wish to know what features of bank account such as interest rates, fixed deposits, etc. you must have. It could also assist if you are planning to switch from your exiting current account.
Being a business owner, at times you tend to become confused when it comes to choosing the right current account for your business. Also, having a current bank account is an important pre-requisite in running a business.
Opening a current account comes with a package of various benefits to run a business successfully. Moreover, a few banks allow an unlimited number of transactions on your account i.e. there’s no monthly restriction. This further promotes the benefits of having a separate current account apart from your normal savings bank account.
In India, there are several types of accounts for depositing your funds in the banks. One of the most common types of account is the Current Account. The current bank account is used by individuals having a high number of banking transactions. A Current Account is particularly for business transactions. This account isn’t for saving or investment purposes. With this account, customers won’t receive any interest. This Account is used for day to day banking transactions making it easier for the account holder to go about his business. There aren’t restrictions on some of the transactions like a savings bank account. Banks generally would collect maintenance charges as service fees. The amount in these current accounts could be deposited and withdrawn any time without providing any prior notice. It’s also suitable for making the payments to creditors with the help of cheques.
Things to look for in a Current Account