If you are a business owner who wishes to open a current account, it is advisable for you to spend some time researching current accounts online and comparing features. You can streamline your cash flow, automate online payments, avail doorstep banking solutions, and even explore quick loans to enhance your financial flexibility. Choosing the best current account for small businesses out there can help you achieve all these benefits and more.
Top-quality current business accounts offer preferential trade charges and free debit cards with several advantages to customers. The current account opening process has also become easier than ever before as banks now allow customers to open their current accounts online through their mobile apps.
Top features to consider while choosing a current account
1. Analyse the current account fees charged by the bank: Banks charge several fees to customers to maintain their current accounts. They also impose restrictions on the number of transactions that a customer must make using the account. You need to consider the banking needs of your business and accordingly choose a current account.
2. Check if the bank offers efficient mobile and digital banking services: Digital banking solutions are a must for managing business finances today and you must check if the bank offers the same. For instance, IndusInd Bank’s IndusMobile app helps customers access and manage their digital current accounts and related services seamlessly. The free Select Debit Card that the bank offers with its Indus Select Current Account, too, can be managed through the app. You can also make NEFT/IMPS/RTGS transactions using this app.
3. Choose a current account with the overdraft facility and no monthly balance requirement: The overdraft facility allows you to access easy credit to manage your business’s cash flow needs better. In addition to an overdraft facility, you should also prioritise zero-balance current accounts like the IndusInd Bank Indus Tarakki Current Account. This offers you better flexibility to manage your business funds as you won’t be penalised for a low balance.
4. The bank should offer features like auto-sweep: While current accounts do not offer an interest rate on the account balance, you can optimise your idle funds through features like auto-sweep.The IndusInd Bank Indus Select Current Account offers this facility, which automatically converts funds in excess of the predetermined threshold into a fixed deposit, helping you earn interest.
5. Check if the bank offers additional premium services: Premium services include services like grouping of accounts. The IndusInd Bank Indus Select Current Account helps you group multiple current accounts into one. This feature is specifically helpful for family businesses.
How to choose the right current account?
Here is a stepwise procedure to choose the right current account by prioritising the best features:
Step number
Step
Description
1
Choose an online current account
An online account is fast to open, convenient, and cost-effective.
2
Compare the fees charged by various current accounts
You should evaluate the fees charged for different current account services by various banks before you open a current account.
3
Assess the bank’s customer service
You should be able to reach the bank’s customer services instantly via multiple channels.
4
Features like grouping of accounts, auto-sweep deposits, and preferential trade charges count as premium features that can help you grow your business.
5
Check the overdraft facility interest rate
You should also check the interest rates charged by the bank for availing its overdraft facility.
6
Review other features and terms and conditions
Check other important details like the fees and the features of the debit card offered with the current account.
To sum up
Selecting the right current account that helps you grow your business requires you to prioritise multiple features. Some of these features include the auto-sweep deposit feature, robust digital banking platforms, and attractive interest rates for availing the overdraft facility. Once you have carefully reviewed these features, you can easily open the best current account for your business online.
