A Bank Account is at the core of all your banking activities. You need an account whether you wish to deposit, withdraw, or transfer money. There are different types of Bank Accounts: Savings, Salary, Current, and Term Deposits. Each account serves a different purpose. Open an account that suits your banking needs the most.
A Savings Account is generally opened by all to meet daily or short-term financial needs. It manages your personal finances in a hassle-free manner. If you want to open an account to handle the business finances, a Current Account is ideal. It offers several unique features that you, as a businessperson, can benefit from. The following pointers explain the working and the benefits of a Current Account:
Easy deposit
As a businessperson, you need to cater to several clients or customers. These people pay for your products or services differently. Some pay in cash, while others deposit the money. A Current Account lets you make cash and cheque deposits at any bank branch. You also receive digital payments in your Current Account. This means you can accept payments in all modes.
Higher withdrawals
You may need to withdraw cash from your account to make payments and meet other requirements. A Current Account lets you make a higher number of withdrawals. The number of withdrawals allowed varies for every bank and account. Check with your bank to know about the number of withdrawals and other account benefits you can enjoy. Note that a Current Account does not bear interest nor requires a minimum balance.
Overdraft facility
An overdraft facility means getting more money than that available in your Bank Account. When you run a business, a financial requirement can arise out of the blue. It could be the immediate restocking of raw materials or marketing spending. A Current Account extends an overdraft facility. It lets you meet sudden business financial requirements trouble-free.
The overdraft facility limit varies for every bank and account holder. You should contact your bank representative to get the correct information.
Flexible access
By now, you are clear of the Current Account meaning and benefits. You can open a Current Account by completing a simple online procedure. The online account procedure is popular as it is simple and time-saving. You could sit in your living room or travel overseas to open your account. The same goes for account management. You can manage your account from anywhere and anytime using an Online Banking platform.
