Key Features to Look for in a Current Account to Meet Your Financial Goals
Want to open a current account that can support your financial goals? A well-selected current account can help you manage daily transactions effortlessly, save on fees, earn rewards, access business loans quickly, and achieve long-term financial stability. However, to fully capitalise on these benefits and align your current account with your short-term needs and long-term ambitions, you must understand what features to prioritise.
Here are some essential ones to consider:
Low Average Monthly Balance (AMB) requirement
A low AMB requirement reduces the pressure of keeping large sums idle in the current account. This helps you use your money freely to meet daily expenses, business needs, or profitable investment opportunities. The IndusInd Bank Indus Max Current Account supports the needs of businesses by minimising financial constraints through a low AMB requirement of only ₹10,000.
This digital current account offers more value-added and practical features, such as:
● Customise your account number: With the ‘My Account My Number’ feature, you can create an account number of your choice.
● High free cash deposit limit: Deposit up to ₹6 lakh per month at home and non-home locations without charges.
● Free NEFT/RTGS/IMPS: Enjoy electronic transactions for free, both via branch and online.
● Free chequebook: Get 50 free cheque leaves every month.
● Access to quick business loans: Get access to affordable, quick business loans to fuel the growth of your enterprise.
Complete the current account documentation and other formalities conveniently from anywhere! Don’t wait anymore – apply today!
Interest on surplus funds
The IndusInd Bank Indus Premier Business Current Account provides an opportunity to earn interest on surplus funds through the auto-sweep facility. You only have to set a threshold, and any amount above it will be transferred to linked fixed deposits automatically. This way, your idle funds earn FD-like high returns.
When funds fall short for a transaction, the system efficiently breaks the FDs and sweeps the needed amount back into your account. This happens hassle-free and without any penalty charges. This way, the auto-sweep facility helps you turn a simple current account into a potential source of passive income.
High transaction limits
To maintain uninterrupted business operations, particularly during high-demand periods, it's crucial to have high transaction limits. This capability lets you process larger transactions smoothly without the inconvenience of multiple approvals or splitting payments.
This can simplify daily operations, reduce administrative burdens, and boost operational efficiency by accommodating bulk transactions seamlessly.
High overdraft limit at an affordable interest rate
An overdraft facility lets you withdraw more funds from your current account than the available balance (up to a pre-approved limit). It’s wise to choose a current account that offers a competitive interest rate and a high limit on the overdraft facility.
These features offer you the financial freedom you need to manage cash flow effectively, especially during periods of unexpected expenses or revenue fluctuations.
Additional value-added current account features you must look for
● Account grouping facility: Helps you manage multiple accounts more efficiently by consolidating them under one platform.
● Easy withdrawals and deposits: Offers convenient and 24/7 access to your funds whenever needed.
● Online and mobile banking: Lets you manage your current account and finances from anywhere, at any time.
● Trade and forex services: Supports your international business transactions with specialised services.
● Doorstep banking: Provides convenient cheque pickup and cash pickup/delivery services directly at your location.
Key takeaways
Selecting a current account that aligns with your financial objectives may seem difficult but it’s entirely possible. Look for features such as low AMB requirements, interest on surplus funds, high transaction limits, affordable overdraft facilities, and doorstep banking.
These current account features, combined with additional perks like cashback offers and reliable customer support, can transform the way you manage your business finances. Make an informed decision today, and let your current account fulfil all your unique financial goals.
Disclaimer: This article is published in association with IndusInd and not created by TNM Editorial.