top of page

There are a few things to consider, before creating a current account

Writer: YashJYashJ

A current account is a type of business deposit account that allows for a greater number of transactions (such as check issuance, deposits, withdrawals, and D.D. issuing) and services.


1. Transaction fees: With a current account, you may make as many transactions as you like. Banks, on the other hand, levy a fee when the number of transactions exceeds a certain threshold. 


2. Minimum balance: The majority of current accounts have a minimum balance requirement. Someone who has  just getting started, a lesser minimum balance that must be maintained would be preferable.


3. Premium services: Some banks provide services such as cash pick-up and deposit, after-hours banking, credit cards, free pay orders, demand orders, Cheque Book, NEFT, RTGS, IMPS, and Digital Banking services such as Retail Internet Banking/Corporate Internet Banking and Mobile Banking. These services are not free. He/she  must determine if they needs such services and the associated expenditures.


4. Overdraft limit: After confirming the customer's reliability, most banks provide Cash Credit and/or Overdraft services to Current Account customers. If your firm runs into financial difficulties, an OD may assist you. As a result, you should choose a bank that can provide her the best rates and the OD facility as quickly as feasible.


5. Core services: You should make sure the bank you pick has core services such as online banking, mobile banking, cash management services, IT services, ERP services, multi-location cash deposits and fund transfers, wire transfers, bill payment services, and debit card access.


6. Interest rates: While a current account pays no income, you may move excess cash to fixed deposits and earn interest. You must find a bank with the greatest rates in which to deposit your surplus cash.


7. Bank Size: A bank with a wider bank network may be able to provide services in a greater number of locations. It would also have a wider ATM network, which would be helpful if you needed cash.


8. Digital services: The bank should also provide online services for current accounts. This will allow you to open your account quickly and with minimum paperwork. You would  be able to complete all following transactions from the convenience of  home or workplace, eliminating the need to visit the branch.

Comments


Connect with us

  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Incubated at MNIT Innovation and Incubation Centre

ww1.png
ww30.png

We are recognized by DPIIT as a startup.

Startup-India-creates-5-5-lakh-jobs-and-recognises-50000-startups-in-5-years.png
857-8570158_make-in-india-programme-make-in-india-logo.png

Disclaimer

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject Myrupaya.in or its owners/affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by us based upon projections which have been determined in good faith by Myrupaya.in its administrators and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. Myrupaya.in does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared based upon projections which have been determined in good faith and sources considered reliable by Myrupaya.in. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

bottom of page