Gone are the days when you rely on just one bank account for maintaining your personal as well as business finances. The need of the hour is to segregate your personal expenses from your business expenditures and keep a clear record of your business revenues. A current account is not even a choice anymore! It is a mandate if you are looking to run a flourishing business in the years to come.
Opening a current account online you a host of lucrative features and benefits which are extremely beneficial for your business. For instance, their current account schemes offers you benefits of unlimited deposits, withdrawals and contra transactions at zero interest, online banking, doorstep banking, overdraft facility and much more! These current account features are the ones that matter the most in keeping your business growth healthy and sturdy. Let us discuss about some of them at length.
Seamless financial management – Of the many advantageous features of a current account, this one is the most important. It is extremely important to keep a record of your business transactions un-synced from your personal expenses; more so because the Income-tax Act allows certain specific deductions of business expenses while computing your business income. The same is not applicable in case of your personal income and savings.
If you open an online current account, you shall be extended several value-added services absolutely free of cost. These include 24 hour banking, door step banking, online banking, mobile alert services, free pay orders or demand drafts, instant transfer of funds through RTGS/NEFT or IMPS.
You are also entitled to free inward remittances, deposits and withdrawals at any location, multi-location transfer, periodical statements and dedicated relationship managers to understand your specific requirements when needed.
In a nutshell, a small business current account helps you in executing easy and quick banking transactions, which is the most crucial aspect of running any business.
If for any reason your client has not paid you yet, and you are caught up with worries of paying your employees, purchasing raw materials, etc. you can make the most of your small business current account overdraft facility. You can overdraw the balance in your account on a temporary basis and cater to your immediate financial requirements.
No matter how big or small your business is, having a current account is imperative. Apart from bringing you myriad attractive benefits, it also helps you improve your creditworthiness.
Any business can fall short of funds at any given point of timer, and during these times your credit worthiness comes into the forefront, especially while you are looking to finance your business from an external source. If you are a current account holder, getting a business loan becomes even easier because your business transaction records prove your creditworthiness on your behalf.
So, if you haven’t considered opening an online current account till now, it’s time to reconsider now. Open a small business current account with reputable and witness your business reach newer pinnacles of success in the nearer future.