MSME Current Account - Open Merchant One Premium Current Account
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01 AUGUST, 2023

Are you an MSME who has identified the need for certain banking and business solutions to take your business to the next level? Are you looking for a more convenient and digital way to track payments and inventories, create a customer database, run campaigns and offers, and access instant credit for your business needs? Then Kotak’s Merchant One Premium Current Account is for you! 

The Merchant One Premium Current Account is a one-stop solution for all your banking and related business needs. It’s the kind of business current account or company current account that could help simplify and digitise most of your essential business processes. Whether you are a Kirana store owner who wants to convert his store into a supermarket or you want to open a pharmacy store, this current account can help you in various aspects of your business. Here’s how. 

Current account services First and foremost, the Merchant One Premium Current Account offers all the banking solutions you need including free cash deposits limits, home banking services, overdraft facility, cash management services, a free business platinum debit card, forex and trade services, and more. 

Optimum utilisation of funds

You also have access to other helpful banking solutions, such as KotakActivMoney. This feature allows you to make the most of the idle funds in your current account by converting them into a term deposit to earn attractive returns. You can set a threshold limit for your current account balance, and whenever your balance goes above this limit, the additional funds will automatically be converted into a term deposit. This way, your funds are being utilised in the best possible way, allowing you to earn returns while having access to them whenever required.

Kotak One POS

Kotak One POS is a simple card swipe machine that is equipped to accept payments from customers in multiple forms – debit and credit cards, UPI, Bharat QR, and more. With Kotak’s complimentary kotak.biz app, you can convert your smartphone into a POS machine and accept payments on the go. This cutting-edge technology allows you to make your phone your cash counter. You can also get instant credit in the form of an overdraft facility, the limit of which is based on your POS swipes. 

Additional Read: Difference between Merchant One and Merchant One Premium Current Account

Customer service and management 

Keeping your customers satisfied is essential regardless of the kind of business you run. And for that, you first need to know your customers. With Kotak One POS, you can digitally create a database of your customers while billing. When you have an offer or campaign, you can send offers to all the customers in your database in just a few clicks. You can also understand your customers better by analysing daily sales trends and viewing the customer purchase history. 

Additional Read:

Open your Merchant One Premium Current Account today

If you are a sole proprietor, retailer, insurance firm, mutual fund firm, have a partnership or limited liability partnership, run an educational institute, or are a share broker, then this current account is for you. 

The procedure for opening a current account is simple. You only need an initial deposit of Rs 1 lakh and a few basic documents to open your account. These documents include those that can act as proof of business activity, such as GST certificate, income tax returns, license of registration, etc., and documents to prove your identity and address. Once you have opened your account, you only need to maintain a minimum average quarterly balance of Rs 1 lakh.

*Total Variant Benefits are calculated basis the standard charges levied on the account

#For deposits above 7 days. T&C apply. For detailed terms and conditions, please visit www.kotak.com. ActivMoney (Auto Sweep) is a facility of automatically sweeping out funds above a pre-specified threshold from your Current Account to a Term Deposit (TD) Account for 180 days. In case of insufficient balance in the Current Account, the TD will be broken prematurely and the required amount will be transferred to the Current Account. Default Sweep Out and Sweep In for limit for an account variant are the minimum thresholds and one will not be able to opt for limits lower than these. Auto-Sweep out of funds above a pre-specified threshold from Current Account to Fixed Deposit will be for 180 days (For NRE accounts it will be for 1 year) and in multiples of Rs. 10,000/- The nomination registered for Current Account will apply for FDs created through ActivMoney. If the customer opts for ActivMoney in an account, standalone Fixed Deposits cannot be linked to that account. Terms and Conditions guiding the fixed deposit will be applicable to Fixed Deposits booked under ActivMoney. Bank may at its absolute discretion discontinue/suspend any of the services completely or partially with or without any notice to the customer. The rate mentioned is applicable for Fixed Deposits less than Rs. 2 Crores for a tenure of 180 days and is subject to change without prior notice. For ActivMoney (2 way sweep deposits), Regular Kotak Fixed Deposit rates will be applicable, basis the tenor of the deposit, for all customers including Senior Citizens/Bank Staff without any pre-payment penalty.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.