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Here’s why a Current Account is Perfect for Startups!
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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.
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Whether you are a new-age Startup or looking to diversify and take your business to the next level, having a Startup Business/Current Account is a must and we at Kotak Bank have just the right Startup Current account for you. Our Startup regular account is designed to meet your new business’s unique needs while our startup premium account is fit to help your business transition to the next step. Let us explore the ways in which a Current Account is helpful for all startups.
1. Short-term credit access
As a startup, funds are of prime importance for your business. To be able to buy inventory, pay vendors, pay salaries and rent, and meet other operational expenses for the smooth functioning of your business, you may need quick access to short-term credit. When you open a startup business bank account with Kotak Bank, either the startup premium or the regular startup account, you get credit access of up to Rs 15 lakh in the form of an overdraft facility. This allows you to make business decisions without constantly worrying about being short on funds.
2. Bulk transactions and collection service
Another advantage of having a startup business account is that you can carry out bulk transactions and avail of other services, such as free NEFT and RTGS at bank branches and through net banking. You can also make use of the startup regular and startup premium current account’s home banking service and free beat service. Under this service, you can either opt for cash and cheque delivery and pickup from your home or office either on call or on a daily basis for free. You also get free multi-city chequebooks, faster outstation cheque collection, free cash withdrawals and deposits at non-home branch locations, and more.
3. Dedicated relationship manager
Your startup business bank account will also come with a dedicated relationship manager who will be your single point of contact at the bank. As a startup, when you are figuring out your banking needs and making several important financial decisions, your relationship manager can guide you through them and turn out to be a very helpful go-to contact.
4. Carrying out business with foreign parties
When you come across opportunities to enter deals with foreign parties, logistics should not be the reason to hold you back. Hence, both our startup regular and startup premium current accounts come with a Forex Live service. This is an online foreign exchange trading platform that allows you to seamlessly buy and sell foreign currency for all your import and export transactions as well as other remittances. In addition to this, your Kotak Bank startup business account will also help you access better forex rates and other efficient trade services.
If you already have other Kotak bank accounts – savings or current – that you have been using for your startup, you can make use of our Kotak Circle feature. Here, you can open a new startup business bank account while grouping all your current and savings accounts together. This allows you to manage all your accounts more effortlessly and provides the flexibility to maintain the group average quarterly balance in any one or more accounts as per your preference.
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