How Kotak's Global Trade Current Account Can Help Meet Your Trade and Forex Requirements | Kotak Mahindra Bank
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01 AUGUST, 2023

When you run a company, there are multiple things you must factor in. These include strategies to perform daily operations with ease, pay salaries to staff on time, repay the debts in full and by the due date, and meet other mandatory expenses linked with global trade and forex needs for business growth and expansion. While global trade helps your business expand internationally by permitting easy access to your goods that might otherwise be unavailable or more costly in other countries, forex is something you must watch out for. Here’s where a Current Account for an export business can come in handy, as this account can provide you with trade services across the border at competitive foreign exchange prices. 

Besides this, other Current Account benefits that may be available are secure online transactions, professional advisory, considerable savings owing to the provision of preferential forex rates, e-alerts facility, free debit card, doorstep banking facility, etc. Discussed here are the benefits offered by Kotak’s Global Trade Current Account. However, before this, let’s discuss in detail what a Current Account is, the crucial documents required for a hassle-free account opening process, and what steps to factor in to apply for Current Account online. 

What’s a Current Account?

A Current Account is a bank account meant solely for business transactions. Unlike Savings Accounts that are designed to cater to individuals who want to park surplus funds, Current Bank accounts are majorly used to service business needs. Also, Current Bank Accounts offer more monthly transaction limits on cash deposits and withdrawals and take complete care of trade and forex needs across the globe through custom-designed offerings than Savings Accounts. Some of the basic Current Account documents you must keep handy for a stress-free account opening process are documents showing your business proof (CST/GST/VAT certificate, certificate/license issued by authorities under Shop and Establishment Act, registration document issued by the service tax/professional tax/sales tax authorities, etc.), your address and identity proof (driving license, voter ID, passport, Aadhaar card, or PAN card) and a self-declaration in the bank’s prescribed format. To apply for a Current Account online, visit Kotak’s website and search for the apply online option for the preferred Current Account. Once done, fill out the application form, upload the required documents, and wait for the response from the bank. 

What are the features and benefits offered by Kotak’s Global Trade Current Account?

Kotak Global Trade Current Account is a one-stop bank account that takes care of your forex and trade needs across the globe. This global trade bank account offers an edge that aims to meet all your challenges and needs with customised offerings to succeed in cross-border trade. 

Features 

  • Complimentary multi-currency world travel card
  • A vast network of global banking relationships
  • Dedicated relationship manager

Benefits 

  • Inwards remittance alerts
  • Smooth fund transfers
  • Swift and seamless processing of trade documents
  • Competitive and transparent service charges

Additional Read: Why Having Multiple Current Accounts is Good

Conclusion

A Current Account offers the assurance of efficiency and safety that all big-ticket bank transactions will be easily performed without worrying about anything. And with a Current Account like the Kotak Global Trade Current Account, you can also avail of preferential forex rates, which can help save considerable money on global trade.

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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.