How Kotak Bank’s Elite current account features can help in efficient cash flow management

04 AUGUST, 2023

For any business to thrive, cash flow management plays a crucial role in ensuring the smooth functioning of operations. It is the backbone of every business and requires constant vigilance to ensure your finances remain stable and predictable for day-to-day operations as well as future investments.

Cash flow management allows businesses to accurately oversee their cash inflow and outflow and make informed decisions. A positive cash flow will enable you to pay expenses, invest in your company's growth, and ultimately generate more revenue, resulting in better financial stability, increased profitability, and enhanced business forecasting.

One important tool for effective cash flow management is a Current Account specifically designed for this purpose, such as Kotak’s Elite Current Account. From easy transfer options and auto-sweep facility to high transaction limits and customised solutions, this premier Current Account can be your go-to account for managing cash flow.

But the benefits don’t end here. Here are more additional and useful features offered by Kotak's Elite Current Account that help you with efficient cash flow management and stay focused on your growth strategy.

• Interest on idle funds

The Elite Current Account comes with ActivMoney *(auto-sweep) facility enabled. The auto-sweep facility automatically converts the surplus funds over a certain amount to fixed deposits, ensuring your money is not sitting idle but earning interest. This feature is excellent to maximise income on your funds and create long-term cash flow and revenue opportunities.

• Overdraft facility to get additional funds

The unsecured overdraft facility helps businesses conveniently meet their short-term financial needs. This feature is handy for businesses that require immediate cash access for various purposes, such as funding inventory or paying for unexpected expenses. This also reduces the risk of payment delays and helps businesses maintain a smooth cash flow.

• Reasonable quarterly balance

Despite being an Elite Current Account, you need to manage a comparatively nominal Average Quarterly Balance. Such Current Account requirements are realistic for most businesses, making it easy to maintain without putting undue stress on the cash flow. 

• Higher transactional limits

These types of Current Accounts have the added advantage of a Business Power Platinum Debit Card. With this debit card, you get the convenience of a daily ATM cash withdrawal and higher daily purchase limits.

The ability to transact significant amounts of money helps businesses to efficiently handle their daily financial operations, such as paying salaries, vendor bills, and other expenses. Moreover, high ATM cash withdrawals make it easy to manage high-value transactions without worrying about exceeding daily transaction limits.

• Point of Sale (POS) solutions

These solutions allow businesses to accept contactless, faster, secure payments through Kotak's NFC-enabled POS machines. Moreover, the customised Android solution integrates easily with the billing application, minimising the need to switch between different systems.

Additional features such as same-day settlements, dynamic currency conversion and instant EMI conversion further streamline the payment process, contributing towards more efficiency, reduced transaction costs and better cash flow management. 

How to apply for Kotak’s Elite Current Account?

You can open an Elite Current Account online from any location and at anytime. Just visit the bank website, click on “apply for a Current Account”, and fill out your details. Once submitted, a representative will contact you to guide and assist you through the process.

Apart from this, you can easily access the Current Account opening documents and eligibility criteria on the website to speed up the process. This saves time and energy, helping you focus on activities that matter most, such as managing your cash flow and growing your business.