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How to pick the best Current Account for a home-run business?
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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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Running a business is no easy feat. There are a hundred things that you have to worry about, such as hiring competent employees, buying the required software, choosing the right workplace, and many more. Even if you are operating a home-run business, there is always a lot of work to be done. Now, one important aspect that you need to focus on is choosing a good Current Account. There are numerous factors that one needs to keep in mind before opening a Current account for a home-run business.
If you are confused about how to pick the most suitable Current Account for your business, go through the following pointers that can help in making this decision:
1. Speak to the bank about cash deposits and withdrawal charges
You are going to be using the Current Account for all the daily transactions of your business. Since banks usually have a fixed number of free transactions, it is important to check about cash deposit and withdrawal limits. You should also check about the charges applicable after exceeding this limit.
2. Learn whether the bank issues a Debit Card with your Current Account
There might be many situations where you need to swipe your Debit Card for financial transactions. While some banks do issue a Debit Card to a customer opening a Current Account, not every bank does. Also, make sure to check about the internet banking facility that the bank offers.
3. Check whether the Current Account has a minimum balance requirement
It is always advisable to choose a bank that offers a Current Account with a low minimum balance requirement. If you have just started out with a new business venture, it is quite understandable to not have a high amount of funds at your disposal. A Current Account with a higher minimum balance requirement could be a problem as this could block your working capital.
4. Inquire whether the Current Account has an overdraft facility
It is quite normal for a business to face expenses that have gone overboard a few times. Now, you would be in a fix if your Current Account balance was zero. This is where an overdraft facility can save the day as it allows you to withdraw from the account even if its balance is zero. This is an extended limit that banks offer known as the overdraft facility. The overdraft limit can depend on numerous factors such as the Current Account value, your credit score, repayment history, and so on.
At Kotak, we offer various solutions to suit all your Current Account requirements. Not every business owner will have the same needs, which is why we offer multiple accounts such as a Startup Regular Current Account, Startup Premium Current Account, Neo Current Account, Pro Current Account, Merchant One Current Account, Merchant One Premium Current Account and many more. Our bouquet of Current Account variants cater to all your business needs! So, feel free to get in touch with us to get yourself a Current Account for your business!
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