Are you a startup owner, planning to build one soon or are you just simply interested to know more about what helps a startup? When the seed of your idea is finally coming to fruition, it is imperative that you make sound decisions to set yourself up in the correct direction. This is very much crucial in case of any financial decision, especially one that is related to banking.
We all know that a current account is a must for businesses for their different financial needs. And opening a current account is one such smart step that you have to take for your startup, among the other ones. If you are not really sure why a current account may be the best for your startup, then read on to know more.
Listed below are five benefits that startups can enjoy by opening a current account:
- A range of exclusive facilities that you cannot miss
Many banks offer free of cost folio charges, free demand draft facilities, lucrative overdraft facilities, significant number of free cheque books, waivers for many other services. There are also facilities wherein the current account holder may earn interest and get attractive returns. Startups may also enjoy the benefit of maintaining a low account balance.
Banks may also provide free financial advisory services, net banking, and much more.
- Higher transaction amounts for cash withdrawals and deposits
As a business, you may have financial transactions that are of significantly higher amount than the usual ones. In order for a financial transaction to get processed without any difficulty, a current account is important. Here, the higher withdrawal and deposit limits allow for the smooth functioning of your day-to-day operations. This account type is also crucial for managing your operational expenses, bulk payments, salaries, cheques, invoices, and so much more.
- Expert trading- Forex
Current account will help your startup in carrying out your import and export transactions with great ease. Not only that, banks provide special Forex rates to startups. Many offer Forex advisory services for expert trading where startups which have relatively lower experience in this area can benefit a great deal.
- Safe and hassle-free
When you are running a business, high number of transactions, continuous deposits and withdrawals are all inevitable. In such a scenario, safety during all of these processes becomes the key. With constant and ever-increasing frauds, security has to be maintained. When you have a current account for your startup, the bank will keep an eye on any suspicious or out-of-the-blue activities and will track any irregularities that may exhibit a threat.
- Additional privileges
On top of your regular current account facilities, you may also enjoy a range of specialized services that may make the heavy amount of your activities like a cake walk. Some banks also offer memberships and access to clubs, organizations or affiliations that may help to give a boost to your startup. What’s more, many banks also provide customized services to specifically cater to your business needs. This may allow startups to flourish and make the maximum use of their banking accounts.
Having a current account will definitely give your startup a financial edge. When you have a plethora of advantages, there is nothing better that you can ask for. Do you have a current account for your startup? If not, then what are you waiting for? Open one in order to enjoy the above benefits.
Disclaimer: The above article is subjective and generic in nature. The facilities offered by your bank may or may not differ from those mentioned above.