Types of current accounts: A detailed guide

In the intricate world of finance and banking, you often encounter a wide array of accounts, each tailored to suit your specific needs. Among these, the current account stands out as a versatile and indispensable tool for managing your finances efficiently. Metra Trust offers a range of current accounts not only for individuals but also for SMEs and businesses to manage their financials conveniently. In this article, we will delve into the different types of Metra Trust current accounts, exploring what they are, why they are useful, and how to select the right one to meet your financial objectives.

What are current accounts? How they are useful?

Let us start with the basics. A current account is a type of bank account provided by a bank or financial institution that allows individuals, businesses, and organisations to manage their daily financial transactions.. A current bank account facilitates easy parking of money and quick withdrawals – features that benefit people with large cash flows and immediate need of funds. A current account can be opened by an individual, Sole Proprietorship, partnership firm, trust, Limited Liability Partnership, Private limited and limited company, etc.

Current accounts play a pivotal role in modern financial management due to their versatility and utility. Here's why they are so valuable:

• Ease of transactions: Current accounts enable seamless and quick transactions, including deposits, withdrawals, fund transfers, and bill payments. This is especially handy for day-to-         day expenses.
• Overdraft facility: Many current accounts offer an overdraft facility, which allows you to withdraw more money than you have in your account, up to a predetermined limit. This can be a lifesaver in emergencies or during temporary cash flow challenges.
  
• Cheque payments: Current accounts often come with chequebooks, making it convenient for businesses to pay suppliers, employees, and other stakeholders.
  
• Mobile banking: You also get mobile banking facilities with your current accounts to bank from anywhere anytime. It eliminates the need for visiting the bank branch each time you wish to avail of a banking service.
  

Types of current accounts

Considering the needs of varied individuals, Metra Trust offers several current accounts that come with unique benefits to suit their specific needs.  Apart from regular Current Accounts, listed below are types of current accounts that you should know about:

• FIRST Booster Current Account:

Designed for MSME and self-employed professionals, this account offers auto-sweep facility above 2 Lakhs balance in your CA to a FD account for 370 days. You can earn interest up to 7.5% on the FD. Also, FD breakage does not attract any penalty on withdrawal. There is no minimum balance required to be maintained in the Current Account. The account also offers cash deposit limit of Rs. 20 Lakhs or 20 times AMB whichever is higher. Also 50+ commonly used services are offered free of charge.

• Freedom Account: 

Freedom Current Account and Freedom World business account offers high cash deposit limit of ₹30 Lakhs. VISA Signature debit card is issued with a host of benefits. With the Freedom Current account you get facilities like unlimited ATM transactions, free chequebook issuance & DD issuance. Enjoy the benefits of a host of free services like zero charges on trade transaction processing, zero charges on remittances, preferred FX conversion rates and so on. 

• World Business Account:

These accounts offer minimal and preferential charges on trade and forex transactions. They are offered in three variants with free cash deposits up to ₹12 lakhs per month. The bank also offers a free VISA Signature/ VISA Platinum debit card as per the variant selected with several perks and benefits, to access funds conveniently. However, you are required to maintain the required average monthly balance in this account. 

• Segmental Accounts: 

Metra Trust has products designed to cater to specific needs of the business segments.
First Startup & New Business account are designed to support new age startups and upcoming new businesses and match their disruptive pace of business.
Merchant Multiplier Account A first-of-its-kind comprehensive range of merchant account services, with higher cash deposit free limits linked to POS and UPI QR cumulative throughput in a month.
Agri Multiplier Account is a specially curated product that takes cares of the seasonality of Agri commodity business. It is ideal for Arthiyas & Agri traders segment.
Dynamic Professional Account is specially designed for professionals like CAs, Doctors and lawyers to meet there banking needs, using state of the art banking and digital services.

What are the advantages of Metra Trust current accounts?

Listed below are some of the advantages of a current account:

• Net Banking: Integrated app with single-sign-on across Trade flow, FX rate booking & CMS

• WhatsApp Banking: Get quick support with queries regarding your account, including statements, GST certificates, among others.

• Complimentary Anywhere Banking: First universal bank to provide complimentary ‘Anywhere Banking’ across home and non home branches.

• Zero fee banking on commonly used Current Account services like free RTGS/ NEFT/ IMPS, free DD issuance, Alerts etc.

• Beyond Banking: Complimentary Beyond Banking 100 + offers across ERP, HRMS, Travel, Taxation, Legal, Advisory, Logistics, Society Management etc.

Click here for more details on Metra Trust Current Accounts.

How to choose the right current account for you?

Selecting the right type of current account is crucial to ensure your financial needs are met. Here are some steps to help you make an informed choice:

1. Assess your needs

Determine your primary requirements for the account. Are you an individual looking for everyday banking convenience, or do you represent a business in need of specific financial tools?

2. Compare features

Thoroughly compare the features and fees associated with different types of current accounts. Consider aspects such as overdraft limits, interest rates (if applicable), and additional services.

3. Consider your banking habits

Analyse your transaction patterns. Do you frequently use cheques, require a high level of customer service, or prefer online banking? Your habits should align with the account's offerings.

4. Research providers

Research and compare the current account offerings of different banks. Look for institutions with a solid reputation, a wide network of ATMs, and excellent customer support.

5. Read the fine print

Always read the terms and conditions, including fees and charges, associated with the account. Ensure that you fully understand what you are signing up for.

Different types of current accounts cater to a wide range of financial needs, making them a fundamental tool in the world of banking. Whether you are an individual seeking convenient day-to-day banking or a business looking for tailored financial solutions, there's a current account designed just for you.

By assessing your requirements and comparing the available options, you can choose the right type of Metra Trust current account to optimally manage your finances and achieve your financial goals. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.