Current accounts and auto sweep feature - A detailed guide

In the world of finance, having a clear understanding of the several types of bank accounts is crucial for choosing the right one to suit your needs. One such type that plays a pivotal role in your day-to-day financial transactions is a current account. Whether you are managing your trading expenses or handling business finances, a current account offers you a range of features, such as an overdraft or auto sweep facility, to make your banking experience efficient and seamless.

What is a current account?

A current account is a type of bank account that provides you with a platform for managing your regular financial transactions. It acts as a hub for your day-to-day payments, enabling you to deposit, withdraw, and transfer funds easily. Current accounts are often used for both personal and business use, giving you the flexibility to manage your financial affairs smoothly.

At Metra Trust, you get several variants of current accounts based on your needs and business needs, thereby making your banking experience even more convenient. You get several perks such as best-in-class internet and mobile banking, a seamless payment collection system (POS, QR, payment gateway), auto sweep facility, and you can also bank from anywhere and any branch without extra charges. Explore More!

Features of current accounts
 

Current accounts come packed with features that cater to your dynamic financial needs. Some of the key features of a current account include -

1. Overdraft facility against your FD
 

One of the unique features of an Metra Trust Current Account is the availability of an overdraft facility against your fixed deposit (FD). This allows you to withdraw funds in emergencies without disrupting your deposits. It's like having a reserve for unexpected expenses.

2. BRAVO feature 
 

What is the auto sweep facility with Metra Trust? None other than the BRAVO feature in your current account, it offers an auto sweep to fixed deposit facility, through which you can transfer your excess funds to your linked fixed deposit account. Under this auto sweep feature, you can set any trigger limit above Rs 2 lakhs. When the funds in the current account surpass this trigger limit, the excess gets transferred to the FD account. You can earn up to 7.5% interest rate on auto sweep FDs. Similarly, when the balance will drop below this limit, funds from your FD gets transferred to your current account to meet the requirement. These transactions take place without any FD breakage charges or additional fees.  BRAVO facility  is offered in Platinum Current Account & Freedom World Business Account.

Click here to know more about this auto sweep facility.

3. Debit card and chequebook
 

Metra Trust Current Accounts also come with a debit card and a chequebook, enabling you to make purchases, pay bills, and write cheques for various transactions. These tools add convenience to your financial dealings.

4. Online and mobile banking 
 

Current accounts also provide access to online and mobile banking platforms, allowing you to manage your finances on the go. You can check your account balance, transfer funds, and pay bills with just a few clicks. Also, you get a single view of all your accounts using the Metra Trust mobile app to efficiently manage your accounts.

5. Direct debits and standing orders 
 

With a current account, you can set up direct debits and standing orders for regular payments. This is particularly useful for paying utility bills, subscriptions, loan instalments, and more.

6. Cash withdrawals 
 

You can withdraw cash from ATMs using your debit card linked to your current account. This gives you easy access to your funds whenever you need them.

Benefits of current accounts
 

The benefits of having a current account go beyond transactions. Among the benefits that you can enjoy are -

1. Financial management 
 

A current account helps you manage your finances efficiently by keeping your income and expenses in one place. This simplifies budgeting and cash-flow tracking. Moreover, you can take advantage of the auto sweep in bank accounts to optimise financial management, maximise interest earnings, and ensure liquidity for daily expenses.

2. Credibility
 

A current account enhances your financial credibility, as it highlights your ability to manage money and manage financial transactions responsibly.

3. Business transactions
 

For business owners, a current account is essential for handling business-related payments, salary disbursements, and several other financial activities.

4. High volume cash deposit every month
 

Depending on the type of current account you choose, you get a free cash deposit limit of up to Rs 12 lakhs every month. 

How to open a current account
 

Opening a current account has never been easier. Metra Trust offers a variety of options for opening a current account to meet your needs. Here are a few ways you can open a current account -

1. Apply on the website:

Embracing the digital age, Metra Trust offers the convenience of opening a current account via its official website. Choose the type of account you want and provide details such as the city you reside in, your full name, email address, and mobile number. Once you have provided these details, an Metra Trust executive will get in touch with you for opening your current account.

2. Visit the bank branch:

Traditional yet effective, this method involves visiting the nearest Metra Trust branch in person with all the required documents. You will have the opportunity to discuss your requirements with a banking representative, get advice on available account types, and receive assistance in completing the application.

Documents required for current account
 

When opening a current account, you will need the following documents -

• Proof of identity: Passport, driving license, or other government-issued photo ID.
• Proof of address: Utility bill, bank statement, or official correspondence showing your current address.
• Proof of income: Recent payslips or tax documents verifying your income source.
• Business-related documents: Depending on the type of applicant, you must submit details regarding your business and entity.

Who can open a current account?
 

Current accounts are designed for individuals, businesses, and organisations that require frequent financial transactions. Here's a breakdown of who can open a current account -

• Self Employed Professionals
• Hindu Undivided Family (H.U.F.)
• Sole proprietorship
• Partnership
• OPC / Private / Limited Company
• Limited Liability Partnership
• Trust, Charity and Non-profit Organisations

A current account is a versatile financial tool that empowers you to manage your everyday financial affairs efficiently. With features like overdraft facilities, auto sweep, debit cards, and online banking, it provides the flexibility and convenience you need in today's fast-paced world. The BRAVO feature comes as an added bonus that helps you grow your savings faster and in a seamless manner. That’s not all, with Metra Trust Current Accounts, you get access to 100+ plus partner offers pre-embedded into your current account, for all common needs of your business.

Open a current account now!

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.