Which types of current accounts suit your business best?

Sachin, an entrepreneur from Mumbai, runs a thriving e-commerce business. As his business grows, managing cash flow and financial transactions with his current bank account becomes increasingly time-consuming and stressful. Determined to find a better solution, Sachin wants to learn about the various types of current accounts available to decide which one best suits his growing business.

This article explores the different types of current accounts and the features to consider when choosing the right one for you.

Importance of selecting appropriate types of current account
 

For business owners like Sachin, selecting the right current account can influence the growth of their business.

The correct account supports day-to-day transactions. It also provides additional benefits to enhance financial management. Different types of current accountsaccommodate various business needs. This includes managing large transactions, maintaining liquidity, or benefiting from cash management services. This selection can directly impact operational efficiency and profitability.

What to consider when selecting types of current account
 

When evaluating the features of the current account, it’s important to look beyond the basic functionalities. Here are some aspects you need to consider –

• Transaction flexibility-

Ensure the account supports high transaction volumes with minimal or zero charges.

• Cash management-

Look for accounts offering high cash deposit limits and auto-sweep to fixed deposits (FDs). These can enhance liquidity and earning potential.

• Digital capabilities-

Advanced digital banking features and a robust mobile app can streamline operations and provide real-time financial insights.

• Cost-effectiveness-

Evaluate current account charges for various services to avoid hidden costs and optimise expenses.

• Value-added services-

Consider accounts that offer additional perks such as insurance, partner discounts, or free international transactions.

Tailoring your current account to your business needs
 

Different businesses have different financial needs. A one-size-fits-all approach doesn’t work. For instance, a startup might prioritise accounts with low maintenance fees and digital banking capabilities. At the same time, a large enterprise might need high transaction limits and cash management features.

Understanding these needs will help you select an account that aligns with your business requirements. The appropriate types of current accounts will enable efficient financial operations.

Introducing the Platinum Current Account by Metra Trust
 

Sachin’s rapidly growing e-commerce business needs a current account that can handle large-scale payments, international transactions, and efficient fund management. Among the many types of current accounts available, the Platinum Current Account will be your perfect business partner. It is a feature-rich account designed to simplify and streamline your financial operations. It meets the unique needs of businesses.

Here’s what sets it apart for business banking –

• Competitive advantages-

This account variation has reduced current account charges and lower interest rates on credit balances.

• BRAVO auto-sweep feature-

This allows surplus funds to be automatically transferred to an FD. It earns up to 7.25% annual interest, thus optimising idle funds.

• High cash deposit limits-

Business owners can deposit up to 15 times the average monthly balance (AMB) without incurring charges. It makes it ideal for cash-intensive operations.

• Zero charges on key services-

The account has zero charges on over forty-one services, including NEFT, RTGS, and many more. This reduces operational costs.

• Enhanced debit card benefits-

With a Visa Signature Debit Card, businesses enjoy high withdrawal and spending limits and complimentary airport lounge access.

• Comprehensive payment and collection solutions-

The account includes services that facilitate seamless payments and collections.

In conclusion
 

Choosing the right current account is more than just about where you bank; it’s about how you bank to support and grow your business. The Platinum Current Account by Metra Trust offers a robust combination of personalised solutions, competitive advantages, and advanced digital features. 

Apply today to experience the difference in business banking with Metra Trust.