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Why Is A Current Account Beneficial To Your Business?
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A current account is normally used by businessmen. It is never used for investments or saving purposes but rather for regular deposits and unlimited transactions. A current account has a lot of facilities that are useful for companies or businesses and in this article we highlight the benefits of it.
With a current account, you are allowed to have unlimited transactions in a day. Therefore you can withdraw money as many a times you want. You can also deposit funds in the account as many a time you want in a day. These transactions are not charged even after a certain number of transactions are over. With a company that does a lot of business in a day, this is beneficial, as they will save a lot with this account as compared to savings account, etc.
Facilitates smooth transactions between other businesses
Some banking or financial institutes undertake the process of transferring or depositing funds on behalf of the owners of the company or business. This is highly beneficial to the business owners as it saves a lot of time and money. With features like the National Electronic Funds Transfer, which is also called NEFT,banks offer a nation-wide payment system facilitating one-to-one funds transfer. Real Time Gross Settlement, which facilitates online transfer of large sums between customers of different bank or financial transactions, is now simple and smooth. With these facilities many individuals and businesses can electronically transfer funds from any bank and its branch to any other company or business that has a current account.
These transactions are undertaken at a free or minimal free rate. Also, if your business facilitates in any international business with the exchange of foreign currency, with the approval of the RBI the bank will facilitate the transactions and currency conversions smoothly. It can protecting your funds during exchange rate fluctuations, gives your preferential rates when converting to local currency and at the same time, banks maintain a record of all the local and foreign exchange transactions through monthly statements.
Some banks offer bonus facilities to businessmen that open a current account with their bank or financial institute. They offer facilities like 24-hour Phone-Banking, Net-Banking, Doorstep-Banking, Instant Alert services, free Demand-Drafts or Pay-Orders as a basic bonus service. Some banks even offer a small interest rate for long term customers; however this is restricted to a few banks. The other benefits also include enabling the holders of current account to obtain an overdraft that allows them to borrow finance from the bank for a short term. Banks also provide credit worthy information of the account holder through secure connections if any creditors of the current account holder ask.
Author Bio :- Neha Sharma; a finance student, loves writing about Current Account and more. She is delighted to share her knowledge to the public to those who are interested.
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