One of the crucial requirements of owning a business is incorporating a convenient and flexible financial channel. This financial medium should benefit not only your business, but also your clients.
But amongst all the available financial products available, one of the most convenient options is the current account. Plenty of business, both startups as well as established ones, has opted for this account, to handle their daily transactions or any other clientele transactions. Here is how you and your business can benefit from this account:
Payments and collections through NEFT: The current account uses the National Electronic Funds Transfer (NEFT), which is a nationwide payment system that facilitates a one to one fund transfer. Through this channel, individuals, firms and corporate can electronically transfer funds from any bank branch to an individual, firm or corporate bank account in any branch in the country. This makes it easier to manage business transactions between businesses, especially on a monthly basis.
RTGS collection: The real time gross settlement system also known as the RTGS system facilitates an online transfer of funds between bank customers and different banks. Not only can this system be used for transfer high-value funds, but it is also done on a real time basis.
Multiple transactions: One of the main factors of a business is the transaction to be made in with another client or business or even your own employees. Any restrictions on these transactions will affect the business development or any current business relations. This is where the current account will prove to be beneficial. It is through this account that you will be able to make multiple transactions that will ensure a smooth functioning and disruption free channel.
Multiple location transfers: For businesses who have branches in different locations will have restrictions in terms of dealing with multiple clients that have been scattered around the country. This is where the multiple location transfer feature of the current account will work for your business. Along with this feature and combined with NEFT and RTGS, you can now easily make business transactions from any bank branch to facilitate a smoother and faster transaction.
Overdraft benefits: As a business that thrives on each financial transaction is makes, it is crucial that it has the required flexibility to make transaction even if there are insufficient funds in the account. This is where the overdraft facility will benefit businesses, allowing them to over withdraw funds in the event it is required, in order to facilitate a smooth financial transaction.
Apart from these factors, there are plenty more that can benefit you and your business. As it is crucial that you opt for a financial product and channel that will assist your business and let it flourish, this account will go a long way to help you achieve your dream.