You must already know about a savings bank account and how it functions. However, there is another type of bank account operated by a business known as a current account. So, what is current account? Businesses use this type of account to carry out their day-to-day business transactions.
Furthermore, compared to savings accounts, current accounts are recognised for having more monthly withdrawal or deposit activity. You may expand and strengthen your company using an IDFC FIRST Bank current account.
Making the proper choices is crucial if you want your firm to expand. IDFC FIRST Bank offers one of the best current account opening for businesses in India. So, it’s a step in the right direction for your company’s expansion.
You may use several IDFC FIRST Bank services and advantages as soon as you create an account. A single-view online and mobile banking platform, doorstep banking with GPS functionality, forex trading solutions, payment and receivables management, and much more are all available to you.
What are the Different Types of Current Accounts?
You should be aware of the many kinds of current accounts that IDFC FIRST Bank offers now that you know what is current account. In addition to standard current accounts, the following are other types of current accounts you should be aware of:
FIRST Booster Current Account
This current account opening, which is intended for self-employed and MSME professionals, has an auto-sweep function that allows you to transfer funds from your CA account—which has a balance of more than $2 lakh—to a fixed-rate savings account (FD) for a period of 370 days. On the FD, interest rates are up to 7.5%. Furthermore, there are no withdrawal penalties for FD breaches.
The Current Account does not need to have a Minimum Balance kept in it. Additionally, the account offers a cash deposit limit of Rs. 20 lakh or 20 times AMB, whichever is larger. More than fifty frequently utilised services are also provided at no cost.
Freedom Account
The Freedom World business account and Freedom Current account have a Rs 30 lakh maximum cash deposit restriction. The VISA Signature debit card comes with several advantages. With a Freedom Current account, you may obtain benefits like limitless ATM transactions, free chequebook and debit card issuance, and more.
Numerous free services, including preferential FX conversion rates, zero fees for processing trade transactions, and zero fees for remittances, are available when you open a current account like a Freedom World business account.
World Business Account
Minimal and favourable fees on trade and FX operations are available with these accounts. They come in three varieties and allow a free monthly cash deposit of up to Rs 12 lakh. For easy access to cash, the bank also provides a free Visa Signature or VISA Platinum debit card, depending on the type chosen, with several features and advantages. You must have the requisite average monthly amount in this account, nevertheless.
Segmental Accounts
IDFC FIRST Bank offers a range of products tailored to meet the distinct requirements of various business segments. The First Startup & New Business account is crafted to support emerging startups and new businesses, aligning with their dynamic and disruptive business pace.
- The Merchant Multiplier Account introduces an innovative suite of merchant account services. It comes with enhanced cash deposit-free limits tied to the cumulative throughput of POS and UPI QR transactions in a given month.
- Catering to the seasonality of the Agri commodity business, the Agri Multiplier Account is a carefully curated product ideal for the Arthiyas & Agri traders segment.
- Designed specifically for professionals such as Chartered Accountants, Doctors, and Lawyers, the Dynamic Professional Account caters to their banking needs through cutting-edge banking and digital services.
Conclusion
IDFC FIRST Bank’s current accounts provide businesses and merchants with a generous allowance for ATM transactions and substantial free cash deposit limits. This is particularly advantageous for entities that regularly handle numerous payment requests and receipts on a daily basis. Furthermore, when you open current account, it facilitates seamless fund management through continuous payment tracking and the provision of monthly account statements.