Today in this article I will tell you all how you may pick a Best Current Account for yourself or your business. What is Current Account and how is it used? You all must realise that every businesses are distinct and the necessities of company are also diverse.
5 Ways to Choose the Best Current Account
Someone needs to perform more cash transaction, someone has to take card payment through POS, someone has to conduct online transaction, someone has to transfer International Fund, initially you people have to examine what is the demand of your firm. And consequently you have to pick Current Account. If you people want more cash transactions, then you have to observe that the account which will get more cash transactions, that account will have to be picked.
1. Cash Transaction Limit
When you go to open your account, it is going to be a very crucial point for you to learn, Current Account will signify commercial transaction. If you have a business in which you have to perform more cash transactions, such as – Cash Withdrawal, Cash Deposit, if you have to do more, then you will have to pay attention to it in a very excellent way.
Meaning that if you will get fewer cash transaction in your current account and later you will get more charges in it or if you have to make more cash transaction for business then this problem will happen to you later. If all of you have to perform more cash transactions, then in advance, you should pick such an account where you all receive more cash transactions.
2. DD and PO Charges
There are many businesses where you have to do Demand Draft or PO, a lot every month, therefore according to your business, first of all, see how much DD and PO to be issued in a month and you According to how much amount to do, everyone of you will have to establish current account because if your current account DD and PO will have less limit and if you have to do more in it, then you will have to pay too many charges later. .
3. Branch Location and Branch Network
Let me inform all of you that current account implies that the day to day transaction of the business you have, if the location of your branch is not close, then it will become a problem for all of you. All of you should open in the same bank account whatever bank is surrounding your business and your residence.
Because every day you have to make financial transactions in the same and the more the branch network and the more branches of the bank in which you establish your account, the better it will be for all of you. Because tomorrow you may have to travel out elsewhere and you will have to transact there, branch network and branch location are highly crucial for business.
4. Balance Maintenance
Like the servicing account, you have to keep the balance in the current account, then one thing is crucial for all of you in this, that the balance maintenance, it has a direct relationship to your cash transactions and online transactions, if you all have to do with your business. Accordingly, if you wish to perform more cash transactions, then all of you will have to create a somewhat greater Variant Account.
Because when there are zero maintenance accounts, the cash transaction limit is extremely smaller, therefore it is for all of you to bear in mind that in order to minimise the maintenance, you do not have to pay extra service costs afterwards. According to your business, what is the necessity, you have to view it first and then you have to see the upkeep,
If you have a current account then you will not get interest in it. The lower the upkeep, the better it will be for you all. But how much you all require cash transactions is also vital, so after viewing everything, you have to fix the upkeep of the account you have.
5. Service Charges
Bank takes a lot of Service Charges from the client, all of you may also be charged for ATM card in the current account, in that all of you may obtain Charges in cash transaction, Charges may be levied in the transaction, Charges in SMS alert According to this, there are several Service Charges like this.
First of all, you have to observe what is the demand of your business, what is the service of the requirement of your business. The account you will open, you should first see whether you will receive it free or not, if you do not get free then you should open a little higher Variant Account.
In order to lower the maintenance, you do not have to pay more Service Charges, then first you should notice that the variation or the bank where you receive the service you want free, it will be suitable for all of you to establish Current Account.
So friends, all of you must have read the point in this article, you must have gained the understanding that when you go to create a current account for your business, then you have to keep all these elements in mind, which you need in the current account, your business. The need is, you notice that first and then you determine which current account you want to create.