Selecting the right current account for your startup is like searching for a perfect co-founder. It is not only about having a bank account to manage your finances but also about figuring out a financial partner who understands your business requirements and offers tailored solutions. That’s why it’s essential to consider specific parameters before zeroing in on a particular current account.
Here are some key points to factor in:
1. Understand your business requirements
Just like every startup idea is unique, so are its financial needs. Some startups might have a high volume of transactions daily, requiring a bank account that can manage this traffic without faltering. Others might need to make international payments frequently, indicating a need for a bank account that offers competitive foreign exchange rates. Some startups may prioritise seamless online banking facilities for smooth 24×7 access to their funds. Understanding your needs will guide you in selecting the correct current account that caters to those needs.
2. Assess the services offered
Not all current accounts are created equal. Some are generic while others offer services customised specifically for startups. These could involve digital banking, cash management services, payroll management, overdraft options, working capital loans and automated payments. Some accounts even provide advisory services to assist startups to manage and grow their finances. Selecting an account that offers these start-up-focused services could provide your business with a considerable edge.
If you are a merchant, trader, or retailer, you should consider the Indus Tarakki Account by IndusInd Bank. It offers a plethora of advantages, such as a zero monthly balance requirement, digital collections through UPI, QR or POS, a free cash deposit service of up to ₹5 lakh per month, and more. This offering by IndusInd Bank exemplifies how a bank can understand the unique needs of a particular segment and tailor its current account services accordingly.
3. Factor in the costs
While a current account offers various benefits, it also comes with its share of costs. These could include fees for not maintaining the minimum balance, ATM withdrawal fees, and transaction charges for other value-added services. Some accounts may offer a waiver on such charges up to a specific threshold to attract startups. It is essential to be aware of such expenses and select a bank account that offers competitive pricing to maximise benefits.
4. Look for flexibility
The only constant in the journey of a startup is change. As your business evolves, your banking needs also change. You may need higher transaction limits, more robust digital banking solutions, or add-on services like treasury solutions or trade finance. Thus, it is essential to select a current account that offers flexibility and can adapt to your changing requirements.
5. Digital banking facilities
In this digital era having a current account with solid digital banking facilities is necessary. Such facilities allow you to perform banking transactions anywhere, anytime, offering convenience and saving time. These could include facilities for making online payments, viewing account statements, receiving funds, applying for credit options, and more.
Ending note
Selecting a suitable current account for your startup is paramount. After all, the success of your startup depends not only on the strength of your business idea but also on the financial decisions you make.Take your time and research different current accounts based on factors such as your business needs, digital services, flexibility, and fees charged by the account. Once you are confident in your choice, you can open a current account online with ease.
