All you need to know about current account

In the dynamic landscape of business finance, staying informed about the various financial instruments available is essential. Among these, the current account stands out as a fundamental tool for managing daily transactions and maintaining liquidity. Whether you're a startup owner looking for a convenient way to handle everyday expenses or an MSME business owner seeking a reliable platform for financial operations, understanding the details of a current account is crucial.

This article offers insights into the key aspects of current accounts. From types of current accounts to their purpose, features and benefits, we'll explore everything you need to know to make informed decisions about incorporating a current account into your financial strategy.

What are the different types of current accounts?

Before you open a current account, you should also be aware of the various types of current accounts offered by IDFC FIRST Bank that one can opt for. These accounts are curated to cater to different business models and growth capacities.

Platinum Current Account –

Platinum Current Account offers high cash deposit of 15 times Current Month AMB. FreeVISA Signature Debit Card is issued with a host of benefits. With Platinum Current Account t you get facilities like unlimited ATM transactions, free chequebook issuance, and DD issuance,  preferred FX conversion rates, and so on.

Freedom World business account -

Freedom World business Account offers a high cash deposit limit of Rs. 30 Lakhs. A Free VISA Signature Debit Card is issued with a host of benefits. With Freedom World Business Account, you get host of free services like zero charges on trade transaction processing, zero charges on remittances, preferred FX conversion rates, and so on.

Segmental accounts-

IDFC FIRST Bank has products designed to cater to the specific needs of the business segments.

o   FIRST Startup and New Business Accounts - Designed to support new age startups and upcoming new businesses and match their disruptive pace of business.

o   Merchant multiplier account - A first-of-its-kind comprehensive range of merchant account services, with higher cash deposit free limits linked to POS and UPI QR cumulative throughput in a month.

o   Agri multiplier account – A specially curated product that takes care of the seasonality of agri commodity business. It is ideal for Arthiyas and agri traders segment.

o   Dynamic professional account - Specially designed for professionals like CAs, doctors and lawyers to meet their banking needs, using state of the art banking and digital services.

Platinum current account and Freedom World business account  with IDFC FIRST Bank come with BRAVO facility , offering an auto-sweep facility above 2 lakhs balance from your current account to a linked fixed deposit account for 370 days. You can earn interest up to 7.5% on the FD. Also, with this auto-sweep feature, you won’t attract any penalty for FD breakage with every withdrawal and experience a truly rewarding banking experience

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What are the advantages of IDFC FIRST Bank Current Accounts?

Listed below are some of the advantages of a current account you can enjoy with every type of current account offered by IDFC FIRST Bank –

Net banking -

Integrated app with single sign in across trade flow, FX rate booking, and CMS WhatsApp banking.

Complimentary anywhere banking -

First universal bank to provide complimentary anywhere banking across home and non-home branches.

Zero fee banking –

Zero fee banking on commonly used current account services like free RTGS/ NEFT/ IMPS, free DD issuance, alerts etc.

Beyond banking -

Complimentary beyond banking 100 + offers across ERP, HRMS, travel, taxation, legal, advisory, logistics, society management etc.

IDFC FIRST Bank Current Accounts offer high number of ATM transactions and high free cash deposit limits which are suitable for businesses and merchants who receive multiple payment requests and receipts on a daily basis. Additionally, they offer easy fund management with constant payment tracking and monthly account statements. IDFC FIRST Bank also offers many types of current accounts designed as per the needs of the business. You must compare and choose the suitable variant as per your requirements. Also, go through the terms and conditions and the charges for current accounts.

You can refer to link - https://www.idfcfirstbank.com/business-banking/Business-Account-Compare-Card for more details on IDFC FIRST Bank Current Account.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.