All you need to know about current account

Other than savings accounts, there is also another type of account which is referred to as a current account. This type of bank account is widely used by businesses,  in contrast to savings accounts which are known for catering to individuals who are seeking to save money.

Moreover, current accounts are known for higher withdrawals or deposits transactions every month in comparison to savings accounts.

What are the different types of current accounts?  

Now that you know what a current account is, you should also be aware of the various types of current accounts offered by IDFC FIRST Bank that one can opt for. Apart from regular Current Accounts, listed below are types of current accounts that you should know about:

• FIRST Booster Current Account:

Designed for MSME and self-employed professionals, this account offers auto-sweep facility above 2 Lakhs balance in your CA to a FD account for 370 days. You can earn interest up to 7.5% on the FD. Also, FD breakage does not attract any penalty on withdrawal. There is no Minimum Balance required to be maintained in the Current Account. The account also offers cash deposit limit of Rs. 20 Lakhs or 20 times AMB whichever is higher. Also 50+ commonly used services are offered free of charge.

• Freedom Account:

Freedom Current Account and Freedom World business account offers high cash deposit limit of ₹30 Lakhs. VISA Signature debit card is issued with host of benefits. With Freedom Current account you get facilities like unlimited ATM transactions, free chequebook issuance & DD issuance. With Freedom World business account you get benefits of host of free services like zero charges on trade transaction processing, zero charges on remittances, preferred FX conversion rates and so on.

• World Business Account:

These accounts offer minimal and preferential charges on trade and forex transactions. There are offered in 3 variants with cash deposit up to ₹12 Lakhs free per month. The bank also offers a free Visa Signature/ VISA Platinum debit card as per the variant selected with several perks and benefits, to access funds conveniently. However, you are required to maintain the required average monthly balance in this account.

• Segmental Accounts: 

IDFC FIRST Bank has products designed to cater to specific needs of the business segments.
First Startup & New Business account are designed to support new age startups and upcoming new businesses and match their disruptive pace of business.
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.
Agri Multiplier Account is a specially curated product that takes cares of the seasonality of Agri commodity business. It is ideal for Arthiyas & Agri traders segment.

Dynamic Professional Account is specially designed for professionals like CAs, Doctors and lawyers to meet there banking needs, using state of the art banking and digital services.

What are the advantages of IDFC FIRST Bank current accounts?
 

Listed below are some of the advantages of a current account:

• Net Banking: Integrated App with single sign on across Trade flow, FX rate booking & CMS
• WhatsApp Banking
• Complimentary Anywhere Banking: First Universal bank to provide complimentary Anywhere Banking across home & non home branches.
• 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 variants of current accounts designed as per the needs of 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-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.