Managing your business finances can be a challenge. But what if you could make it easier?
With online Current Accounts, you can ditch the paperwork and long bank queues and prioritise your business objectives. But with so many options out there, how do you choose the right Current Account?
To help you make the most suitable choice, this post will break down everything you need to know to compare and open the best online Current Accounts for your business.
A step-by-step guide to finding the best online Current Account
Determining your business needs
Before you dive into comparing online Current Accounts, think about what your business really needs. What is the size of your operation? Are you a small startup or a larger enterprise? This will help you figure out the Current Account that will work best for you.
You should also consider your average monthly transaction volume to determine whether you deal with big transactions or smaller ones?
By getting clear on these basics, you will be able to find an online Current Account that is tailored to your business requirements.
Researching and comparing the options
Once you get a clear picture of your business needs, start researching and comparing online Current Accounts.
Here are some factors to consider:
- Fees: Look for accounts with low or no maintenance fees. For instance, a Zero Balance online Current Account is a great option if you seek a hassle-free, no-frills account for your business.
- Overdraft facility: Consider whether the account offers an overdraft facility. This will help you get a financial safety net for unexpected expenses or cash flow shortages.
- Transaction limits: Transaction limits can be a major hurdle for businesses. To avoid being held back by restrictive limits, opt for accounts with high limits or no limits at all.
- Mobile banking: A user-friendly mobile banking app is a must-have in today’s digital world. Make sure the account you choose has an app that is easy to navigate and offers all the features you need.
- Priority banking: If you need more personalisation, look for accounts that offer customised services, such as dedicated relationship managers or priority banking.
Applying for the online Current Account
Once you have chosen the suitable digital Current Account for your business, it is time to apply. Here are the steps you should follow to apply for an online Current Account:
- Visit the website of your chosen bank.
- Hover your cursor over the “Explore Products” option on the main menu.
- Select “Current Account” and click on “Apply Now”.
- On the new page displayed, mark the applicant category and choose the best online Current Account type.
- Accept the T&Cs.
- Enter and verify your PAN and Aadhaar details.
- Fill out the application form with your personal details.
- Complete the KYC verification process through a video call.
- Make an initial deposit to activate your online Current Account.
Ending notes
Opening an online Current Account is a simple and convenient process that can be completed from the comfort of your own home.
By following the tips and tricks outlined in this post, you can effortlessly find and open the best online Current Account for your business and avoid tedious paperwork and long waiting times.
This newfound freedom will help you streamline your finances, save precious time and focus on growing your business and achieving your dreams.