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Dos and Don’ts While Applying For A Current Account

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If you plan to open a current account online, you would need to know if the current account features are apt for your business. Here is an article that would help you with the dos and donts of opening current account online.

Opening a Current Account is a better option for any business or working professionals. A prerequisite of any current account is that it has different features like overdraft facility, unlimited per day transaction, and extra cheque balance every month.

If you are planning to open a current account form any commercial banks of India, choose the current account that supports features same as your business would require. Different banks across India has several options that allows you to open current account online. Also, it is necessary to understand your business requirements so that you are able to choose the features which would make your business run seamlessly.

What are the do’s and dont’s of the current bank account?

Do’s

Choose the zero balance feature of Current Account: Few current accounts have a feature of maintaining a minimum balance in the account. It is prudent to choose the account that has zero balance feature. Though choosing the Current Account with a minimum balance scenario is not a problem, it requires keeping a check on the balance every time you draw money close to minimum balance. Keeping a zero balance account helps you to focus more on your transaction rather than keeping a track of your Minimum balance.

Choose a free Account: Choose a account that does not charge for opening current account if you are planning to have a current account for underwriting access or simply a debit card. Any chargeable account will require a monthly fee, which is best for large businesses that require premium features. Large businesses require to have unlimited cash withdrawal facilities, free cheque deposits for every month, home services.

Read first and then Sign: Reading a document well, even the fine print is mandatory before signing any document for opening a current account is mandatory. Whether you choose to open current account online or offline reading the terms and conditions is necessary.

Don’ts

Do not opt for overdraft facility unnecessarily: Do not sign or select the option if you do not want or require for business. In case if you overdraw unwillingly, the overdraft facility gets activated automatically.

Strictly monitor cheque bounce: In order to maintain a good credit score it is necessary to ensure that cheques do not bounce. If you have chosen the auto payment route from your current bank, keep a check if the balances are sufficient for auto payment.

Have a track of your spending: If you have a debit card with overdraft facility for your current account you may end up overspending. So keeping track on your expenses keeps you assure that you do not overspend.

Now that you have known the do’s and don’ts of opening your current account,  you can chose to opt for opening current account online or offline based on your preferences.

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