Sunday, January 28, 2024

Choose the Right Current Accounts For Your Business

Choose the Right Current Accounts For Your Business

Opening a current account marks a major milestone for any individual or business. Beyond basic banking, current accounts unlock convenient access to customized services, privileges, and management tools that streamline operations. With various types available, tailored to meet diverse needs and preferences, selecting the right current account is key to maximizing benefits. 

IDFC FIRST Bank offers thoughtfully designed current account options for wise customers seeking more than everyday banking solutions. Whether you need strong liquidity management, seamless payments, or privileged banking, IDFC FIRST Bank has a current account that fits your Business requirements. 

Let's explore the eligibility criteria, documentation requirements, and unique value propositions of different types of current account provided by IDFC FIRST Bank.

Who Can Apply?

Current accounts from IDFC FIRST Bank are available for:

  • Individuals
  • Hindu Undivided Families (HUFs) 
  • Sole proprietorships
  • Partnerships
  • Limited companies/LLPs

Documentation Needed

The documents needed for opening current accounts are:

For Sole Proprietorships:

  • 2 documents proving entity name and address 
  • Proprietor identity and address proof 
  • Nature of business supporting documents (if details unavailable in other entity papers)

For Partnerships: 

  • Registered partnership deed
  • Declaration of partnership firm
  • Entity PAN card copy
  • Address proof in the entity name  
  • Identity and address proof for all partners, authorized signatories, and beneficial owners

Different Types of Current Accounts Provided by IDFC FIRST Bank

100k Current Account - For Discerning Business Banking

The 100k current account from IDFC FIRST Bank has a ₹1 Lakh Average Monthly Balance (AMB) requirement. It unlocks exclusive privileges tailored to suit high-turnover businesses and discerning individuals.

If your monthly business turnover runs into several lakhs or you simply seek premium, privileged banking, this top-tier account brings exceptional value through:  

  • Free cash deposit limit of ₹12 Lakhs per month
  • Complimentary Visa Signature Card 
  • 300 free cheque leaves per month
  • Free demand draft issuance at bank branches
  • 25 free ATM transactions monthly
  • Premium account management

50k Current Account - For Growing Businesses 

The 50k current account from IDFC FIRST Bank offers the optimal balance of privileges and affordability. With a ₹50,000 AMB requirement, it suits growing enterprises seeking feature-rich business banking without high maintaining balances.

It empowers businesses to scale new heights by providing:

  • ₹6 Lakhs free cash deposit limit monthly 
  • Complimentary Visa Signature Card
  • 200 free cheque leaves per month 
  • Free branch-based demand draft issuance
  • 15 monthly ATM transactions free
  • Relationship manager for personalized assistance

25k Current Account - For Lean Business Operations

The 25k current account from IDFC FIRST Bank fits enterprises with monthly turnover between ₹10-25 Lakhs. With a ₹25,000 AMB and compelling benefits, it enables lean business operations.

This current account empowers prudent businesses through the following:

  • ₹3 Lakhs free cash deposit limit per month
  • Complimentary Visa Platinum debit card 
  • 50 free cheque leaves monthly
  • 10 free ATM transactions per month
  • Free branch-based demand draft issuance 
  • Preferential pricing on add-on services

10k Current Account - For Early-Stage Business Banking

Entrepreneurs can count on the 10k current account from IDFC FIRST Bank to build lasting banking relationships. It has an AMB requirement of only ₹10,000 - making feature-packed business banking affordable right from inception.

This current account helps early-stage businesses firmly take off by providing:

  • ₹2 Lakhs free cash deposit limit per month
  • Complimentary Visa Platinum debit card
  • 25 free cheque leaves per month
  • 5 free ATM withdrawal transactions monthly 
  • Free demand draft issuance at bank branches
  • Low opening balance 

Choose What Suits You Best  

Current accounts are far more than everyday transaction interfaces. They anchor integrated financial ecosystems that propel business success. IDFC FIRST Bank recognizes this, designing each current account option to address distinct business needs. With minimal paperwork and a swift application process, find your perfect match without delay to build the future you envision.

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