Business Accounts

Introduction to Business Accounts

4 min read

In this section of Introduction to Business Accounts, BankandFinance.com explains majority of what you need to know to prepare business owners about their banking options. Business accounts are a type of corporate banking where there is an unlimited amount of transactions you can do per day. By having a company account in India, there are various benefits that are included with this certain type of bank account. BankandFinance.com offers a lot of useful information regarding the benefits of a company account in India. The bank account holder can open such accounts in banks such as HDFC Bank and SBI Bank.

  • You can transfer or withdraw money an unlimited number of times as long as that respective amount of money is present in the bank account.
  • Manage the bank account in India with zero balance.
  • There are no charges or fees for getting a Demand Draft
  • Use of RTFGS facility where you can conduct an instant transfer to a beneficiary
  • Transfer existing funds to any beneficiary or company by using the NEFT facility
  • Get a cheque book after opening the corporate banking account
  • Get information about your balance, deposits, withdrawals, transfers and cheque status instantly through e-statements when you have a corporate banking account
  • You can check your balance of your bank account at any time without using the internet banking services, just by sending an SMS.
  • Get instant alerts to a specified mobile number with an account from SBI Bank, HDFC, etc.
  • Corporate banking provides you with a facility to drop off a cheque at any branch location to get deposited to your business banking account.
  • Certain account you can earn interest with a company account in India.
  • Get personal accident coverage according to the bank’s terms and conditions.
  • All the business banking companies in India maintain high standards and high security maintenance.
  • Avail the door step services, where the bank’s representatives come to your house and collect the Demand Drafts (DD) and payment orders at a nominal fee.
  • Pay all your bills with no fees. This process saves you a tremendous amount of time and effort.
  • Control and manage your money by getting a bank account in India.

If you have started a small business and are receiving an inflow of money, you will want to start saving a large portion of this money. In order to save and keep track of your funds, you have to open an account where you can manage all your business finances. Salary accounts are provided to employees by the employer for any work done in the month. The employer will open a company account in India and will open salary accounts for all the employees. All employees can get a corporate account with the same bank through the company and the company will transfer the monthly salary to the employees’ company accounts. Also when you get your account with HDFC, SBI Bank or any other bank, your company may also be eligible to apply for a personal loan, car loan or a home loan.

Money in India can be utilized in many ways. Some individuals plan their future by saving money in the banks and receiving deposit interest rates. According to your business needs, banks provide the best company account in India to make sure your financial goals are met.

For Instance, if you are applying for corporate banking in HDFC, you first have to check for the different types of accounts that are available with the bank. It is essential to backup a majority of your funds before investing in your company in India. For some businesses, you might start accumulating profits instantly, but for most individuals and companies it takes time to develop, release, market their products and make profits. Hence you should be careful and check the financial issues that may arise in the near future and act accordingly. SBI Bank and HDFC are the leading corporate banking providers whose customers are benefiting by availing the different products of their choice. HDFC provides corporate banking for various categories of products to corporate clients for commercial, transactional, and electronic products. SBI Bank offers a wide range of services to all small, middle, and large scaled companies in India. HDFC also offers overdraft facilities.

You can open a company account in India in a company you find most attractive or rewarding by comparing the rates from multiple banks such as SBI Bank and HDFC. It is recommended that you research thoroughly about the various interest rates and benefits offered by different banks before deciding to get a company account in India. By taking the SBI Bank ATM card or HDFC Card, you can process only 5 transactions in the same bank. For instance, if you have an account with SBI Bank, then you can make five free transactions in any other bank. If you do more than that, you have to pay special fees to withdraw the amount.

Company accounts are very important for startup businesses, as they will help you in the future to manage the money for day-to-day operations. At the end of the year, you should calculate the annual earnings to determine the loss or gain of your business. Companies always check for the rates and avail the highest rate providers such as HDFC and SBI Bank.

Apply now for your corporate banking account with multiple banking companies such as PNB Bank, Corporation Bank, HDFC and SBI Bank. Communicate with the company representatives and open a company account in India by submitting the required documents according to the banks terms and conditions. Enjoy the benefits of corporate banking in India by choosing the best checking account or plan that best suits your requirements.