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Differences between Merchant One and Merchant One Premium Current Accounts
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Running a business as a merchant or a retailer today requires more than just offering high-quality products or services. It also requires making transactions as simple and effective as possible. To achieve this, you need a Current Account that is specially designed for Merchants, and can streamline your daily operations, help you manage expenses, and support your growth prospects. That's where Kotak's Merchant One account plays an important role in helping you boost your business growth.
Merchant One Account is available in two variants: Merchant One Current Account and Merchant One Premium Current Account. Both these accounts come with power-packed features that help merchants digitise their daily business processes and automate transactions while also providing value-added services. But there are differences between the two, each with their own benefits and features that might make it a better fit for your business.
Let's take a detailed look at both these Current Accounts to understand their key differences.
1. Average Balance
The Average Quarterly Balance of Merchant One Current Account is Rs. 50,000.
If you opt for Merchant One Premium Current Account, you will need to maintain an Average Quarterly Balance of Rs. 1,00,000. This means that the Premium account requires a higher level of balance commitment, but the benefits you receive will be very helpful in elevating your business.
2. Free Cash Deposit
If you are constantly dealing with large amounts of cash, you will appreciate the higher deposit limit offered by both the accounts.
While the Merchant One account allows a reasonable free monthly cash deposit limit, the Merchant Premium account offers a significantly higher deposit limit per month.
3. Free DD/BC (Demand Draft/ Banker's Cheque)
The Merchant One Current Account comes with a limited number of free DD/BC per month, after which standard charges will apply.
In comparison, the Merchant One Premium Current Account gives you a much higher number of free DD/BC per month. Again, after this limit is reached, the standard charges will apply.
Merchant One vs Merchant One Premium Current Accounts | Common features
Besides the standard Current Account benefits, these accounts offer features that make managing your business a breeze. Here’s the wide array of solutions you can avail of:
How to apply?
It’s easy. Simply visit the bank website and apply online. The process is quick, and you can add more power to your business with the Merchant One Account.
The decision between the two variants depends on your business needs. But whichever account you choose, both options offer hassle-free online transactions, free cash deposits, digital billing, and cash flow management. All these features help simplify your business processes and allow you to focus on what really matters – Growing your business.
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