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Here’s why having multiple Current Accounts is good
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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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As a business owner, your main objective is to ensure your enterprise's growth, advancement, and sustainability. That is why you have a Current Account for your business, as it comes with numerous benefits, such as easy payment processing, flexibility and ease in managing finances. But what if you could take all these advantages to the next level? That's where the concept of having multiple Current Accounts comes into play.
Whether it's to separate your personal and business finances, simplify your accounting processes, or gain better control over your cash flow, the advantages of multiple Current Accounts go beyond what a single account can offer. Let's discuss these benefits in detail and explain how this technique helps your business grow and thrive.
With multiple Current Accounts, you can easily track your expenses by assigning specific budgets for each account. For instance, one account can be designated for operational costs, while another can be used for paying monthly rent or some overhead expenses. Having different accounts dedicated to specific expenses, such as marketing, salaries, or inventory purchases, can help you manage finances more efficiently.
Moreover, you can stay within your budget limits by categorising your expenses. You can prioritise your spending and highlight which expenses require immediate attention and which expenses can wait. This knowledge empowers you to make informed decisions and allows you to allocate funds most effectively, helping you achieve your business objectives.
Each bank has different Current Account requirements, eligibility criteria, features, and offers. By having different types of Current Accounts, you can enjoy the exclusive features and services each account offers.
For example, one account may offer all the convenience of a digital Current Account. At the same time, another may provide better deals on overdraft facilities or cashback rewards, a step ahead of the usual features offered by a Current Account.
Such benefits give you more control over your money and customise your banking experience.
Multiple Current Accounts provide an emergency backup option during unforeseen circumstances. If one of your accounts experiences a server issue or technical glitch and becomes temporarily unavailable, you can always rely on the other account to manage your finances. It guarantees that you can access your funds at all times, even during emergencies or when you need to make payments urgently.
However, it is important to compare Current Accounts of different banks before making a final decision. You can even contact your bank online or visit them directly at the branch and inquire about Current Account documents, criteria, and related costs to speed up the process.
Ending notes
From better cash flow management and efficient budgeting to improved cash management and convenient payment processing, having multiple Current Accounts is helpful in many ways.
At the same time, make sure you select a bank that offers an instant Current Account opening process with minimal paperwork, a user-friendly online banking interface, and other value-added services to make financial management efficient and convenient for you.
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