6 Checks When Opening A Start Up Current Account
Every start up needs a bank account to get started. For them, it is a current account. Six important things to know when opening one.
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Consider a bank with foreign branches
If your business has overseas clients, it is advisable to open a current account in a bank which has branches abroad and offers forex and trade services.
Working capital, trade finance and speedy clearance facilities
Look for working capital assistance available in case of a manufacturing business, trade finance services for a trading company and speedy clearance facilities for a service business.
Cash deposit facilities
If yours is a cash-centric business, go for an account with high daily and monthly cash deposit limits.
Cheque clearing services
Choose a current account which has faster cheque clearing service and offers a higher limit of free cheque leaves per quarter in case your business deals more in cheques.
Payment infrastructure
Open your current account with a bank which has well-integrated payment acceptance infrastructure and provides credible and effective payment collection service.
Loans and overdraft facilities
Scout for a current account where you can easily avail of loans and overdraft facilities when your business grows
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