Today, there is a growing demand for a value-added Current Account among businesses. Banks design this category of banking accounts to serve enterprises and consultancy practices. It brings with it flexibility, convenience, and global mobility.
Businesses, sole proprietor enterprises, freelancers, and consultants especially need such services. Today, a growing number of doctors and healthcare professionals are also making the shift from a regular savings account.
Your Current Account can help you streamline your financial operations end-to-end and bring more accountability and sustainability to your practice or business.
Serving unique needs
Unlike other professionals, doctors and healthcare professionals are typically not employed in one job role. They may be running their practices. Alternatively, they may function as consultants to hospitals and other facilities. They may also be building a full-fledged medical/ healthcare enterprise. If you belong to the medical or healthcare fraternity, shifting to a Current Account is advisable.
A regular savings account may no longer serve your unique and specific needs as your practice or business grows. For instance, if your work takes you overseas, you must be able to transact in global currency. You must also be able to deposit large amounts of cash payments several times a month, as per the scale of your business, without being penalised. This is where a Current Account can serve you better.
8 Benefits of a Current Account
A snapshot of value-added services offered by Current Account.
Greater flexibility based on needs
You can choose the type of Current Account product based on your specific business needs depending upon the monthly deposit limit, business size, and business type. For instance, you can access a higher limit in terms of the value of monthly deposits and the number of deposits made. You can also choose a flexible monthly cash balance based on the scale of your business and upgrade gradually.
Superior payment solutions
As a medical or healthcare professional, you may have staff on your payroll. Alternatively, you may work with some consultants and freelancers ranging from therapists to drivers and virtual assistants. Paying them on time is key to the success of your practice. Your Current Account comes with superior financial solutions such as automated payments. You can make single, bulk, tax and commercial card payments securely and seamlessly.
Virtual banking advantage
A digital Current Account enables you to open and manage your account digitally, end-to-end. You can receive online notifications and e-statements, request services, avail investment services, and make payments online. The shift to virtual banking is increasing, and visits to the bank branch are becoming increasingly limited.
Access overdraft facilities
You may need a loan to fund your business as you grow it. Your Current Account comes with an overdraft facility, which allows you to withdraw and utilise funds in real-time. On the other hand, obtaining a loan is a time-consuming process. Skipping the loan process, on the other hand, saves time.
Transact in global currencies
Your Current Account enables you to maintain a balance across 20 currencies. You can also access Forex Card services when travelling abroad. A Forex card allows you to lock in currency exchange rates and transact online and offline anytime in over 16 currencies.
Also Read: 8 Key Factors to Look at Before Opening a Current Account
Exclusive debit cards/ loyalty programmes
Your Current Account comes with attractive perks, such as exclusive offers and deals on your debit card. It comes with a range of valuable insurance categories, activation benefits, complimentary airport lounge access, cashback and reward points.
Access to portfolio management services
As you work for money, your money should also work for you. Today, you can easily access portfolio management services and invest in various debt and equity-based instruments. Investment integration enables you to automate all your investments and seize real-time market opportunities.
Easy integration with accounting software
You can easily integrate your Current Account with other software in your tech stack. For example, incorporating it with accounting software makes your entire financial operations transparent, accountable, and seamless.
The takeaway
If your medical/ healthcare practice aspires to run all financial operations smoothly and derive higher value, consider opening a Current Account with Axis Bank. Some of its perks are quick virtual onboarding, an end-to-end digital banking experience, access to global currency transactions, easy integration with accounting software, and portfolio management. You can also automate payments and enjoy access to exclusive debit card benefits.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
