Top Current Account Features to Look For in 2024

Are you finding it difficult to manage your finances efficiently with your existing current account? Perhaps the slow transaction times are reducing your productivity, or maybe the outdated digital banking tools no longer suit your mobile-dependent lifestyle. 

It is 2024, a digital world where every second counts. Hence, your current account should be responsive, secure, and flexible enough to keep up with the demands of modern consumers. To find such a current account, look at the top features you must prioritise in 2024.

Premium digital banking features

Open a current account with a bank that offers robust digital banking solutions, such as:

• A completely paperless and digital process to open an account.
• Support for multiple payment methods such as UPI, NEFT, RTGS, IMPS, and international transfers.
• 24/7 access to your bank account through mobile and net banking.
• Flexibility to order chequebooks online without visiting a branch.
• Built-in tools to categorise and monitor your spending.
• Quality security measures like multi-factor authentication and biometric verification.

All these premium digital features of current accounts not only save time but also increase the productivity of your business operations.

Overdraft facility at an affordable rate

An overdraft facility is like a short-term borrowing option, which lets you borrow money from your bank even if your account balance is zero. This financial cushion helps you continue your regular business activities even during temporary cash crunches. In 2024, look for current accounts that offer overdraft options with competitive interest rates, minimal fees, and higher limits.

An affordable interest rate keeps borrowing costs low and makes it easier to access funds without incurring exorbitant costs. High limits on the overdraft facility offer even more convenience, as you can cover large expenses and capitalise on growth opportunities without worrying about cash shortages. 

Interest on surplus funds

Current accounts don’t offer interest, which means if you regularly keep idle balances in your account, they just sit there unoptimized. 

IndusInd Bank Indus Select Current Account helps you earn on your surplus funds and lets your hard-earned money earn more through the sweep-in facility. You can set a threshold, and any amount exceeding this limit automatically gets deposited into sweep-in FDs. This way, you get dual benefits – an opportunity to enjoy FD-like interest rates on your savings and the liquidity of a current account. 

Open a current account online today with IndusInd Bank and let your savings grow effortlessly.

24/7 customer service

Ideally, the best current account should offer 24/7 support through multiple channels, like phone, email, and live chat. This round-the-clock assistance means any issues or queries related to your current account can be resolved right away. 

Such support is highly beneficial for businesses like food trucks, boutique retail shops, and local restaurants that work multiple shifts and could need immediate assistance even during non-banking hours.

Additional value-added services

The basic features of current accounts rarely meet expectations today. The IndusInd Bank Indus Select Current Account is carefully designed to meet the unique demands of modern customers. Along with FD-like interest rates on your surplus balance, you also receive additional perks such as:

Free cash deposits and withdrawals	Deposit cash up to eight times your previous month’s Average Monthly Balance (AMB) or ₹20 lakh, whichever is higher, without incurring extra fees.
Doorstep banking	Enjoy free pick-up and delivery of cash and cheques.
Preferential trade charges	Affordable charges for cross-border transactions, which is ideal for businesses involved in international trade.
Grouping of accounts	Share account benefits with family members and group businesses without additional balance requirements.
Free Visa Signature Select Debit Card	Comes with a host of privileges and benefits, adding value beyond typical banking services.

 

These additional benefits of current accounts can greatly enhance your banking experience.

Key takeaways

In 2024, opening a good current account for your business is about more than just the basics. Look for features that offer real value and conveniences, such as premium digital services, high security, interest-earning opportunities on surplus balances, and 24/7 customer support. Value-added services such as doorstep banking, grouping of accounts, and preferential trade charges further enhance your banking experience. Evaluate these features thoroughly and opt for a current account that matches your business needs perfectly.