Axis Bank Current Account: All You Need To Know

According to Axis Bank's website, a current account is used for frequent business and professional transactions with no restriction. This bank account suits professionals and businesses. The article explains Axis Bank Current Account, focusing on its primary category.

Applicability

A current account is better suited and used for commercial or professional purposes. Therefore, a partnership firm, limited liability partnership (LLP), one-person company (OPC), private limited company, or public limited company can create a current account.

Benefits Provided

The following advantages are provided to existing account users:

1. Cheque books and demand draft facilities make it easier to deposit money and pay creditors.

2. Setting up standing instructions as a choice.

3. The choice to carry out countless transactions.

4. Uninterrupted use of doorstep, phone, and internet banking services.

5. It is possible to separate a person's personal company or career from their personal finances in order to protect their long-term wellbeing, and tracking business operations is made easier.

6. Access to financial services, such as loans, for a variety of uses, including growing a business or profession.

We now know the advantages of this type of account, so let's examine its drawbacks, particularly in comparison to a savings account:

1. The owner of a current account receives no interest from the account.

2. No possibility of tax deductions.

3. In contrast to a savings account, where a minimum level is either lower than required or not required at all, the demand for sustaining balance ranges from medium-high (in most circumstances).

Axis Bank has a wide range of Current Account Services. This article particularly deals with its assortment of prime current accounts.

The banking establishment offers the following current accounts under its prime category:

1. Normal Current Account

2. Local Current Account

3. Business Advantage Account

Normal Current Account

A normal current account offers the company the best return on its investment through cash, non-cash, and fund transfer services. It offers unlimited daily intercity withdrawals as well as free cash deposits once a month for both home and non-home branches. It grants the account holder the following advantages:

1. The choice of banking with a meagre $10,000 average monthly amount.

2. Cash deposits at branches both at home and away.

3. Non-cash services are a possibility.

4. Money withdrawals from different cities.

5. Easier money transfers

6. Free transaction packages are provided.

7. The choice of multiple banking channels.

8. Axis e-edge benefits

Local Current Account

A local current account, which is a current bank account that is provided without a minimum balance requirement, offers a variety of services that are suitable for clients' local business needs. It provides the account user with the following advantages:

1. Facility for zero balances (not often the case with current accounts).

2. Pursuit of unrestricted trades.

3. Offer of annual charge discounts (15 percent in a quarter if the average balance is more than Rs. 50,000).

4. A variety of banking options.

5. "eDGe Rewards" by Axis.

Business Advantage Account

By providing a variety of privileges, the business benefit account provided by Axis Bank meets the various financial demands of any firm. Compared to the accounts mentioned above, this account requires a greater average balance to be kept because the account holder must keep an average balance of Rs. 25,000. However, perks are provided in the form of limitless intercity withdrawal and monthly transactional limits. Other advantages provided by this program include:

1. Possibility to pursue banking by keeping your average monthly balance low.

2. Services for home and away branch cash deposits.

3. Rendering of services not for payment.

4. Free check disappears.

5. Cash withdrawal from different cities.

6. Easier money transfers

7. Free transactional package rendering.

What Should You Remember Before Opening Your Current Account

There are a few things you need to double check before you can open a customized account with Axis Bank. First things first, you need to make sure that the current account option you've selected is suitable for the needs of your company.

Additionally, when applying for a current digital account, you are required to make sure that the area around you is adequately lit. You are also need to ensure that your internet connection is reliable and that your camera is of the highest quality. The Video KYC procedure will be able to proceed without any hiccups as a result of this.