A current account is a wise financial option for businesses, as it facilitates effortless transactions and offers operational flexibility. Parallelly, the unified payment interface, or UPI, is a digital payment system, which makes transactions faster, easier, and more accessible to millions. Given the rise of UPI transactions, a prevalent question most commercial businesses have is: Can current account holders use UPI technology?
Current accounts and UPI
The answer to this is yes; holders of current accounts are qualified to reap the benefits of UPI. This integration allows businesses to link their prevailing bank account to a virtual payment address or VPA, permitting them to make transactions instantly from their mobile.
To access this benefit, holders of current accounts must register for UPI utilising their bank’s net banking portal or mobile banking app. After registration, they are equipped to perform and get payments with ease, thus leveraging the dual benefits of current accounts and UPI.
Besides offering UPI technology, opening a current account online provides a vast range of advantages, personalised to meet the growing needs of modern businesses. Discussed here are some top reasons for choosing a current account for banking needs.
. Mobile and internet banking
Online and mobile banking systems of leading banks are built with cutting-edge technology, which delivers a secure banking experience. Such systems permit companies to properly manage their funds from anywhere in the world. Current account features like bulk online transactions in a single operation, make them perfect for processing payroll while configurable notifications allow the firm to stay updated about account activity on a real-time basis. Hence, digital banking features are perfect for meeting the distinct requirements of businesses, promoting convenience and efficiency.
. Higher NEFT/RTGS transactions
In the digital banking ecosystem, the capacity to undertake quick and cost-effective transactions is critical for sustaining seamless operating activities. In addition to UPI transactions, unlimited RTGS and NEFT transactions address digital transaction demands by permitting businesses to make distinct unlimited transfers and payments without incurring additional expenditures. This assists companies improve their cash flow by ensuring they can pay suppliers on time, meet payroll, and manage other financial commitments with ease.
. High deposit limits
IndusInd Bank understands the cash management needs of companies, especially with big-ticket transactions. To satisfy such needs, IndusInd Bank’s Current Accounts have much higher deposit limits, which permits companies to perform their daily operations without fretting about surpassing deposit limits. For instance, Indus Premier Business Current Account allows free cash deposit of up to eight times the previous month’s average monthly balance or Rs 10 lakh, whichever is higher. This characteristic is especially valuable for enterprises that are looking to increase their cash management efficiency and improve liquidity management without paying additional charges on high cash deposits.
Ending note
The utilisation of UPI in current accounts is a step forward in digital banking advancement. This endows a range of businesses with great convenience, efficiency, and security. Remember, opting for a good current account online not only corresponds with today’s digital-first approach to business operations but also offers access to a host of features tailored to meet the diverse demands of modern businesses.