{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/categories\/msme\/impact-of-digitalization-on-current-account\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/categories\/msme\/impact-of-digitalization-on-current-account\/","headline":"Impact of digitalization on current account","name":"Impact of digitalization on current account","description":"The banking sector has undergone tremendous changes, owing to the inclusion of technology in almost every banking activity. Whether you need to transfer funds or open a current account for your business, everything can be done with a few simple clicks!   Current accounts cater to business owners, traders and merchants. It involves huge cash deposits...","datePublished":"2023-09-18","dateModified":"2023-09-18","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/#Person","name":"Vinayak","url":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Analyzing-the-Impact-of-Digitalization-on-Current-Accounts.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Analyzing-the-Impact-of-Digitalization-on-Current-Accounts.jpg","height":400,"width":1060},"url":"https:\/\/www.indusind.com\/iblogs\/categories\/msme\/impact-of-digitalization-on-current-account\/","about":["MSME"],"wordCount":1223,"keywords":["current account","current account online","digital current account","online current account","open current account online"],"articleBody":"The banking sector has undergone tremendous changes, owing to the inclusion of technology in almost every banking activity. Whether you need to transfer funds or open a current account for your business, everything can be done with a few simple clicks!  Current accounts cater to business owners, traders and merchants. It involves huge cash deposits and withdrawals that happen on a daily basis. With the digitalisation of various processes, you can operate your current account, anywhere and anytime.  This blog will help you explore the advantages and challenges of digitalisation of current accounts.\u00a0Benefits of digitalisation on current accounts   1. Access anywhere, anytime\u00a0With digitalisation, you can access your account from anywhere and transact anytime. You can easily check your bank balance and transaction details. Additionally, you can operate transactions without stressing about banking hours and long queues. 2. Digital account opening and e-statements\u00a0Digitalisation has simplified the account opening process. It is easy to open your current accounts from the comfort of your office. Even the physical passbooks are substituted with e-statements. You can easily open a digital current account with IndusInd Bank, such as the Indus Tarakki Account. Some of the key features of this account are: No minimum balance requirements on accepting 1 payment monthly via IndusInd Bank QR \/ POS device.Free cash withdrawals\u00a0Free RTGS \/ NEFT \/ IMPS for payments\u00a0Free cash deposits up to \u20b95 lakhs per month\u00a03. Real-time updates\u00a0Current accounts involve many high-value transactions on a daily basis. This makes it impossible to keep track of them by updating the passbook. Digitalisation has simplified this. You receive instant notifications on your registered mobile number regarding every transaction and activity. 4. Speed in transacting\u00a0In contrast to the traditional mode of cash deposits and withdrawals, digital transactions are faster and more convenient. You can initiate fund transfers and pay your bills easily, without visiting your bank branch. IndusInd Bank offers multiple payment solutions for current account holders. These include POS machines, QR codes, Soundbox, UPI, and much more! 5. Cash-free transactions\u00a0Digitalisation has brought an element of convenience to transacting. Cashless transactions are increasing nowadays, substantially minimising the requirement for physical currency to operate your business. Besides convenience, digitalisation supports financial inclusion. 6. Global transactions\u00a0Digital current accounts are ideal for business owners or traders who frequently travel abroad. These accounts have made the process of global transactions and currency conversions a seamless affair. 7. Customised services\u00a0With the help of technology, banks are now able to provide customised solutions. It is easier to gain meaningful insights about your financial goals and spending habits with the use of data analytics. Customisation is key to improving your overall experience, besides helping you effectively manage your finances. 8. Improved security\u00a0\u00a0Digitalisation has not only made your transactions easier but has also increased your security net. A wide range of advanced security technologies like biometric authentication, two-factor authentication (TFA), one-time passwords (OTPs) and encryption safeguard your current accounts from fraudulent transactions and unauthorised accesses. Benefits of opening an IndusInd Bank Digital Current Account\u00a0You can enjoy the convenience of a 100% digital account opening process.\u00a0\u00a0You have the freedom to choose an account number of your choice via the MAMN (My Account My Number) facility.\u00a0\u00a0You get flexible cash deposit limits that can be adjusted to the changing requirements of your business.\u00a0\u00a0You have access to an overdraft facility, which allows you to withdraw more money than is currently in your account, up to a predetermined limit. This is especially helpful when you are in urgent need of cash and your account balance falls short.\u00a0You earn access to premium doorstep banking services, such as cheque pickups and on-call cash pickups, which allow you to focus on the growth of your growth.\u00a0\u00a0You can choose from industry-specific current accounts that cater to various sectors, including IT \/ ITes, agro, textile, telecom, shipping, import and export, and more.\u00a0Conclusion\u00a0Digitalisation has transformed the way banks function and the way people transact. Digital current accounts offer multiple benefits to both banks and customers by reducing costs, offering convenience, providing ease of transaction, and reducing the dependency on cash transactions. Explore the features and benefits of the different types of current accounts offered by IndusInd Bank to take your business to new heights. Apply now and open your digital current account today!\u00a0Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and 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.\u00a0\u00a0Share This:"}