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Assume you have a small retail establishment, "Spark Electronics," and you have opened an RBL Bank Exceed Express Current Account. This is how it works to your benefit:
RBL's digital solution and customised assistance enable your business to grow with hassle-free banking, with a mere ₹50,000 average balance requirement.
RBL Bank provides current accounts that enable smooth daily transactions for businesses. They deliver facilities such as cash management, trade finance, and foreign exchange to facilitate business development.
Read More – RBL Bank Net Banking: Registration, Login & Features
The bank provides additional facilities such as online printing of cheques, payroll facilities, and bulk payments. RBL has various account options along with focused personal assistance by relationship managers and online banking for seamless account management.
Here's the information about the importance of current accounts for businesses and professionals, presented in a table:
Aspect | Explanation |
1. Streamlined Financial Management |
|
Unlimited Transactions | Current accounts allow businesses to make unlimited deposits, withdrawals, and transfers without any limits. |
Easy Access to Funds |
RBL Bank Exceed Elite Current Account | The RBL Bank Exceed Elite Current Account is suitable for companies such as manufacturers, service providers, and foreign traders. It provides facilities like flexible cash deposit limits, free transactions, and merchant services. For opening the account, a monthly average balance (MAB) of INR 2,00,000 must be maintained. The account is suitable for businesses engaged in exports, imports, and other business activities. |
RBL Bank Exceed Express Current Account | The RBL Bank Exceed Express Current Account is designed for businesses that require a robust and adaptable banking facility. It provides free NEFT/RTGS/IMPS transactions, local cheque collection, and a complete range of cash management tools. |
Here's the information about the RBL Bank Current Account features and benefits, presented in a table:
Features | Explanation |
Unlimited Transactions | Businesses can make unlimited deposits, withdrawals, and transfers without any limits, but may incur taxes if applicable. |
No Interest | Current accounts do not earn interest, so the money is always available for use, and no interest is charged on the balance. |
Cheque Book |
Here's the information about the fees and charges associated with RBL Bank Current Accounts, presented in a table:
Fee/Charge | Explanation |
Non-Maintenance Charges | If your Average Monthly Balance (AMB) is below the required level, you will be charged. Below 50% AMB: ₹300 Above 50% AMB: ₹200 |
Document Handling Charges |
Fees for handling documents related to the account.
Doorstep Banking
Charges for services like cheque/demand draft delivery, courier pick-up, cash delivery, and cash pick-up.
Demand Draft Charges
Fees apply for issuing demand drafts, both at RBL branches and non-RBL branches.
Cheque Return Charges
Fees are charged when a cheque is returned due to insufficient funds or other reasons.
Businesses can easily access money to pay suppliers and receive payments from customers.
Cash Flow Management | Helps businesses track their money flow, spot spending trends, and make better financial decisions. |
Overdraft Facility | Some accounts offer an overdraft, allowing businesses to cover temporary cash shortages. |
2. Enhanced Business Operations |
|
Payment Solutions | Current accounts support payments through online transfers, cheques, and debit/credit cards for convenience. |
Merchant Services | Businesses can accept payments from customers in various ways using their current accounts. |
Cross-Border Transactions | Many current accounts offer international payment services and forex solutions for global business operations. |
Financial Reporting | Detailed account statements and online banking help businesses track their spending and income easily. |
3. Building Credibility and Professionalism |
|
Separation of Personal & Business Finances | A business current account keeps personal and business finances separate, making it easier to manage expenses and file taxes. |
Professional Image | Having a current account makes a business appear more professional and trustworthy to clients and suppliers. |
Access to Banking Services | Current accounts often come with extra services like cash management and a dedicated banker to help with business needs. |
4. Benefits for Professionals |
|
Managing Income & Expenses | Professionals like doctors or consultants can use a current account to manage their income and expenses. |
Facilitating Payments | Current accounts help professionals receive payments from clients and pay vendors easily. |
Access to Banking Services | Professionals enjoy the same banking services as businesses, like online banking, mobile banking, and cheque services. |
It also accommodates businesses with international trade.
RBL Bank Exceed Extra Current Account | The RBL Bank Exceed Extra Current Account is specifically designed for businesses and has perks such as free NEFT/RTGS/IMPS transactions and other remittance services. For maintaining the account, an INR 50,000 Monthly Average Balance (MAB) needs to be maintained. This account would suit retailers, corporate professionals, and entrepreneur business owners. |
RBL Bank Exceed Global Elite Current Account | The RBL Bank Exceed Global Elite Current Account is for companies that engage in international transactions. It has special trade and forex facilities, a relationship manager, and online access to the TradeX portal. This account is ideal for manufacturers, service providers, international traders, exporters, importers, and companies that engage in cross-border transactions. |
RBL Bank Exceed Maestro Current Account | RBL Bank Exceed Maestro Current Account is meant for professionals and has the facilities to meet business requirements. It has flexibility in cash deposit limits, free transactions, and merchant solutions. The account must have a monthly average balance (MAB) of INR 2,00,000 to remain active and earn the interest. |
RBL Bank's Max Current Account for Contractors | RBL Bank's Max Current Account for Contractors is tailor-made for government and PSU contractors, and it comes with a lot of useful benefits. Important Features and Benefits: Targeted Audience: Made specifically for government and PSU contractors. Discounts on Loans: Receive reduced processing charges on loans such as Home Loans, Loans against Property, and Business Loans. Free Transaction: Receive free NEFT/RTGS/IMPS transfers, local cheque collection, fund transfers, and bill payments. Cheque and Demand Drafts: Get 500 free cheque leaves and 150 free demand drafts per month. Other Benefits: Use of Trade Finance, Foreign Exchange (FOREX) facilities, business expansion loans, and premium Internet banking. No Interest: Interest is not earned on the balance, similar to all current accounts. Outstation Cheque Collection: Get money fast with the outstation cheque collection. Branch Access: Get access to more than 200 branches across the country for your company transactions. |
RBL Bank's Exceed Global Elite Current Account | RBL Bank's Exceed Global Elite Current Account (CAGEL) is tailor-made for corporate clients that facilitate international transactions. It provides facilities like special forex and trade services, expert recommendations, and advantages such as zero NEFT/RTGS/IMPS charges, among other amenities. |
You can get a chequebook to make payments easily. |
Debit Card | A debit card is provided for cashless transactions, making it easy to shop or pay for services. |
Internet Banking | You can access and manage your account online, making transactions easy and quick. |
Mobile Banking | Use the RBL Bank mobile app to manage your account and perform transactions on your phone anytime, anywhere. |
*T&C Apply
Other Charges
Includes fees for ECS returns, stop payment requests, and other similar services.
Cash Deposit at Non-Home Branch
Charges for depositing cash at a branch other than your home branch.
Cash Withdrawal at Non-Home Branch
Charges for withdrawing cash at a branch other than your home branch.
Important Key Points:
To open an RBL Bank Current Account, you need to fulfil the following eligibility criteria:
To open an RBL Bank current account, you will have to submit the following documents:
For Individuals:
Application Form: Fill in the official application form of RBL Bank for a current account opening.
Identity Proof: Any one of the following:
Address Proof: Any one of the following:
Photographs: Two colour photographs of size passport.
Account Opening Cheque: A cheque of an existing current or savings account.
For Video KYC: A pen and a blank piece of paper.
Here are the easy steps to apply for an RBL Bank Current Account online:
1. Open the official RBL Bank website.
2. Click on ‘Products’ in the 2nd option in the navigation bar.
3. Choose option ‘Business Banking’ from the drop-down menu.
4. Select option ‘Business’ and then click on the ‘Parenting Your Growth’ option.
5. Scroll down a bit and click on ‘Know More’ under the ‘Current Accounts’ option.
6. Choose the current account type you wish to open (such as Standard Current Account, Exceed Global Extra, etc.),
7. Click on the "Apply Now" button to begin the application.
8. Complete the Application Form:
9. Carefully re-check all the information you've provided. After ensuring everything is correct, apply.
10. The bank can request you to do a KYC (Know Your Customer) verification.
11. Your current account will be opened once your application is approved and the KYC process is done.
These are the easy steps to open an RBL Bank Current Account at a branch:
1. Find an RBL Bank Branch: Search for the nearest RBL Bank branch.
2. Request and Fill Out the Application Form: At the branch, request the current account application form. Fill out all the details asked for, such as your personal and business details.
3. Gather and Submit required documents:
4. KYC Process: The bank will authenticate your identity through the Know Your Customer (KYC) process.
5. Account Activation: Once your documents and application are checked, your account will be opened, and you will be sent a welcome kit including your passbook, chequebook, and debit card (if applicable).
Here’s the comparison table about the RBL and other competitor banks and their current accounts in a simple table format:
Bank | Focus | Key Features | Target Audience |
RBL Bank | Digital banking & cash management | High cash deposit limits, attractive FD rates, digital banking, access to RBL TradeX Platform, and on-the-go banking. | Contractors, retailers, SMEs |
Axis Bank | Comprehensive banking solutions | Unlimited NEFT/RTGS transactions, unlimited cash withdrawals, free chequebook, and various account types for different businesses. | Retailers, SMEs, large retailers, wholesalers, traders |
HDFC Bank | Cash management & bulk transactions | Local clearing, dynamic limit, instant cash withdrawal and deposits, funds transfers, free cheque collection & payments across HDFC Bank locations. | Businesses needing efficient cash management & bulk transactions |
ICICI Bank | Payment options & cash flow management | Anywhere cash deposit/withdrawal, multi-location fund transfer, mobile/internet banking, payment gateways. | Businesses seeking diverse payment options & cash flow management |
Phone Numbers:
Email:
RBL Bank has a range of current accounts tailored to the specific needs of companies, be they small traders, contractors, or multinational companies. With unlimited transactions, simple management of cash flow, and extra benefits such as free NEFT/RTGS transfer and overdraft facilities, RBL promises seamless banking.
Be it day-to-day operations, bulk payments, or export-import business, RBL offers solutions customised for every company. Opening an RBL Bank current account is a breeze, online or offline, with complete assistance through customer care. Opt for RBL to empower your business with seamless and efficient banking!
Q1: What is the speciality of a Current Account?
A current account offers instant access to funds without earning interest. This liquidity is provided to businesses for daily transactions, with no interest charged on the balance.
Q2: What is the key aspect of a Current Account?
The trade balance, which reflects the difference between exports and imports of goods and services, is the most important part of a current account, impacting GDP and economic growth.
Q3: What is the primary goal of a current account?
The main objective of a current account is to facilitate regular, unrestricted transactions like deposits, withdrawals, and transfers, ensuring businesses or individuals can manage daily financial operations efficiently.
Other Bank Current Accounts | |||
