Non-profit organisations (NPOs) provide much-needed services to support India’s social, cultural, and economic development. The effectiveness with which these organisations can deliver their services often depends on their ability to manage funds properly, track spending accurately, and make sure their resources are allocated to support their objectives.
A current account simplifies these financial tasks and enhances operational efficiency for NPOs. This banking product helps NPOs ensure that every rupee is used to make a difference in the communities they serve. Keep reading to learn how.
Current account services and benefits for non-profit organisations
A current account for an NGO has several beneficial features. Take a detailed look below:
High transaction volume: NPOs usually handle large numbers of transactions daily. Most current accounts support a high volume of transactions without incurring additional fees. This feature is crucial for NPOs during peak fundraising periods, when managing large-scale projects, or when operational expenses are high. They can handle all transactions without worrying about extra fees.
Zero balance accounts: Many banks offer the option to open a current account without the need for an initial deposit. It is particularly beneficial for small- to medium-sized NPOs that operate with limited cash flow and need to maximise the use of every rupee to meet their objectives.
Overdraft facility: An overdraft facility lets account holders withdraw money from their accounts even if the balance is zero. It is an important feature for NPOs and they get a safety net for cash flow fluctuations so that operational activities can continue without interruption, even in times of financial crunch.
Internet banking and mobile apps: Non-profit work usually has a dynamic nature, especially in remote areas. Digital banking solutions offered by current accounts help an NPO open a current account online without leaving their location. You can handle the account 24/7, perform transactions, and monitor account activity from anywhere.
Customised payment solutions: Most digital current accounts offer secure and transparent payment options. They support credit/debit cards, mobile payments, bank transfers, and digital wallets. You also enjoy automated recurring payments, bulk disbursement capabilities, and integration with external fundraising platforms.
Dedicated relationship managers: Most banks assign dedicated relationship managers to current accounts so that customers can have a single point of contact for all banking needs. Whether it is exploring new banking products, or resolving service issues, a dedicated relationship manager helps NPOs get the support they need to manage their finances better.
Earn interest on current accounts: Although current accounts do not generally accrue interest, IndusInd Bank’s Indus Select Current Account allows you to earn interest on your balance as it offers an auto sweep facility.
All you have to do is set a threshold limit. Any balance exceeding this limit will be moved to a fixed deposit, where you can earn FD-like rates. Besides, you get additional benefits, like
- 100% paperless process to open a current account.
- Dynamic cash deposit limits.
- Doorstep banking.
- Waiver on outward cheque return charges.
- Grouping of accounts with no additional balance requirement.
- Preferential trade charges for your cross-border business requirements.
Open a current account online with IndusInd Bank and get banking solutions that keep your NPO always first.
Current account for NGO | Key takeaways
With advantages like zero balance requirements, high transaction limits, and customised banking solutions, current accounts help NPOs boost their financial efficiency and ensure every rupee is directed towards their mission.
Make sure to compare different banks, go through their charges, and evaluate digital features to find a current account with useful services. Note that the right bank account can simplify everyday transactions and enhance the organisation’s ability to manage donations, grants, and expenses effectively.