Fixed Deposit

Power your business ahead with IDFC Bank Business banking solutions

Importance of Business Banking Solutions

In today’s business environment, managing finances is a major function for businesses. They have to depend on the services of a bank to handle all their financial transactions involving a variety of activities that impinge on business operations. These include internal banking operations, external operations and statutory operations. IDFC Bank offers a host of banking services and solutions that encompass traditional banking channels, digital banking channels and virtual banking channels that businesses can bank upon to help them in their business operations.

IDFC Bank Business Banking Solutions

IDFC Bank’s business banking solutions and services cover a wide range of functions specifically created for business banking requirements. The functions fall under broad categories that include

  • Accounts and Deposits
  • Cash Management Services
  • Loans
  • Business Investments Solutions
  • Business Protection Solutions
  • Forex Services
  • Online Business Banking Services
  • Cards

Each function helps businesses to address their banking needs effectively and support them to run their businesses in an efficient manner. The activities under each function are as follows.

Accounts and Deposits

IDFC Bank offers different kinds of banking accounts to suit businesses that include not-for-profit businesses as well. The types of accounts are

  • World business account – this account provides all normal business banking services and functions including a business debit card, unified Internet banking and doorstep banking
  • Truly One Account – suitable for individuals who are professional and sole proprietors
  • Dynamic Current Account – all normal banking functions plus personal relationship manager
  • Fixed deposits – anyone can open an FD
  • Business Current Account – suitable for small businesses
  • Enterprise Current Account – suitable for medium and large enterprises with IDFC Bank Enterprise Debit card
  • Not for profit account – suitable for schools, colleges, clubs, NGOs, hospitals and religious organizations

Whatever be the organization, there is an IDFC Bank account suitable for such organizations.

Cash Management Services

Finance is a vital element of any business. Managing finances prudently ensures businesses run efficiently. IDFC Bank offers cash management services that can maximize efficiency and effectiveness and they include

  • Point of Sale digital solutions including all payment modes such as cash, debit cards, UPI, Aadhaar Pay and mobile POS terminals and POS terminals
  • Receivables management through cash collection, cheque collection, NACH debit, E-collection and doorstep banking
  • Payables management through bulk cheque and DD printing, bulk payments and cash delivery

IDFC Bank’s cash management services are state-of-the-art backed by digital solutions for efficient monitoring and control.

Loans

Loans are an essential part of businesses when they need funds for purchase of capital equipment or land and building or meeting working capital requirements. IDFC Bank offers a variety of loans that cater to very specific needs of each business. The different types of loans include

  • Business loans and term loans for all kinds of businesses including self-employed professionals and businessmen
  • Working capital loans including cash/credit overdrafts and FD backed loans
  • Other types of loans including personal loans, commercial vehicle loans and loans against property

Loans are legitimate financial products that can help businesses with the much needed financial muscle to buy equipment and machinery to produce goods and build up capacity as also provide the financial backing whenever businesses need to expand.

Business Investment and Protection

Every business requires some avenues for investment to help cash management as also to guard against unforeseen events. IDFC Bank offers investment solutions as well as protection services through mutual funds, gold bonds, investment-linked insurance and business insurance.

Forex Services

Most businesses would encounter some amount of international transactions which can include export sales or imports of raw materials or equipment. This requires some forex expertise. IDFC Bank forex services provide a host of services that include

  • Import solutions – bank guarantees, letters of credit, multi-currency bill collection and import finance
  • Export Solutions – export transaction and bill settlement, export finance, letter of credit backed bill discounting
  • Domestic Trade Finance - bank guarantees, letters of credit, inward and outward bill collection
  • Forex solutions – inward and outward remittances, hedging and currency protection, foreign currency cash
  • Overseas Investments and Capital Account Transactions – foreign direct investment and overseas direct investment

The international market is by nature highly procedure oriented and document heavy but IDFC Bank forex solutions provide services that make international transactions as easy as domestic transactions.

Online Business Banking Services

IDFC Bank employs technology to make things easy for businesses to perform profitably. Businesses can make use of the bank’s various online business banking services to ensure they as well as their customers are happy with their services. Businesses can hope to have all services at their fingertips through online, offline, app and branch channels. The bank uses highly secure protocols to conduct transactions in a secure manner without jeopardizing the business interests.

Cards

Cards are an excellent means of managing payments for millions of customers. They have many features which make them convenient to own and use. Besides, they offer tremendous benefits through co-branding and offering short-term credit during needs of the emergency. IDFC Bank offers debit, credit and prepaid cards to customers. These cards serve customers within India and abroad as an effortless means of carrying virtual money. Some of the cards include

  • IDFC Bank Benefits Cards – meal card, Zeta card, medical card, fuel card, cash card, LTA card, car reimbursement card, driver’s salary card all aimed at salaried employees
  • The IDFC Bank Sodexo Premium Pass – allows gifting and engagement activities

IDFC Bank Cards offer well-crafted and designed cards for every business transaction so that the user and the business can benefit from the convenience provided by these cards.

With the various cash management services provided by IDFC Bank described as above, it is clear that the bank has the interest of businesses at the core of its offerings. Businesses can take advantage of the facilities and ensure success in their business.