Housing Development Finance Corporation (HDFC) Limited became HDFC Bank after being incorporated in 1994. Since then, it has become one of India’s leading private sector banks and has won awards for the products and services that it offers its customers.
One of the many services that HDFC Bank offers its customers is the current account. A current account is a type of account that allows the account holder to withdraw large sums of money on a daily basis. The account is mostly used by businessmen and individuals who require liquidity of funds.
HDFC Merchant Advantage Plus Current Account
HDFC Bank has a wide range of current accounts that it offers its customers. Every single one of these accounts has features that are targeted towards a specific demographic. One such account is the HDFC Merchant Advantage Plus Current Account. This account is usually held by individuals who run large retail outlets.
Features and benefits
- Account holders are required to maintain a minimum average monthly balance of Rs.1 lakh. Failure to maintain the average monthly minimum balance results in a penalty of Rs.1,000 each month.
- The bank provides account holders with a flexible cash limit and a free business debit card.
- The Merchant Advantage Plus Current Account allows account holders the benefit of free cash deposits for amounts up to 4 times higher than the value of the amount swiped on the HDFC Bank EDC machine every month.
- The bank provides account holders 50 Pay orders and 50 Demand Drafts each month. These Pay Orders and DDs are payable at all branch locations of HDFC Bank.
- HDFC Bank provides its Merchant Advantage Plus Current Account holders 200 at par cheque leaves free of cost every month.
- The bank allows account holders to make payments to vendors and suppliers across the country using a variety of remittance options such as online transfers, DDs, at par cheques, and pay orders. This significantly reduces the costs that would otherwise be incurred and is more convenient.
- The bank sends Merchant Advantage Plus Current Account holders with regular alerts of the account balance and transaction alerts through SMS and email. This service is provided free of charge. HDFC Bank also provides account holders with free account statements every month.
- Account holders have the benefit of availing the bank’s Doorstep Banking service, where pick up and deliveries of cash and cheques are provided at nominal rates.
- The bank allows account holders to carry out transactions using the bank’s internet banking facilities. Additionally, account holders can also make payments for utility bills and stop cheque payments using the bank’s SMS services.
- HDFC Bank also provides Merchant Advantage Plus Current Account holders with FOREX services such as FOREX cash, FOREX Traveller's Cheques, and a FOREX Plus Card.
To be eligible to open a Merchant Advantage Plus Current Account, the applicant must fall under one of the following categories:
- Hindu Undivided Family
- Limited company
- Sole proprietorship
- Limited liability partner
- Resident individual
HDFC Bank’s Merchant Advantage Plus Current Account has been developed to meet the requirements of retailers who operate on a large scale. The benefits and services offered by the bank were created keeping in mind the needs of the account holder. Additionally, the convenience with which these accounts can be opened and operated further adds to their appeal.
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