Types of bank accounts which you can open for your business

The followings are type of bank accounts which you can open for your business based on your business needs.They include:

Saving accounts 
Saving account usually earns small interests on money deposited.The interest rates can be calculated either yearly,monthly,quarterly or half yearly.

The business can open saving account which they can use to save money some extra income which the business makes so that they can quickly withdraw some cash when it is needed in the business or either to save cash which they can used to do future investments within the business.

Current accounts or Transaction account
The business can open current account or  transaction account for doing business transactions.They will be able to use these accounts to pay their debtors or also to receive cash from their creditors.

When business's have current account,then they can easily access loans from the bank so long they  make their account active by carrying out regular transactions through their bank account and also so long they have good credit history in repaying loans which they earlier took from the bank.

The business can also access overdraft facilities from the bank when they have current accounts with the bank.Here the business will be able to withdraw upto certain amount of cash when their current account have less cash or no cash at all.These means that the the business will be allowed by  the bank to withdraw upto certain amount of cash when their current account balance is zero.This will be just a form of small loan to the business as the business will have to return the withdrawn cash plus interest that will be imposed by the bank.To access the overdraft facilities the business will have to inform the bank earlier before withdrawing overdraft.Failure by the business not informing the bank about intention of withdrawing overdraft will result in the business paying the normal interest plus extra fee for not informing the bank.Overdraft obtained by the business will assist the businesse's to overcome financial worries during their financial difficulties as the business's will make use of the overdraft facilities to finance the business.



Fixed deposit account
The business  can open fixed deposit account which they can use to save some extra finance which they have in the business and which they do not have immediately usage for them.So the business can deposit the cash for fixed period of time for a period of either one month,quarterly,half yearly,yearly or for more than one year.
The business can open fixed deposit account when they don't  have ready use for that cash which is to be deposited at the fixed deposit account so that they will be able to get higher interests from the cash deposited at the fixed deposit account.

Once the money is deposited at fixed deposit account,then no further deposits can be made into that account and withdrawal of money from fixed deposit account is not allowed until maturity is reached.

So when the business deposit cash for a period of three months at fixed deposit account,then the business will not withdraw the money until maturity is reached.These means that the business will withdraw the money deposited plus interests at the end of third month.In the example above,the third month is the maturity time for the money deposit for three months.

Withdrawal of money before maturity date will attract additional fees which will make the the business to receive less for the cash deposited at fixed deposit account.

Related links
Finance
How to finance business's
How to manage finance within the business
Factors to consider before taking business loans
Types of loans
How business's can get loans from the bank easily
How to prevent the business from being bankruptcy
How to make money from all wastes in the business
How to make money in your business
Services which the business can get from bank's
Expenses which entrepreneurs encounters during their business operation
How entrepreneurs manage expenses so as to make more profits
How to invest effectively in business
Types of bank accounts which business's can open from the bank

Discounts
Why business's gives discounts to customers
What is trade discount in business
What is quantity discount in business
What is cash discount in business
What is seasonal discount in business
What is promotional discounts
What is geographical discount
What is accumulative quantity discount in business
What is non-accumulative quantity discount in business
Type of discounts in business
Entrepreneurship
How you can sell goods and services cheaply within your business
Expenses which entrepreneurs encounters during their business operation
Factors to consider before starting the business
How to get business ideas
How to display goods/services in the business
How to display goods/services in the business
How to know that your business is performing well
When should entrepreneurs increase price for the goods and services which they sell
How to determine amount of stocks to keep in your business
How to work comfortably within the business
Importance for being entrepreneur
Types of business records
How to classify business files
How to partition offices within the business

Customers
How to sell goods and services to correct customers
What to consider when taking customer order
How businesses can receive feedback from customers
How entrepreneurs can know trust worthy customers
How entrepreneurs cannot mislead customers
How to make customers to purchase goods and services which you are selling
How entrepreneurs can avoid misunderstanding with customers when taking their orders
How customers will easily identify the goods and services which you are selling
How entrepreneurs can attract more customers to their business
How entrepreneurs can treat customer’s well within their businesses

Advertisements
How to effectively advertise goods and services
The correct time when business have to advertise their goods and services
What to consider before advertising your business goods and services
What details should be included when advertising products and services
The correct time when business have to advertise their goods and services

Purchases
Types of purchases in businesses which entrepreneurs do
Disadvantages of hire purchase to the seller in business
Advantages of hire purchase to the seller in business
Disadvantages of hire purchase to the customers in business
Advantages of hire purchase buying to the customers in business
What is hire purchase in business

Human resource
Importance of delegation within the business organization's
How to hire best employees in business organization's
How to motivate employees within business organization's
How to study behaviour of employees within the business
What you should know about your employees
Benefits of having intern workers within your business
What is performance contract in business
What is employee's records and details to be included in employee's records
Steps to be taken before business can hold meeting for their employees
How employees can be active within the business organization's
How to supervise your employees
Ettiquette’s which should be maintained by employees within the business
What is performance contract
What is chain of command in business
How office messengers will deliver information's quickly within the business

Departments in business
Function of sale department 's in the business
Function of financial department's in the business
Function of human resource in the business
Function of purchase department 's in business

Stocks and Shares
What is IPO(Initial Public Offering) in stock market exchanges
What is stock broker when buying and selling shares
Difference between outstanding shares and treasury stocks at stock exchange
What is guaranteed preference shares when purchasing shares at stock market exchange
What is redeemable shares when purchasing shares at stock market exchange
What is non-convertible shares
What is convertible preference shares when purchasing shares at stock market exchange
What is non-participating preference shares when purchasing shares at stock exchange market
What participating preference shares when purchasing shares at stock exchange market
What is non-cumulative-preference shares when purchasing shares at stock exchange market
What is cumulative preference shares when purchasing shares at stock exchange market
What is preference shares when purchasing shares at stock exchange market
What is ordinary shares when purchasing shares at stock exchange market
Types of preference shares in stock exchange
Types of shares in stock exchange market
What are shares in stock exchange market

Business cleanliness
Types of cleaning facilities which business must have
How employees can maintain good hygiene within business organization's
How to remove dusts from within the business organization's
Effects of dusts within the business organization's
How to wash business toilet thoroughly clean
How the business can have sufficient water
Major functions of water within business organization's

Insurance
What is insurance
What is cover policy
Types of insurance cover which your business should have
What is indemnity
What is deductible when taking insurance policy cover
How to prevent the business from fire

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