A current account is the basic thing any business, entrepreneur, or professional must have when it comes to personal transactions. Creating a current account online has never been simpler due to the evolving banking technology. Here is how to open a current account online and the things to consider.
Benefits
There are many benefits to setting up an online current account:
- Convenience: To get this, perform the procedure at your home or workplace.
- Time-saving: No need to wait in long queues with the bank.
- 24/7 availability: By whatever time you can do it, any time, with no time periods overlapping.
- Rapid certification: Most banks use digital KYC (Know Your Customer) for authenticating the individual in a small-time frame.
How to open a Current Account online?
Step 1: Choose a bank
Evaluate the different banks available to find out which suits you best. Consider these items:
- Minimum balance requirement.
- Transaction fee and limits.
- Overdraft facilities.
- Features of Online and Mobile Banking.
Step 2: Go to the bank website or mobile app
Head to the official website of that bank or its mobile app. Go to the Current Account section. This is pretty much seen as the prime option displayed by most banks in their product offerings.
Step 3: Fill the application form
Click on “Apply Now” to the online application form.
Step 4: Open account
You need to furnish information like these:
- Personal details: Name, D.O.B, Address, and contact.
- Business details: Business name, type, and address if any.
- Your account preference: Choose the current account you wish to open, as you always have different options at the bank for various needs which are targeted, especially for you (mostly varied from term to no-term).
Step 4: File the required papers
Submit scanned copies of the documents for verifications. Necessary documents like this are referenced below:
- Aadhaar card, PAN card, passport, or Voter ID (Proof of Identity).
- Address proofs: Utility bills, Rental Contract, or Aadhaar card.
- Business proofs: Business having account (GST registration, Business registration certificate, Partnership deed).
- Passport Size Photograph: Clear and recent photographs only.
Step 5: KYC verification
The bank will KYC a customer => get into your account. This can range from an on-site visit by the bank relationship manager, video KYC call to an end-to-end OD digital verification. You have Video KYC means you will have to show your Documents/Identity in a Video Call.
Step 6: Deposit to the account
You probably will need an initial deposit to activate your account at most banks, so Transfer IN the prescribed amount via your existing bank account or UPI. Make certain that you have not yet surpassed a percentage of the Current Account minimum balance.
Step 7: Enable Online Banking
Account registered and internet/mobile banking after your account is on. The following do not exist as services but are useful to have in your arsenal:
- Real-time monitoring of transactions.
- Transfer funds.
- Receiving statements from the bank.
- Pay bills, taxes.
Conclusion
Online account opening is a time and effort-saving process. Using this step-by-step process, you can have the ideal current account according to your requirements, so that you will be able to handle your finances easily.
