It’s a challenge to recollect when going to a bank branch was standard practice. Now, with much of our lives shifting online, banking has changed as well, especially for the business owner and professional. Curious about how you can open a Current Account from the comfort of your home without the need to wait in long lines? You are certainly not alone. A simple introduction to the same is provided below, along with some tips to ensure things go smoothly.
Why Open a Current Account Online?
Current Accounts remain the backbone of many businesses, allowing unlimited transactions and quick fund movement. Banks used to require that you keep a minimum balance, but the idea of a Current Account with zero balance has gained substantial momentum. It is penalty-free for falling below a certain level.
Thus, such Accounts simplify life for freelancers, startups, and even large companies unwilling to pay unnecessary charges. Additionally, digital options mean no more moving paperwork back and forth between the office and the branch. You can do everything from application to activation from the comfort of your home or office.
How to Open a Current Account Online?
Let’s break down the process of opening a Current Account:
1. Research and Choose
Firstly, don’t just go to the first bank you see. Before choosing a bank, check aspects like transaction limits, fees, and whether they have a Current Account with zero balance. You won’t have to worry about having a monthly balance once you have the Account, and it is genuinely worth your time.
2. Start Your Online Application
Once you have decided on a bank, visit its official website. Look for the section on ‘open Current Account online‘. Most of the time, you will find this section in ‘Business Banking’ or ‘Accounts’. Click through this section and prepare to fill out the form. The form will need your personal identity information, business registration, and contact details.
3. Gather and Upload Documents
Digital Banking is only convenient if you have all your documents collected. Here are some key documents that need to be prepared beforehand:
- Proof of identity (PAN card, Aadhaar, or a current passport).
- Proof of address (such as a utility bill, Aadhaar, etc.).
- Proof of business existence (such as GST certificate, UDYAM registration, shop licence, etc.).
- Recent passport-sized photograph.
Most banks let you upload scanned or photographed copies directly to the portal.
4. Aadhaar OTP eKYC and Scheduling Video KYC
Once you submit the application, you’ll be asked for Aadhaar-based OTP eKYC. It is an instant verification process using a one-time password. The highlight, though, is the Video KYC step. You’ll pick a time to get on a video call with a bank official. So, before the call:
- Find a well-lit space with good mobile internet.
- Keep original documents, a blank white sheet, and a handy pen.
- Be ready to show your ID and sign on camera.
The official will tick off your details, click your photo, and get your signature; all while you sit comfortably at home.
5. Confirmation and Activation
After the video KYC, the bank will verify your details. If everything matches up, your Account could go live within 24 to 48 hours. You’ll get your Account number and Digital Banking access straight to your email or registered phone number.
If anything’s missing or unclear, bank officials might call for clarifications, but you almost never need to step inside a branch.
Is a Zero Balance Current Account Right for You?
For many professionals and new businesses, a Current Account with zero balance can be suitable. Here are some benefits of the same:
- No stress about average monthly balance.
- Fewer penalties and charges.
- All key services like online transfers and cheque books are still available.
However, make sure that there are no limitations on any enhanced business features in the Account (e.g., overdraft, handling of high-volume cash, etc.) because there are cases when banks keep these features for standard Current Accounts.
Tips for a Smooth Experience
Here are some tips for a smooth Current Account opening:
- Double-check whatever documents are needed from you. Each bank and each business type may need specific proof.
- Use a stable device like your smartphone for video KYC.
- Submit a response to the bank if they need further information. Don’t just leave your Account awaiting action.
- Read the terms and conditions to understand any potential limits, features, or fees that may be hidden.
Conclusion
Gone are the days of waiting in line. With digital onboarding and video KYC, banking for business is much simpler, more flexible, and less stressful. If you haven’t done it, it’s worth checking out and opening your Current Account online with just a few clicks.
