How to Open a Current Account with Udyog Aadhaar

Posted on Thursday, October 24th, 2024 | By IndusInd Bank

Current accounts offer a range of advantages for businesses. These include higher transaction limits, overdraft facilities, access to business loans, premium digital banking features, and enhanced financial credibility. If you hold an Udyog Aadhaar or are registered under the new Udyam registration, the process of opening a current account becomes even more streamlined and quick.

The Udyog Aadhaar, now known as Udyam Registration, is an initiative by the government of India that issues a unique identification number and certificate to Micro, Small, and Medium Enterprises (MSMEs).

This certification helps businesses access subsidies, exemptions, credit facilities, and other advantages crucial for their growth. The most crucial benefit of the Udyog Aadhaar is that it simplifies the documentation involved in opening a current account and makes the entire process hassle-free.

Read on to know how!

Documents Required to Open a Current Account

Apart from the Udyam Registration Certificate (URC), the three mandatory documents to open a current account include:

• PAN card
• GST registration (active for more than 3 months)
• Aadhaar linked with your mobile number (for OTP verification)

To prove your business existence, you can also present any one of the following:

• Shop & establishment certificate
• FSSAI certificate
• ICAI certificate
• ICSI certificate
• ICWAI
• Import export code
• MCI certificate
• Tax identification number

Not Registered Under Udyam? Complete the Process Online

If your Udyog Aadhaar registration isn’t done, be sure to complete it first. You can do this by visiting the official Udyam Registration portal. The process is completely free and requires your Aadhaar, PAN, and GST details. After completing the registration, you will receive a URC, which acts as official proof of your business’s legal and operational status.

Steps to Open a Current Account with Udyog Aadhaar

Let’s say you want to open the IndusInd Bank Indus Select Current Account, which comes with premium features, attractive offers, and lifestyle privileges. Since the entire process is 100% digital, you can submit your PAN card, Aadhaar-linked mobile number, financial details, and necessary business documents from the convenience of your home.

Now, let’s explore the steps to open a current account online:

Step 1: Apply Online

Visit the bank’s official website and navigate to the ‘Current Accounts’ section. Click on the “Apply Now” tab to begin the application. You can also download the mobile banking app to initiate the current account opening process from your smartphone.

Step 2: Enter Contact Details

Enter your Aadhaar-linked mobile number, PAN number, and email address. Specify the type of account you are opening, whether it’s a proprietorship or an individual account. Enter your location to complete this section.

Step 3: Submit Business Details

Provide all the relevant details about your business, such as company name, industry type, annual turnover, Udyam registration number, and GST details.

Step 4: Select the Current Account Type

You will come across several current account variants listed. Choose Indus Select Current Account to enjoy specialised features that support the operational needs of businesses.

Step 5: Submit the Application

Double-check all the provided details and submit your application. Since a current account is meant for managing high volumes of transactions, it may be necessary to complete a video KYC for both the business entity and authorised signatories. After this verification, your account will be activated.

Now enjoy the various advantages of  Indus Select Current Account by IndusInd Bank, such as:

Udyam Registration Benefits Explained in Detail

By registering under Udyam, you not only enjoy easy current account opening but also become eligible for several other benefits, such as:

• Avail octroi duty and tax concessions
• Subsidies on electricity bills, patent registration, barcode registration, and industrial promotion
• Claim waivers on stamp duty, registration fees, and security deposits for government tenders
• Enjoy a 1% interest rate exemption on overdrafts
• Benefit from collateral-free business loans at affordable rates
• Get preferential treatment for obtaining licences, certifications, approvals, and registrations

The availability of these advantages depends on the government/Reserve Bank of India schemes/announcements.

Also Read: How to Link My Online Current Account with Google Pay?

Key Takeaways

A current account can be opened instantly with Udyog Aadhaar. First, complete the Udyog Aadhaar free registration if you have not yet done so. Then, apply for a current account online through the website or app. Enter your personal and business details. Finally, submit your application and complete the video KYC.

For a hassle-free banking experience, consider the Indus Select Current Account. This account is specifically designed to meet the needs of growing businesses, offering features such as doorstep banking, free electronic transactions, interest on surplus funds, and dynamic cash deposit limits.

Apply NOW!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.