How to Open an Online Current Account for Individuals and Sole-Proprietorship

Posted on Friday, August 2nd, 2024 | By IndusInd Bank

Banking is extremely easy and convenient in this digital era. However, a bank account is required for any banking transaction. Usually, all the banks suggest opening a current account for business owners as it gives them freedom. Sole proprietorship accounting with current accounts helps streamline the financial operations of sole proprietors. Today, with the advent of technology, it has become simpler to open a current account online. The following article will shed light on how an individual or a sole proprietor can open a current account online with a bank.

Also Read: Open Current Account Online

Factors to consider before opening a current account in the bank

• Choosing the right bank: The first important step is to choose the right banking partner that meets all your financial needs. Look into the factors like online banking capability, customer service, features, and products of the bank. A robust online banking platform is important so choose a banking partner that satisfies all your banking needs.
• Network: Choose a banking partner that has high accessibility. A bank with many branch offices and near to you shall offer the highest accessibility.
• Services rendered: Being a business owner, you will need support from your bank at every step of the way so be aware of all the bank’s offerings like NEFT, RTGS, Credit facility, etc. Ensure you have all the details of the charges related to all the services like ATM withdrawals, NEFT, RTGS, Cheque Book, minimum balance, etc.
• Digital platforms: For convenient banking transactions the bank must offer robust digital capabilities like mobile banking, net banking, UPI payments, etc. All these facilities make it convenient for business owners and individuals to carry out business smoothly.
• Gather required documents: Once you have picked your preferred banking partner, gather all the required documents. Following is a list of typical documents required by banks for opening an online current account with IndusInd Bank .
  • Mandatory Documents Required for Individuals
    • PAN Card
    • Active GST certificate (should be more than 3 months old)
    • Aadhaar Linked with Mobile Number

Apart from the above-mentioned documents following documents are required during video KYC:

• Physical PAN Card/E-PAN Card Printed on A4 size paper
  • GST Certificate
  • White blank paper to capture live signature
  • Mandatory Documents Required for Sole Proprietors
    • PAN Card
    • Aadhaar Linked with Mobile Number
    • Active GST certificate (should be more than 3 months old)
    • Any one from the below listed documents:
      • Udyam Registration Certificate
      • Shop & Establishment Certificate
      • FSSAI Certificate
      • ICAI Certificate
      • ICSI Certificate
      • ICWAI
      • Import Export Code
      • MCI Certificate
      • Tax Identification Number

Apart from the above-mentioned documents following documents are required during video KYC:

• Physical PAN Card/E-PAN Card Printed on A4 size paper
  • White blank paper to capture live signature
  • Hard Copy of 2 Proof of Business Documents mentioned above
• Online application form: Open the banking partner website. Look for the open current account option on the website. Follow the instructions and fill out the form accurately and completely. Upload all the required documents like personal details, business information, and documents.
• Verification process: Once the entire current account opening form is filled out and supporting documents are attached, the bank will start the verification process as per the bank’s policies.
• Balance requirement: Before setting up the account for the transaction, it is important to have a balance to transfer funds to expedite the account opening process.
• Account Activation: Once all the information and documents are verified, the bank will activate the online current account. And then, you will be all set to fulfil your banking requirements from the comfort of your home.

Also Read: All About Current Accounts: Types, Features, Eligibility, And More

Opening a current account online is a simple process. This type of account is convenient, offers the highest accessibility, and is efficient. By following the steps above, you will be able to transact quickly and efficiently using your current online account.

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.