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Documents Required to Open an IndusInd Bank Online Current Account
Posted on Monday, June 3rd, 2024 | By IndusInd Bank
A current account is a type of bank account primarily used for day-to-day financial transactions. Current accounts are intended for frequent transactions such as deposits, withdrawals, and payments unlike savings accounts, which are designed for saving money over time and often offer interest on deposits. Just like opening a traditional bank account, there are specific documents required to complete the process of opening an online current account. In this blog, we’ll explore the essential documents needed to open an online current account with IndusInd Bank.
Eligibility criteria to open a Current Account
Current accounts offered by various banks in India are accessible to a diverse range of entities and anyone meeting any of the criteria listed below is eligible to apply:
- Resident Individual
- Sole proprietorship
Current Account for Individuals
An IndusInd Bank current account for individuals is basically for personal financial management and acts as the hub for day-to-day banking activities including receiving salaries, making payments, and withdrawing cash. It offers utmost convenience and accessibility to individuals however; some accounts may have a fee structure based on factors like account balance, transaction volume, and additional services. Comparison of fee structures across different banks may lead you to find a cost-effective option that aligns with your financial goals. Most individual current accounts feature digital banking services like online account management, mobile banking apps, and contactless payment options for flexible personal finance management. Additional funds can also be accessed with overdraft facilities subject to pre-approved limits and applicable fees.
Current Account for Sole Proprietor
As a sole proprietor, a dedicated current account can manage the intertwining of business and personal finances for business operations. Separation of finances from business and personal is one of the primary reasons for having a sole proprietor current account for clarity in financial transactions, tracking business expenses, and simplifying tax filings. IndusInd Bank offers tailored features for sole proprietor current accounts including merchant services to streamline business operations and enhance financial management. Depending on the account type, a sole proprietor current account may have transaction limits and benefits.
Documents required to open an IndusInd Bank Online Current Account
Refer the list of documents given below for various entities:
For individuals
- Aadhaar linked with mobile number
- PAN card
- Active GST Certificate older than 6 months from account opening date
For sole proprietorship
Mandatory documents:
- Aadhaar linked with mobile number
- PAN card
- Active GST Certificate older than 6 months from account opening date
Any one from below:
- Shop & establishment certificate
- FSSAI certificate
- ICAI certificate
- ICSI certificate
- ICWAI
- Import export code
- MCI certificate
- Tax Identification Number
Conclusion:
Opening an online current account is fully convenient but it is essential that you ensure the availability of all the necessary documents to complete the process smoothly. Ensure that you check with your bank for any specific requirements to open an online current account to avoid last minute hassle. Choose to open your IndusInd Bank online current account 100% digitally without physically visiting a bank branch for utmost convenience.
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.
