Mostly, the minimum average balance (MAB) for Current Accounts ranges between ₹10,000 and ₹15,000 per month, although certain accounts may specify lower balances based on their type and suitability. Failure to maintain the specified balance may incur charges; however, some small businesses or certain Current Accounts may offer zero-balance facilities.
How to create a Current Account online in India?
Steps to create a Current Account Online are as follows:
· Go to the bank's online portal:
Visit the bank's portal and look for the Current Account application page on their website or mobile app.
· Select account type:
Select the account type for the Current Account best suited to your business requirements (e.g., zero balance, merchant, or premium).
· Fill in business and personal details:
Enter your name, business name, contact information, PAN, GST (if required), and business category.
· Upload required documents:
Scan and upload documents to verify your identity, address, and business details as required by the bank.
· Complete video KYC verification:
Book and undergo the video verification process in a well-lit place with a reliable internet connection.
· Add funds to your account:
Set the initial funding amount as required by the account to facilitate account opening.
· Receive confirmation and banking facilities:
After verification, you will receive confirmation along with information about your Current Account, cheque book, debit card, and internet banking password.
Tips to keep in mind while creating a Current Account online
· Evaluate your business requirements thoughtfully before choosing a Current Account. Various accounts (e.g., zero balance, merchant, or premium Current Accounts), suit diverse transaction levels and types of business.
· Make sure to be in a well-lit area for video verification for digital verification (video KYC)
· Ensure you have a proper internet connection and a good camera so that the Video KYC process is not interrupted or slowed down.
· Check the charges schedule, service fees, transaction fees, and initial funding amount.
· Check the Monthly Average Balance (MAB) requirement to match your business cash flow.
Can a sole proprietor or small business owner open a zero-balance Current Account online?
Yes, a small business owner or sole proprietor can apply for an online zero-balance Current Account. Sole proprietors can apply in the name of the proprietor or the business name, while small businesses or startups should be legally registered.
Can a zero-balance Current Account be linked with UPI, digital wallets, or payment gateways?
Yes, a zero-balance Current Account can be associated with UPI, digital wallets, and payment gateways.
Conclusion
You can take advantage of contemporary banking services while maintaining your operations in pristine condition. A traditional account with a designated monthly average balance or prefer the flexibility of a zero-balance Current Account opening online, the experience can be customised as per the requirements of your business.
For enterprises that require seamless transactions, integration with digital wallets, payment gateways, and UPI, having the correct Current Account is essential. Right from sole proprietors to established businesses, the ability to create a Current Account online provides unparalleled convenience, saving precious time and effort.
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