Essential Documents Required for Opening a Current Account Online

A single current account helps you meet multiple banking needs. It helps you enjoy daily high-volume transactions, overdraft facilities, restriction-free deposits, unlimited withdrawals, digital banking services, instant foreign payments, and exclusive rewards. All these benefits make these accounts useful for businesspersons and even individuals.

You can open a current account instantly from anywhere as the process is entirely online today. However, submitting the right documentation is an essential step in the process. Let’s take a closer look at the documents you need to have ready.

Documents needed to open a current account for business owners

Here is a detailed list of documents you can submit to open a current account online:

Individual

PAN card
GST certificate (More than three months old)
Aadhaar card (should be linked with mobile number)

Sole proprietor

Mandatory documents:

PAN card
Aadhaar card (should be linked with mobile number)
GST certificate (More than three months old)

Anyone from the following:

Udyam registration certificate
Shop & Establishment certificate
FSSAI certificate
ICAI certificate
ICSI certificate
ICWAI
Import Export Code
MCI certificate
Tax identification number

To enjoy a 100% digital and paperless process with premium benefits, consider the IndusInd Bank Indus Premier Current Account. After opening the account, you can become eligible to access multiple features and services like:

Higher transaction limits
Auto-sweep deposit
Grouping of accounts facility
Dynamic cash deposit limits
Doorstep banking service

Open a current account online with IndusInd Bank today. Enjoy a range of valuable financial products and exclusive benefits at your fingertips.

Documents required during video KYC for opening a current account

To complete your video KYC process when opening a current account, you will need to keep the following documents handy:

For individuals:

Physical PAN card/E-PAN card printed on A4 size paper
GST certificate
White blank paper for capturing live signature

For sole proprietors:

- Physical PAN card/E-PAN Card printed on A4 size paper
- White blank paper for capturing live signature

Two physical proofs of business mentioned during the online application

Things you must consider before opening a current account

When opening a business account online, keep these considerations in mind:

Understand the fees	Assess charges associated with monthly maintenance, transactional activities, and the overdraft facility.
Transaction limits	Check the transaction limits of your account both in terms of volume and amount.
Online banking features	Make sure the digital banking platform offers features that meet your requirements, such as mobile banking, real-time notifications, online bill pay, etc.
Interest rates	Although current account interest rates are not a feature offered by banks, some offer auto-sweep facilities that move any idle balance from your account to a fixed deposit. Thus, you earn FD-like higher rates and enjoy 24/7 liquidity to handle your daily transactions.
Additional benefits	Look for additional benefits like interest on balances, free cheque books, debit cards, insurance, access to exclusive discounts, and reward programs.

To wrap up

So, now that you know what is a current account and the documents needed to open one, you can move forward confidently. Individuals generally require a PAN card, GST certificate, and Aadhaar card, while sole proprietors need similar documents along with additional proofs like an Udyam registration or FSSAI certificate. These current account documents help banks authenticate your identity, address, and business specifics to comply with regulations and prevent fraud.

Note that, different banks may have slightly different document requirements. So, confirming these details on the bank’s website or app is advisable before proceeding. This careful preparation will help you streamline the process and optimise the benefits of your new account.