Today, businesses want to open a current account to manage banking transactions. As the business is required to make many transactions every day, it is important to apply for a current account to ensure the natural flow of transactions within the business.
There are no limits on the number of transactions made in a day. You can make an unlimited number of transactions with your current account per day. In this article, we are going to tell you how to apply for a current account online.
If you also want to open your current account, you should cover up the reading of all facts given below.
Why choose a current account over a savings account
Here is why you prefer a current account for your business over a savings account.
- No restrictions on transactions to be made during the day
- No deposit or withdrawal limits
- The add-on facilities like demand drafts, cheques, mobile banking, internet banking, etc
- Overdraft facility
Types of current accounts available to open
There are different types of current accounts available to open, based on transactions that you want to carry with them.
- Standard current accounts
- Packaged current account
- Single-column cash book
- Premium current accounts
- Foreign current accounts
Things to know before applying for a current account
No doubt, the current account is the best type of account for business. The main aim of the current account is to remove the restrictions and ensure flexible transaction flow. As a result, a current account increases your business sustainability.
Here are some things you should know before online opening a current account
- Must maintain the high minimum balance
- If you fail to uphold the same amount, it will result in a high penalty
- Zero rates of interest on your stored money in your current account
- The bank can put the interest on funds borrowed by you in your current account
How to apply for a current account
Any person working in a business or business is eligible to open their current account. You can easily apply for a current account from any commercial bank. You can also directly visit the online bank site and approach to open the current account online here.
3. General application form
You must fill out the application form to apply for the current account. Here are some details you should fill out in the application form for your current account.
- Address and name
- Contact details
- Nominee details
- Owner details
- Business services need
- Identity proof
- Business details
2. Required documents
- Address proof and ID proof
- PAN card
- Cheques from your savings account
Once you complete the above application process for your current account online, you will be notified by the bank. After this, the bank activates your current account’s internet and mobile banking services.
Here is a simple guide on way to apply for a current account. If you want to open your current account, you should follow all the above application processes in the same way.