Current account

Current Account is a kind of deposit in which the account subsequently offers a higher number of transactions. It allows the cheque issuance, deposits, withdrawals, D.D. issuance, etc., and other services which are designed for the businesses. A term like the Bank Overdraft means the ability to avail more funds. It is a balance maintained with the bank that can be repaid later. Every bank has different Current Accounts with customized features to meet the customer’s basic or business requirements.

One can know more about the account opening documentation or any kind of further assistance in the process by just clicking on the type of current account online. Every bank has its own official website, so one can visit the site and seek all the information, be it the nearby bank outlets, the types of current accounts, and all the documents required.

How to register for the current account?

The registration is online and offline, whichever is preferable for the customer. To do it offline, one can call the bank, talk to the relationship officer, and fix a date to visit the bank. The relationship officer will also give the necessary information about documents, account types, etc.

With everything going online and no time left for individuals to visit the bank or attain any services, banks have started allowing the customers online banking services such as opening current accounts online. This has made the purpose so simple, without having to visitthe bank and filling up formalities online so hassle-free.

And if one intends to register online, one can follow the video KYC:

1 PAN and Aadhaar verification

2 Fill in the personal details

3 KYC verification via video call

4 Put up the fund in the account

5 And get the desired Current Account that suits the customer’s business

What are the things to be aware of while opening a Current Account?

  • One should make sure that the type of Current Account selected is compatible with the business’ needs.
  • Also, while applying for an Open Digital Current Account,one should ensure good lighting conditions for the KYC process through Video call. Also, the customers should have a strong internet connection and camera quality to display documents.
  • The users should read the schedule of all kinds of charges, initial funding, and the guidelines for Monthly Average Balance maintenance.
  • Documentation thoroughly depends upon the type of current account but also the kind of applicant and business arenas.

What does the Digital Current Account for Individuals offer?

  • It offers Contactless account opening
  • One can have a Zero account opening as well
  • There is no need to upload the documents
  • No service charge is needed

Nowadays, opening up a current account is a business need. Unlike savings accounts which are for individuals who want to save money, current funds are mainly used to cater to the needs of businesses. Also, current accounts provide a higher number of transaction limits on monthly cash deposit/withdrawal than savings accounts.

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