The best current account for your business

Businesses can maintain a zero balance current account for the first six months. After which, there will be a mandate of maintaining INR 10,000 as an average monthly balance (AMB).

• Open’s virtual account is an online business account that helps businesses do banking, payments, accounting, expense management & more in one place. You can use open business account to collect payments and do payouts. But open business account doesn’t t provide chequebook and offline banking.

• Once the onboarding is completed users can apply for a current account with our partner banks. This Current account combines the features provided by traditional banks with the advanced business banking products from open.

Yes, you can view all amount receivables and payables of all your linked bank accounts through your Open account.

You can apply for a current account in the easiest way possible! Just sign up on Open and apply for the current account. Share a few business details to validate your business current account requirements like business name, business category etc. And once you add in all the relevant information, we’ll work with our partner banks to help you set up your current account quickly.

No. The process of applying for a current account via Open is completely an online process. The bank officials will connect with you if any additional documentation or signature is required for the same. No need to visit a branch.

You can create and set up a new current account via Open within 7 working days. But if there’s any additional documentation needed, the process can take up to 10 days or longer.

Creating a current account via Open is as simple as opening a traditional bank account. Perhaps more. In addition, you will get access to an all-in-one Open account for business that will help you run your business together from one place. You will also get a business credit card, built-in payment gateway, accounting solution and can manage all your banking & business finances together!

Yes, you can open multiple current accounts for business from the same bank to oversee your entire cash flow. Just let us know by emailing us on letstalk@open.money if you need to create multiple current accounts and we’ll share the requirements with our banking partners accordingly.

Yes, you can open multiple current accounts for business from the same bank to oversee your entire cash flow. Just let us know by emailing us on letstalk@open.money if you need to create multiple current accounts and we’ll share the requirements with our banking partners accordingly.

While there are no additional charges for creating a current account, the business needs to share an opening deposit of Rs. 10,000 as mandated by the RBI. The cheque can be issued from a personal bank account type. The amount deposited against your current account will reflect as an account balance once the account is active. So you can withdraw the amount from your current account or use it for making business transactions anytime.

The documents needed for creating a new current account differs based on business categories and entity type. You can visit https://help.open.money/en/collections/1874952-documents-required-for-various-entities You can connect with us over email on letstalk@open.money to know more about all the documents required to set up your current account for business.