What is a current account?
A current account is a type of deposit account that individuals or businesses maintain to carry out a large number of transactions.
And since the number of transactions as well as the amount per transaction is on the higher end, you will not receive any interest for maintaining
the balance in your current account, unlike a savings account. But it’s ideal for collecting and making payouts for business.
If you plan on opening a current account, ensure that you have all the required documents handy to finish your application process at the earliest.
Once your documents are verified, the bank can issue your account number and share other account-related information with you over email.
It generally takes between 7-10 business days to open a current account online and complete all the verification processes.
In case you visit a physical branch of the bank, then the process may take much longer.
Who can open a current account online?
Any individual, entrepreneur, or business can get an online current account. If you run a business, creating a current account online is the best solution
— as the number of transactions and amount is generally higher than the regular limit of a savings account.
Opening a current account for business also has other advantages. It helps entrepreneurs and businesses manage everyday business banking swiftly.
And also helps the business owners keep their personal and business expenses separate, making reconciliation easier.
How to open current account online?
You can open a current account online in the easiest way possible! Just sign up on Open and apply for the current account with your preferred bank.
• Check eligibility criteria with the banking partner
• Fill up the application form
• Share a few business details to validate your business current account
• Details like business name, business category etc.
• Ensure you have all the relevant documents handy for verification
• For KYC verification, your Aadhaar should be linked with your mobile number
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. In case of any further
requirements, our customer delight representatives will contact you and speed up the process.
What is the minimum balance required in the current account with Open?
With a current account linked with Open, 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).
Documents Required for Opening Current Account:
The documents needed for creating a new current account online through Open differ based on business categories and entity type.
You can connect with us over email at email@example.com to know more about all the documents required to set up your current account
I have a business current account with Open. Do I need to maintain an average monthly balance (AMB)?
No hefty AMB. Zero account balance till 6 months, post which maintain Rs. 10,000 AMB.
Do I need to pay charges for non-maintenance of average monthly balance(AMB)?
Yes, we levy charges for non-maintenance of AMB. Here’s a detailed look at it:
If your AMB is less than 100% and greater than 50%, then you pay a monthly charge of ₹ 400.
If your AMB is less than or equal to 50%, then you pay a monthly charge of ₹ 500.
Do I get a cheque book?
You get a free 25 leaves cheque book upon account opening. You can request an additional free cheque book every month.
Do I need to pay any charges for local cheque clearing?
There is no charge levied for local cheque clearance.
Do I need to pay any charges for cheque clearing at an outstation bank branch?
Yes, we levy minimal charges for cheque clearance at an outstation branch.
For an amount up to ₹ 5,000, we charge ₹ 50
For an amount above ₹ 5000 to ₹ 10000, we charge ₹ 100
For an amount above ₹ 10,000 to ₹ 1,00,000, we charge ₹ 100
For an amount above ₹ 1,00,000, we charge and ₹ 150
Do I need to pay any charges for receiving payments online?
There are no charges on receiving payments online.
Do I need to pay any charges for making payouts via Open?
There are no charges when you are initiating an online NEFT or RTGS through Open.
However, in IMPS transactions there is a nominal charge of ₹ 5 if the amount is less than ₹ 50,000 and ₹ 15 if the amount is more than ₹ 50,000.
We don’t levy charges for making payouts online via RTG
In case of making payouts at a bank branch via RTGS, we charge a nominal fee.
For an amount between ₹ 2,00,000 to ₹ 5,00,000, we charge 20.
For an amount greater than ₹ 5,00,000 we charge ₹ 40.
Are there any charges when I do the transactions offline through bank branches?
Yes, there will be a nominal charge in the offline transactions, click here to know more.