Planning to Open Current Account Online? These 5 Tips Can Help

Posted by John Judge on October 9th, 2019

Public enterprises, business professionals, companies, and firms that have a higher number of regular banking transactions prefer opening a current bank account. While almost every bank now offers current accounts, there are a few that allow you to open such accounts online.

While the online account opening facility is surely highly convenient, there are a few essential things to check when selecting the bank for your current account. Five such important things are as follows-

1. Prefer a Bank with Lower Minimum Balance

When you open a current account, most banks require you to maintain a minimum balance in the account. So, when selecting a bank for your current account, make sure that you select one that has a lower balance requirement.

There are now banks that offer zero-balance current accounts. This is especially important for startups as higher balance requirement would mean locking up a significant amount of money which can be better used in your business operations.

2. Look for Custom Current Account

Some of the banks in India now offer a wide range of custom products, including customized current accounts. These accounts are designed as per the specific needs of your business. This means that the withdrawal limits, loan products, charges, cash deposits, etc. would be in line with your business requirements.

Look for a bank that offers such account customization options as they offer more benefits and flexibility as compared to a standard current account.

3. Check the Credit Facilities

As a business owner, you'd need a regular flow of funds to manage the day-to-day operations of your business. To help you manage financial emergencies, the bank you select for your current account should also offer customised credit facilities.

The bank should offer collateral and collateral-free credit options with minimum documentation and quick approval.

4. Additional Facilities

Banks also provide a host of other facilities to help you grow your business. For instance, some banks assist startups in collaborating with investors, advisors, and incubators to help them take their business idea to the next level.

Similarly, some banks offer additional services such as extended banking hours, free payments and collections, doorstep banking, and more.

5. Account Opening Process

Last but not the least is the account opening process. The entire process to open a current account online should be highly convenient and transparent. There should be no hidden charges, and the documentation requirements should be minimal.

The bank should also offer customer support through phone and email so that you can get in touch with a support representative in case of any queries. Also, the bank should have a growing number of branches and ATMs all over the country.

Current Account to Manage Your Business Banking Needs

If you are looking to open a current bank account online, these are some of the most important things you should be aware of. Compare at least a few reputed banks based on the points listed in this post, and focus on the custom needs of your business to make the right decision.