Online Banking Mastery: Opening and Managing Your Online Current Account on the Go

Opening a bank account can be quite baffling for a beginner in the banking landscape. Once someone steps into a bank, it becomes tricky to make an informed choice when he is faced with multiple counters. Although savings accounts are quite popular among individuals, there is another type of account called a current account, which is highly popular among business professionals. An online current account is generally used for everyday banking transactions. It allows the movement of money in and out of the account regularly. 

How Do You Open an Online Current Account?  

The online current account depends on the type of business that you have. Here is a step-by-step guide to help you through this process:

• You need to check out your eligibility criteria for opening a current account. Major banks in this country are lenient with their eligibility criteria for the citizens. NRIs can also open a current account but from an NRE(Non-Resident Rupee)/ NRO( Non-Resident Ordinary) or FCNR (Foreign Currency Non-Resident) account only. However, these accounts cannot be used outside the country.
• Get the bank’s account opening form by visiting the official website and navigating to the open a current account section. 
• Enter all necessary and required information in the opening form. 
• Gather all of the paperwork that the bank requires. You also may need KYC documents depending on your business type. Several banks also support video KYC to save you from the hassle of visiting the branch.
• After filling out the account opening form, submit it online. You may also be required to submit a downloaded copy (duly signed) to the bank with the required supporting documentation attached.

Documents that You May Require for Online Current Account opening: 

• The application form (available on the website)
• PAN number of your business
• Address proof 
• KYC documents depending on your business
• FATCA( Foreign Account Tax Compliance Act) self-declaration form
• Beneficial Ownership Form
• A valid cheque with initial funding depends on the type of current account you have.

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Attributes of Current Accounts That Streamline Managing It

Current accounts have a huge fanbase in the business community because they offer:  

• Easy Access

An online current account always makes customers’ assets available at their fingertips. The funds in the account are accessible to the account holder whenever they wish to make deposits, payments, and withdrawals according to their needs. 

• The Facility to Draw Overdrafts  

An overdraft happens when you do not have enough money in your account to go through a particular transaction. Still, the bank is willing to pay for it. Transferring money from an associated account, credit card, or line of credit can also be used to pay for overdrafts. Many banks have started offering the facility to draw overdrafts when you have an online current account. It enables you to overdraw your account using cheques, transactions through ATMs, and electronic or physical withdrawals of their money. 

• Setting up Standing Orders

Customers can set up standing orders to make payments of a regular nature from their online current account automatically. It is like an instruction set up by the customer for the bank to debit or pay a certain amount of money to another account at regular intervals without reminding you of it. Standing orders are also known as banker’s orders. 

• High Limits for Withdrawals 

Current accounts typically have larger withdrawal limits than other account types, including savings accounts. They allow customers to withdraw more money online at once or multiple times. 

• Banking Options

The current accounts are integrated with online banking, which allows customers to deal with all their banking needs from their homes. From being able to check their account balance, view the transaction history, update documents, and transfer payments to another account all across the globe, all these options are right at the fingertips of the customers. Amping up Internet banking has led banks to develop mobile banking, which is highly portable, thus allowing account holders to make payments on the go.

• Abundant Cheque Leaves

Most current account holders can say goodbye to the inconvenience of going to the bank to update their cheque book or to get a new one. When you hold a current account, a particular number of cheques can be used every month. That helps you out by not having to refresh the cheque book every other month or, based on the bank terms, making the whole transaction easier and hassle-free.

• Payout Facilities

Banks grant a debit card to most current account holders. Banks and other relevant companies also allow bulk payouts to their account holders. Current online account holders can make bulk payments across the globe and get them directly debited from their accounts, thus saving a lot of trouble.  

• Build Up the Credit Score

The current account also helps build up the credit score as it maintains the track record of the money taken on the basis of credit and the due time in which the customer repaid it. An improved credit score can help a lot in landing a loan.

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Wrapping up!

Current accounts offer many benefits, which is why business owners should opt for them. You have to take minimal steps to open up a current account online in your desired bank by providing details of yourself, your business, and your contacts. Whether you are an entrepreneur or running an organization, a current account should be your top choice as it is not taxable (up to a certain limit).