Banks have changed the current account opening procedure post the countrywide acceptance of mobile banking and UPI (Unified Payments Interface) transfers. Business owners can now easily open current accounts without visiting the bank in person and can access all banking services through mobile banking apps. Let us consider IDFC FIRST Bank’s current accounts to understand the features of new-age current accounts.
- Know the category of your current account
Like savings accounts, current accounts too come in different variants. IDFC FIRST Bank offers four variants of bank accounts – the 10K, 25K, 50K, and 100K current accounts – all offering various benefits to business owners. The best-in-class 100K account variant for instance, provides a Free Cash Deposit facility of up to ₹ 12 lakhs every month. Furthermore, the account offers a free Visa Signature card and 25 free ATM transactions per month. To read more about the other variants, visit IDFC FIRST Bank’s
- Research current accounts with desirable features
By desirable, we mean accessible and secure. The IDFC FIRST Bank mobile app offers secure, single-view access to bank accounts. Another desirable feature is a Maker Checker facility for your business, which IDFC FIRST Bank provides through its current accounts. IDFC FIRST Bank prioritizes ‘home banking’ through its current accounts, making banking services available at customers’ doorsteps. Customers can also benefit from the Free Bulk Uploads feature.
- Read about the Average Monthly Balance (AMB) requirement
Banks require current account owners to maintain an AMB or Average Monthly Balance in their current accounts. You must check this requirement before signing up for your current bank account.
- Check the eligibility criteria
An online current account opening has a set of easy eligibility criteria. To be eligible for IDFC FIRST Bank’s online current accounts, you must belong to any of the following categories:
- Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- Submit the required documents
The documentation required by the bank changes depending on the applicant. The following are the documents an applicant must submit while opening a current account as a sole proprietorship:
- Two documents in the name of the entity.
- An address proof in the name of the entity.
- Proprietor’s documents – a photo, PAN (Permanent Account Number) copy), and one OVD document copy.
To read the documentation required for a partnership, visit the bank’s site.
- Opt for current accounts that offer an overdraft against FD option
The best banks for current accounts offer an overdraft facility. The overdraft against fixed deposit option helps you access a secured loan against your FD’s amount by pledging your FD as security. IDFC FIRST Bank’s current accounts offer this facility. You must choose a current account with this facility since it can help you access debt during an emergency.
While selecting your current account, you must also research the current account interest rates offered by other banks and compare your overall savings. Judge a current account’s efficiency by the quality of the services it offers online and the accessibility of services through its mobile banking app. The IDFC FIRST Bank mobile banking app helps you access all current account services securely 24/7.
