With the push towards a digital India, more Indians have opened bank accounts nationwide. In fact, the last two decades have seen a massive surge in financial inclusion throughout India. Today, almost 250 crore Indians have their own bank accounts. This includes both savings and current accounts. If you wish to enter the banking system with a current account, then you can now do it online. There are a few simple steps to create current account online. But before doing that, you need to understand what you are getting into.
Why Should You Create Current Account Online?
When you open a current account online, you get the benefit of a paperless process. There is minimal documentation involved. The best part is that you never need to physically visit the bank. The entire process is completed online either through a desktop computer, laptop, tablet, or smartphone.
If you opt to create current account online, then you can also avail of many more benefits. These include access to mobile banking services, internet banking, and even real-time notifications of transactions directly to your mobile phone. Besides, you can also create a 0 balance current account online.
What Is a 0 Balance Current Account?
It is a current account that does not need a minimum balance. You can empty it out completely each month without having to pay any hidden penalties. This is great if you are a business owner or freelancer who uses a current account for day-to-day business transactions. With 0 current account minimum balance, you get the freedom to transact more without worrying about penalties.
Steps to Create Current Account Online
To open a 0 balance current account online, the steps are the same as any regular current account.
1. Visit the Bank Website or App
The first step is to visit the bank’s website or download the bank’s mobile banking application. All banks (whether nationalised or privatised) have their own websites. And most even have their own mobile apps on the App Store or the Play Store.
2. Choose the Type of Account
The next step is to choose which type of account you want to open online. Current accounts offer many benefits, such as no daily transaction limit. Moreover, there are even 0 balance current accounts, so it is best to choose this option.
3. Fill in the Details
Once you have selected a zero balance account with no current account minimum balance requirement, you now need to fill in your details. Start by entering your full name, phone number, Aadhaar number, and PAN number. Then enter your permanent address (which should be the same as that on your Aadhaar card) and your communication address. The latter may be different from the one on your Aadhaar card.
4. Upload Documents
After this, you need to upload just a few documents. Before you do this, ensure you have digital copies of your Aadhaar card, PAN card and any proof of permanent address (if needed). You should also have a digital copy of your passport-sized photo. Upload all the above-mentioned documents to the bank’s account opening portal and click ‘Next’.
5. Complete Video KYC
The penultimate step is the video Know Your Customer (KYC) process. You should ensure that your face is well-lit and you have a decent background. This step is necessary if you wish to open a 0 balance current account online. However, there is no need to worry because this step takes just a few minutes.
6. Get Your Account Details
After your video KYC has been verified, you will receive your account number, IFSC code, and internet banking login details within a short span of time. You can then create a UPI account or transfer money into your new online current account through internet banking.
Final Takeaway
Opening a current account no longer has to be a long or stressful process. With the option to create current account online, you can set up your account in minutes and start managing your money efficiently. Choose between a regular or 0 balance current account, and always check the current account minimum balance terms before finalising your choice. Online banking is fast, safe, and gives you more control over your financial life, right from your mobile or computer.
