A complete guide to opening a current account

As a business owner, it is essential to have a current account to manage your day-to-day finances effectively in today's dynamic financial environment. A current account provides you with a convenient platform for handling high-volume transactions, making frequent payments, paying utility bills, and maintaining a financial record. This article will guide you through the process of opening a current account the right way.

How to open a current account
 

Opening a current account has never been easier. IDFC FIRST Bank offers a variety of options for opening a current account to meet your needs. Here are the various ways you can open a current account with us:

1. Apply on the website: Embracing the digital age, IDFC FIRST Bank offers the convenience of opening a current account via its official website. Choose the type of account you want, provide details such as the city you reside in, your full name, email address, and mobile number. Once you have provided these details, an IDFC FIRST Bank executive will get in touch with you for opening your current account.

2. Visit the bank branch: Traditional yet effective, this method involves visiting the nearest IDFC FIRST Bank branch in person with all the required documents. You will have the opportunity to discuss your requirements with a banking representative, get advice on available account types, and receive assistance in completing the application.

A step-by-step guide to opening a current account
 

Follow these steps to open a current account smoothly and efficiently:

Step 1: Choose your preferred bank
 

Research various banks to find one that matches your needs and preferences. Consider factors such as fees, features, customer service, and branch locations.

Step 2: Gather the required documents
 

Before starting the application process, gather the necessary documents, including proof of identity (passport, driver's license), proof of address (utility bill, bank statement), and possibly income proof.

Step 3: Select the account type
 

Banks offer various types of current accounts, tailored to different needs. For instance, IDFC FIRST Bank offers several current accounts that come with unique benefits to suit their specific needs. Apart from regular Current Accounts, listed below are types of current accounts, IDFC offers First booster Current Account, World business Current Account and Segmental current account. Choose an account that suits your financial requirements. 

Step 4: Start the application
 

Depending on your chosen method, either visit the bank branch, provide the required personal details and necessary documents or apply via the official website, post which one of our executives will get in touch with you.

Step 5: Verification process
 

Your identity and documents will be verified by the bank under the mandatory KYC (Know Your Customer) process.  Branch person will visit your business address for verification.

Step 6. Initial deposit
 

You may need to make an initial deposit depending on the type of account you choose.

Step 7: Account approval and access
 

Once your documents are verified and your application is approved, the bank will send you an account approval notification. This may include your account number and account terms details. After receiving the details, you can access your current account and start transacting.

Who can open a current account?
 

Current accounts are designed for individuals, businesses, and organisations that require frequent financial transactions. Here's a breakdown of who can open a current account:

• Self Employed Professionals
• Hindu Undivided Family (H.U.F.)
• Sole proprietorship
• Partnership
• OPC / Private / Limited Company
• Limited Liability Partnership
• Trust, Charity, and Non-profit Organisations

By following the step-by-step guide outlined in this article, you will be well-prepared to embark on your journey towards financial efficiency and control.

Opening a current account with IDFC FIRST Bank is a straightforward process that provides you with a convenient and effective way to manage your finances. Listed below are advantages of IDFC First bank Current Account -  

• Net Banking: Integrated App with single sign on across Trade flow, FX rate booking & CMS
• WhatsApp Banking
• Complimentary Anywhere Banking: First Universal bank to provide complimentary Anywhere Banking across home & non home branches.
• Zero fee banking on commonly used Current Account services like free RTGS/ NEFT/ IMPS, free DD issuance, Alerts etc.
• Beyond Banking: Complimentary Beyond Banking 100 + offers across ERP, HRMS, Travel, Taxation, Legal, Advisory, Logistics, Society Management etc.

By assessing your requirements and comparing the available options, you can choose the right type of IDFC FIRST Bank current account to optimally manage your finances and achieve your financial goals.

You can refer to link - https://www.idfcfirstbank.com/Business-Account-Compare-Card for more details on IDFC First bank current account.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.