Open Current Account Online

What is a current account?

Current account is an account meant for businesses. It’s a non-interest-bearing bank account offering features that help businesses manage their short-term and long-term financial expenses. With the right current account, businesses can enjoy a significantly higher number of transactions, along with frequent and immediate access to funds without restrictions.

Micro, small, medium, large businesses and associations, societies or trusts can open a current account.

How can I open a current account with IndusInd Bank?

You can open a current account by either visiting an IndusInd Bank branch or digitally from the comfort of your home.

To instantly open a current account with IndusInd Bank, you can click here and enter the relevant details to get started.

If you prefer a face-to-face application process, you can visit the nearest IndusInd Bank branch and follow the instructions provided by our representative.

What documents do I need to open a current account?

Here is a tentative list of documents required for opening a current account:

For sole proprietorship*

• 2 documents in the name of Entity
• Address proof in the name of entity
• Proprietor Document – (Photo, PAN copy and 1 OVD* document copy)

For Hindu Undivided Family (HUF)*

• HUF PAN Card
• Karta’s PAN Card
• Karta’s OVD* document
• HUF Declaration
• KYC in the name of HUF is required as address proof

For Partnership*

• Partnership deeds
• Partnership Firm declaration
• Entity PAN card copy
• Address Proof in the name of the Entity
• OVD* copy of the partners / authorized signatories / beneficial owners (including latest photograph and PAN card copy)

For Limited Liability Partnership (LLP)*

• LLP agreements since inception
• Certificate of incorporation
• LLP firm declaration
• Latest list of designated partners
• PAN card copy of the entity
• Address proof in the name of the entity
• OVD* copy of the partners / designated partners / authorised signatories / beneficial owners (Including latest photograph and PAN card copy)

For Company (Public Limited & Private Limited)*

• Memorandum of Association (MOA) & Articles of Association (AOA)
• Certificate of incorporation
• Board resolution
• Latest list of directors
• PAN card copy
• Address proof in the name of the entity
• OVD* copy of the directors / authorized signatories / beneficial owners (including latest photograph and PAN card copy)

Official Valid Document (OVD)*

• Passport
• Driving license
• Voter identity card
• Proof of possession of Aadhaar number, in such a case declaration related to Aadhaar redaction to be provided
• Job card issued by NREGA duly signed by an officer of the state government
• Letter issued by National Population Register containing details of name, address

Note: The nature of business proof is needed for selective industries across constitutions. The list is tentative and the bank reserves the right to seek additional documents.

Who can open a current account?

The following individuals and entities can open a current account with IndusInd Bank:

• Individuals: Residents of India can open individual current accounts
• Hindu Undivided Families (HUFs): HUFs are eligible to open current accounts
• Various business structures can open current accounts, including:
  • Sole proprietorships
  • Partnerships
  • Limited Liability Partnerships (LLPs)
  • Private limited companies
  • Public limited companies
• Other organisations: Trusts, associations, societies, and clubs can also open current accounts.

Please note that only individuals and sole proprietors can open a current account online with IndusInd Bank. If an individual or entity falls under any other category, they should visit their nearest IndusInd Bank branch to open a current account.

What is the minimum balance required to open an IndusInd Bank current account?

IndusInd Bank offers a variety of current account options that suit the varying needs of different businesses, with a minimum balance required to open an account depending upon the type of account variant you choose.

IndusInd Bank gives its customers the freedom to have more access to their funds with the lowest Average Monthly Balance (AMB) requirements in the industry, starting from just ₹10,000.

What are the benefits of a current account?

By opening a current account, businesses can enjoy the following benefits:

• Higher transaction limits – Conduct business without restrictions.
• Overdraft facility – Manage expenses and payments even when there is insufficient balance in the account.
• Higher cash deposit limits – Deposit your business funds whenever you need to.
• Account grouping – Group your personal savings account and current account to manage your finances under one roof.
• Digital payment solutions – Deal with business payments in just a few clicks.

How is a current account different from a savings account?

The key differences between a current account and a savings account are:

• Purpose of the account: The purpose of a current account is to facilitate frequent and high-value transaction requirements of businesses, whereas a savings account is a way for individuals to save money.
• Interest income: Current accounts are non-interest-bearing. But with a savings account, you can earn interest income on your account balance.
• Freedom of performing transactions: Current account holders have the freedom of performing several transactions in a day. Savings accounts allow limited transactions only.
• Specialised services for businesses: Current accounts have features such as overdraft facility, cheque pick-up and drop services, account grouping, and more, to ensure smooth financial management for businesses. Savings account do not offer such features. 

How to open a current account without a GST number?

You can open a current account of your choice by visiting your nearest IndusInd Bank branch without a GST number.

However, if you wish to open a current account digitally from the comfort of your home anytime, you need to furnish active GST certificate (more than 3 months old).

Currently, only Individuals and Sole Proprietors can apply for a current account online currently.

Can I group my current account with my savings account?

Yes, the grouping of accounts feature not only allows you to add your current account and savings account together. It also gives you the freedom to extend grouping benefits to your group businesses (entities with common authorised signatories) and family members (family as per account grouping program constitutes: kids, parents, spouse, siblings, grandparents, grandchildren, father-in-law, mother-in-law, daughter-in-law & son-in-aw) too.

Are there any interest rates paid on the current account?

No, there are no interest rates paid on a current account. The money deposited in a current account does not earn interest. This is because current accounts are heavily operated by businesses. There are constant transactions occurring within such accounts, often of sizeable amounts. Banks incur a considerable operational cost for current accounts, hence, they may not offer interest.

How is Average Monthly Balance (AMB) and Average Quarterly Balance (AQB) calculated?

IndusInd Bank Current Account does not mandate a daily minimum balance. However, we do have an average monthly balance requirement that current account holders must maintain in their current account.

AMB is calculated on a simple average of day-end balances for a calendar month. To calculate AMB, one needs to add the closing balance of the current account each day from the start of the month to the end of the month. Then, the total sum amount is divided by the number of days in that month to arrive at the AMB.

Similarly, to calculate AQB, one must consider the closing balance of the account each day from the start of the quarter to the end of the quarter. Then, the total sum amount is divided by the number of days in that quarter.

What are the charges of opening a current account?

At IndusInd Bank, you do not have to pay any current account opening charges. However, there are charges levied when the customer uses services beyond free limits* like issuance of an additional cheque book or cash deposit beyond free limits*. These charges will vary as per the services chosen. *Note: Free limits are different for each account type.

Can I change the mobile number, email ID of the current account?

Yes, you can easily change the contact details of your current account like mobile number, email ID, communication address linked to your existing current account at any point of time if the need arises. You may contact your Relationship Manager or visit an IndusInd Bank branch for the same.

Are online transactions in a current account secure?

IndusInd Bank delivers safe and secure banking services for all its products – including current accounts. Any transactions made digitally on your current account will be processed seamlessly, without any lapse in security of your funds.