Guide to Opening a Current Account Using PAN Card and Aadhaar-Linked Mobile Number

For many entrepreneurs and business owners, the process of opening a current account can often feel time-consuming. Going through lengthy paperwork, making multiple visits to the bank, and waiting for approvals can be frustrating and inefficient. After all, it is a digital world today, where convenience is paramount. Hence, people naturally expect that opening a current account should happen quickly and without hassle.

Your PAN card and Aadhaar-linked mobile number can simplify and speed up the entire current account opening process. To make this process clear, let’s go through each step, from document preparation to current account activation, in detail below.

Understanding the documents required to open a current account

First, take a look at the crucial documents you need to open a current account online:
Individual

● PAN card
● GST certificate (More than three months old)
● Aadhaar card (should be linked with mobile number)

Sole proprietor
Mandatory documents:
● PAN card
● Aadhaar card (should be linked with mobile number)
● GST certificate (More than three months old)

Anyone from the following:
● Udyam registration certificate
● Shop & establishment certificate
● FSSAI certificate
● ICAI certificate
● ICSI certificate
● ICWAI
● Import export code
● MCI certificate
● Tax identification number

How to open a current account instantly? Step-by-step process

Step 1: Choose the right bank
Consider the IndusInd Bank Indus Select Current Account to enjoy premium features, attractive offers, and lifestyle privileges that help businesses create more value. The entire account opening process is 100% digital, which means you can submit your PAN card, Aadhaar-linked mobile number, financial details, and relevant business documents online. Now become eligible to enjoy perks like:

Open a current account online and get started with IndusInd Bank today!

Step 2: Apply online
Almost all banks offer the convenience of online applications for opening current accounts. Visit
your bank’s website and navigate to the current account section. Click on the " apply now" option
and start the process immediately by filling out an application form.
You can also download the mobile banking app to start the account opening process.

Step 3: Enter contact details

Provide your Aadhaar-linked mobile number and your email address. You will also need to specify
the nature of your account, i.e., whether it is being opened as a proprietorship or an individual
account. Finally, specify your location to complete the contact details section.

Step 4: Submit business details

Enter your business details, including the company name, industry type, nature of business, and
annual turnover. Make sure you also provide your GST registration certificate. If you have not done
GST registration, you can complete it online on the GST portal. After verification is complete, you will
be issued a GST ARN (Application Reference Number) to track your application status and acquire
your GSTIN.

Step 5: Select the current account variant

Now, from the available list, choose a current account variant that matches your business needs.
Focus on factors like transaction limits, minimum balance requirements, fees, and additional services
offered by the bank.

Step 6: Submit the application

Review all the provided details and submit your application. Given that this is a current account
expected to handle substantial transactional activities, you might also have to complete a digital
video KYC for both the business entity and its authorized signatories. After completing these steps,
your current account will be activated.

Key takeaways

Opening a current account using your PAN card and Aadhaar-linked mobile number is an easy
process. Simply apply online through your bank's website or mobile banking app. Enter your contact
details, submit the necessary business information, and upload the necessary current account
documents online. After successful verification, your current account will be activated and ready for
transactions.

Now, enjoy benefits such as higher transaction limits, smooth online banking, overdraft facilities,
convenient bill payments, and a range of business-focused features.