How to Open a Current Account in India: A Comprehensive Guide with Utkarsh Small Finance Bank

Empowering Your Business with Utkarsh Small Finance Bank's Current Accounts

Utkarsh Small Finance Bank understands that managing a business requires a robust financial partner. Their current account offerings cater to diverse business needs, providing seamless transactions and valuable features to streamline your operations. This guide will equip you with all the information you need to open a current account with Utkarsh Small Finance Bank, whether you're a budding entrepreneur or a well-established business.

Understanding Current Accounts

A current account is a transactional account designed for businesses. It functions like a business bank account where you can deposit, withdraw, and manage your company's funds. Unlike savings accounts, current accounts typically don't offer interest on the balance but prioritise ease of access and a higher volume of transactions.

Utkarsh Small Finance Bank Current Account Options

•    Business Standard Account: Ideal for new businesses or those with moderate transaction needs.
•    Business Premium Account: Perfect for established businesses with high transaction volumes.
•    Business Plus Account: A unique solution for self-employed individuals and proprietors, combining the benefits of a current and savings account.

Benefits of Opening a Current Account with Utkarsh Small Finance Bank

•    Free and Discounted Transactions: Enjoy a set number of free transactions per quarter, with competitive rates for exceeding the limit.

•    Unlimited Cash Withdrawals at Home Branch: Access your funds conveniently without withdrawal limitations at your designated branch.
•    Free Cash Deposits Up to a Limit: Make cash deposits without incurring charges, with the limit varying depending on the account type and branch location.
•    RuPay Debit Card with Benefits: Avail a RuPay debit card for secure and convenient payments, often with free issuance and annual charges waived for the first year.
•    Doorstep Banking Services (in select locations): Enjoy the convenience of cash and cheque pick-up and drop-off services at your doorstep (charges may apply).
•    Online Banking Facilities: Manage your account on the go with Utkarsh's online banking platform, enabling seamless fund transfers and account monitoring.

Choosing the Right Current Account

Consider the following factors when selecting a current account:

•  Average Quarterly Balance (AQB) Requirement: Each account has a minimum average balance you need to maintain to avoid penalty charges.
•  Transaction Frequency: Estimate your average monthly transactions to ensure you choose an account with a sufficient free transaction limit.
•  Cash Deposit Needs: Consider how much cash you typically deposit monthly and choose an account with a free deposit limit that aligns with your needs.

Documents Required to Open a Current Account

•    Business Registration Proof: Certificate of Incorporation, Partnership Deed, or a copy of the relevant business licence.

•    Know Your Customer (KYC) Documents:
o    PAN Card of the company/firm/proprietor.
o    Voter ID/Passport/Driving Licence of authorised signatories.
o    Address proof of the business establishment.

•    Bank Statements (Optional): If you have an existing account with another bank, recent statements can be helpful.

Opening Your Current Account
Online Account Opening
1.    Visit the Utkarsh Small Finance Bank website or download their mobile app.
2.    Navigate to the account opening section and choose "Current Account."
3.    Select the account type that best suits your business needs.
4.    Fill out the online application form with your business details and contact information.
5.    Upload scanned copies of the required documents.
6.    A bank representative might contact you for verification through a video KYC process.
7.    Upon successful verification, your account will be activated, and you'll receive account details electronically.

Branch Account Opening

1.    Visit the nearest Utkarsh Small Finance Bank branch.
2.    Meet a customer service representative and express your interest in opening a current account.
3.    Provide the required documents and fill out the physical account opening form.
4.    The bank representative will guide you through the process and verify your documents.
5.    Depending on the chosen account, an initial deposit might be required.
6.    Once everything is finalised, your account will be activated, and you'll receive your account details, debit card (if applicable), and chequebook.

Utkarsh Small Finance Bank: Your Partner in Business Growth

With its range of current account options, streamlined processes, and dedication to exceptional service, Utkarsh Small Finance Bank empowers businesses of all sizes. Open your current account today and unlock a world of financial convenience and growth for your business!