Features of Current Account
A Current Account enables businesses to conduct and manage day-to-day transactions. AU Small Finance Bank is the best bank for Current Account; let’s look at some of the features of the current account:
- Higher & flexible cash deposit limits for Current Account.
- The Current Account minimum balance varies as per the packages offered by the Bank.
- Extended banking hours^ for customer transactions.
- Get a free Debit Card for all Current Account packages.
- Basis on your QR transactions, you can get access to our Dropline Overdraft facility#
- In Royale Business Account one can group the Business Account with the family’s Savings Account and get Royale Business Debit Card with higher limits.
- Sweep in and out facility in available in AU Vishesh Account.
- Benefit of zero balance by just completing min 1 txn of INR 100 monthly on QR and POS in available in AU Power Current Account*.
Benefits of Current Account
- Allows you to manage a large volume of receipts and/or payments systematically.
- It gives you the flexibility to perform unlimited transactions and manage day-to-day. transactions through pay orders, cheques, or demand drafts.
- Transfer funds anytime anywhere using AU 0101 App or AU 0101 NetBanking.
- Allow customers to do seamless transactions using the UPI or QR code facility, free of cost.
- There is no limit or restriction on the withdrawal and deposit of funds.
- Get doorstep facility at your registered address for pickup and delivery of cheques.
Types of Current Accounts
Standard Current Account:
The Standard Current Account is a basic banking option for everyday needs. It provides essential features like a cheque book, debit card, online banking, and standard transaction capabilities. Usually, it comes with minimal or no monthly fees, making it accessible to a wide range of customers, including individuals and small businesses.
Premium Current Account:
In contrast, the Premium Current Account offers an enhanced banking experience with exclusive benefits. It includes features like higher transaction limits, premium customer support, better interest rates, and complimentary insurance coverage. While it typically comes with a higher monthly fee, it's tailored for those seeking a comprehensive and personalized banking solution with added perks like access to exclusive banking lounges and concierge services.
How to open a Current Account
You can choose the online or offline mode for opening a Current Account with AU Small Finance Bank.
Open Current Account Online
Any resident individual or Sole Proprietor can apply for a Current Account online on our website.
Open Current Account Offline
- You can visit your nearest Bank Branch
- You can alternatively apply for the Current Account by calling our customer care
Current Account Opening Documents
Below is the list of documents required for Current Account opening:
- Application form
- PAN Number of the Business (In Sole Proprietorships, same is required of Proprietor)
- KYC documents as per the business type
- Address proof in the name of entity
- Beneficial Ownership* Declaration
- FATCA Declaration
- Official Valid documents of Authorised Signatories and beneficial owner
- Initial funding cheque as per Current Account package
Current Account: Monthly Average Balance Requirement
The AU Digital Current Account and AU Power Current Account are both banking options that offer customers the convenience of a zero average monthly balance requirement. This means that current account holders are not obligated to maintain a specific minimum balance in their accounts each month. The AU Digital Current Account is designed for tech-savvy individuals, offering digital banking services with no monthly balance requirement, while the AU Power Current Account provides additional benefits and features without the burden of maintaining a minimum balance. These current accounts cater to customers who prefer flexibility and ease of access to their funds without worrying about meeting a balance threshold.
Recommended Products and Services
Escrow Account, Nodal Account, RERA Account, Corporate Mobile Banking, Corporate NetBanking
^Not applicable in some select locations. To know your branch timings, click here.
#Terms & Conditions apply.
Current Account FAQs
Q1. Who can open a Current Account?
A Current Account can be opened by an entrepreneur or any type of business enterprise, including proprietorship, companies, small-sized firms, organizations, among others.
Q2. Is Current Account taxable?
Since the Current Account is a zero-interest account, businesses are not liable to pay taxes on the account.
Q3. How to open a Current Account without a GST number?
It is necessary to set up a Current Account for any financial transaction for your business and it is not mandatory to get a GST number to open a Current Account.
Q4. What is the minimum balance required to open a Current Account with AU Small Finance Bank?
We have multiple current account variants, to fulfil the needs of various business segments. You can choose any of the variant starting from AU Current Account Basic with product AMB of INR 10,000/- to Royale Business program with CA group AMB of INR 5,00,000/-. Our Merchant specific variant Platinum Business has higher cash deposit limits and free QR sound box with product AMB of INR 1 Lakh.
Q5. Is there any interest paid on Current Accounts?
The Current Account bears no interest as it is a business account.
Q6. What is a Current Account?
A Current Account is designed to facilitate day-to-day financial transactions for businesses. AU Small Finance Bank offers various features for their Current Account, including flexible cash deposit limits, extended banking hours, free debit cards, and special facilities for different account packages.
Q7. What are the Benefits of a Current Account?
The benefits of a Current Account include the ability to efficiently manage a large volume of receipts and payments, perform unlimited transactions using methods like pay orders, cheques, or demand drafts, transfer funds anytime and anywhere using the bank's mobile app or net banking, and seamless transactions using UPI or QR codes. Additionally, there are no limits or restrictions on withdrawals and deposits, and doorstep cheque pickup and delivery services are available.
Q8. How to Open a Current Account?
You can open a Current Account with AU Small Finance Bank through online or offline modes. In the online mode, any resident individual or Sole Proprietor can apply for a Current Account online on our website. In the offline mode, you can visit the nearest bank branch or apply by calling customer care.
Q9. What Documents Are Required for Current Account Opening?
To open a Current Account, you'll need an application form, the PAN number of the business (or the proprietor in sole proprietorships), KYC documents based on the business type, address proof in the name of the entity, Beneficial Ownership Declaration, FATCA Declaration, official valid documents of authorized signatories and beneficial owners, and an initial funding cheque as per the chosen Current Account package.
Please note that the bank may also offer recommended products like Escrow Account, Nodal Account, RERA Account, Corporate Mobile Banking, and Corporate NetBanking.
Q10. Is there a Zero-Balance Current Account option?
Yes, there is a zero-balance current account option available in AU Small Finance Bank's AU Power Account, which can be activated by completing a minimum of one transaction of INR 100 monthly on QR and POS.
Q11. Is there an ATM card with the Current Account?
Yes, you will receive a free Debit Card
for all Current Account packages offered by AU Small Finance Bank.
Q12. Is there any interest paid on funds in the Current Account?
Typically, current accounts do not earn interest on deposited funds. They are primarily for transactional purposes.
Q13. Can an individual open a Current Account?
The information provided doesn't specify eligibility criteria for individuals, but typically, Current Accounts are designed for businesses. Individual account holders usually opt for Savings Accounts for their personal banking needs.
Q14. Why is a current account needed?
A current account is essential for businesses and individuals to handle daily financial operations, payments, and transactions efficiently.
Q15. What is the difference between savings account and current account?
A savings account is meant for saving and typically earns interest, while a current account is for frequent transactions without interest but with added features.