This will enable the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.

IndusInd Bank launches mobile app-based facility to open current accounts
Money Banking Thursday, June 04, 2020 - 13:54

IndusInd Bank announced the launch of what it claims is a first-of-its-kind assisted mobile application based facility, that enables the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours. 

Equipped with the Bank’s state-of-the-art ‘Indus Corporate’ mobile app, bank officials can now capture and verify information about customers and their businesses in real-time, in a convenient and secure manner, the Bank said in a statement. With this, customers can now experience a faster and seamless account opening journey with the bank, without the hassle of arranging physical KYC documents of themselves or their firm.

The app uses multiple ‘Application Programme Interface’ (APIs) which enables secured validation of KYC documents from authorised government platforms such as the Goods and Service Tax (GST), Ministry of Corporate Affairs (MCA), National Securities Depository Limited (NSDL), Import Export Code (IEC) and Aadhaar. The facility can be used to open current accounts for all kinds of businesses including proprietorship, partnership as well as private & public limited companies, among others. 

Talking about the initiative, Soumitra Sen, Country Head – Consumer Banking, IndusInd Bank said, “IndusInd Bank has always leveraged technology to provide path breaking banking solutions to its customers. In line with this vision, we are delighted to introduce the country’s first mobile based digital facility of opening a current account. With this, customers can enjoy a swift and seamless account opening experience that eliminates the need for undertaking physical authentication of documents, which can be time consuming. This new proposition is a testament to our commitment towards catering to the financial requirements of self-employed individuals and businesses, thereby contributing to the Government’s vision of providing ‘ease of doing business.”

Some of the features are: 

> Faster and seamless account opening: With the help of a digital journey, current accounts can now be opened within a few hours, which helps customers to initiate their business transactions faster

> Choice of account number: Customers are given the privilege of choosing an account number of their choice which they can easily remember

> Paperless KYC documentation: Customers need not go through the hassle of submitting physical KYC documents which also helps in reducing the usage of paper

> Accuracy of data: Details of the digitally validated documents of the said entity and the authorised signatories will be fetched directly from government databases using APIs. 

While the account number is provided to the customer at the time of the account opening procedure itself, the account is made operational within 24 hrs.

The launch of the mobile application based facility for opening current accounts comes close on the heels of the Bank’s recent announcement on the expansion of video banking services, with the integration of a ‘Video KYC’ platform for onboarding savings account and credit card customers.