6 Mins Nov 16, 2021
Shirley Fernandes, 26, is an aspiring fashion designer. After completing a designing course from a reputed institute, she started getting a few orders initially from friends and relatives. She is now in the process of tying up with a couple of
local retail chains to stock clothes designed by her.
She wants to open a current account, as it will help her run her business smoothly. A Current Account will allow her to carry out multiple deposits and withdrawals, issue multi-city cheques, make cashless transactions such as RTGS, NEFT or IMPS
She can even make use of the overdraft facility if required. Shirley called her Axis Bank relationship manager to figure out how to open a Current Account. The RM told her to open it online and took her through the steps. This is what the
RM told her.
Digital Current Account
Shirley can open a Digital Current Account from her home, without even visiting an Axis Bank Branch.
To open a Digital Current Account, she will need to keep handy her Aadhaar Card, PAN Card and
mobile number linked with Aadhaar. She will also need a camera-enabled device (like a smartphone, tablet, etc), connected to the internet for completing the V-KYC.
KYC and Account Opening
The process for completing the Know Your Customer (KYC) requirements and account opening is a simple, four-step one.
The first step involves visiting Axis Bank page and providing details of PAN, Aadhaar and Aadhaar-linked mobile number.
An OTP will be sent to the mobile to verify it.
Once the mobile number is verified, Shirley will have to complete 2nd step which is profile section. Shirley will need to set up her profile by entering her personal, family and business details among others. Basic details such as Name, photo
and address etc would be fetched from Aadhar.
Once profile is set up, video based KYC would happen for Shirley in 3rd step. Here, Axis Bank staff will initiate a video call for KYC. Shirley will have to enable video/microphone access on her device and keep her PAN Card handy. The Bank’s
staff may ask her a few questions to confirm her details, take a screenshot of Shirley as well as her PAN card.
Upon successful V-kyc, the next and final step is to enter a name to appear on her debit card and fund the account. The RM told Shirley, that she should carefully check if name is accurate to avoid any future complications.
Shirely will have to fund the account with a total sum of Rs 10,590 with Rs 10,000 being initial funding amount and Rs 590 (Inclusive of GST) for mandatory Debit card charges. The funding can happen through net banking, her debit card or UPI.
Once the account is funded successfully, the system will direct Shirley to a page displaying her account details and E-debit card details with an option to set the pin for her E-Debit Card. Shirley will also receive a password-protected email
with her account and virtual debit card details.
The RM told Shirley that post the successful completion of the V-KYC and Funding, it may take, depending on various factors, between one hour and a few days for getting her account activated.
[Also Read: 8 Key Factors to Look at Before Opening a Current Account]
Once the account is activated Shirley can start transacting and enjoying the plethora of benefits offered by her Axis Bank Digital Current Account. She will also receive a physical debit card, which will be mailed to her communication address.
Benefits of Digital Current Account
The key benefits on Shirley’s Axis Bank Digital Current Account include:
- Access to over 250 banking services
- ZERO Monthly service charge (Customer saves Rs.1416 per year).
- ZERO Field Verification
- Zero NFTR
- Zero documents upload
- Upto 15% savings of INR 1,000 for 6 months each on Debit card/E-debit card transactions via Grab Deals on Amazon, Flipkart and other selected online platforms.
- Personal Accident Insurance of Rs. 2 lakh
- Air Accident Insurance of Rs. 1 crore.
- Numerous other benefits including 1% cash back on E-Debit card and 1 BOGO entertainment offer every month.
To know more about Axis Bank Digital Current Account, visit us online.
Disclaimer: The Source, a Mumbai-based content creation and curation firm, have authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.