Current account opening: IndusInd Bank launches India’s first app-based facility

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Published: June 4, 2020 1:09 PM

The IndusInd app uses multiple ‘Application Programme Interface’ (APIs). This enables secured validation of KYC documents from authorised government platforms

IndusInd Bank mobile current account openingIndusInd Bank mobile current account opening facility launched. Image: PTI

IndusInd Bank mobile current account opening: IndusInd Bank has launched India’s first mobile app-based facility for opening current accounts in a paperless manner. IndusInd is the first bank in India to introduce a mobile app-based process for opening current accounts in a few hours, the company said in a statement today. The first-of-its-kind assisted mobile application based facility enables the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.

With the help of the new facility, bank officials will be able to capture and verify information about customers and their businesses in real-time. The bank said that 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.

Commenting on the new facility, 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,” he added.

How the app works

The IndusInd app uses multiple ‘Application Programme Interface’ (APIs). This 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.

Key features

· Faster and seamless account opening

· Customers can pick account number of their choice.

· Paperless KYC documentation

· Accuracy of data

The bank said that 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.

Recently, IndusInd Bank had expanded its video banking services, with the integration of a ‘Video KYC’ platform for onboarding savings account and credit card customers.

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