DBS Bank Current Account Opening with IndiaFilings

Opening a current account is an essential step in establishing your business, as it allows you to manage your daily transactions, including receiving and making payments. A current account offers a range of features designed to make your business operations more efficient and cost-effective. If you own a business, having a current account that gives you quick access to your money and allows you to conduct transactions without any hassles is essential.

At IndiaFilings, our DBS Bank current account opening service is here to help you open a current account tailored to your business needs. Our team of professionals will assist you through the entire process and ensure that all necessary paperwork is in order to make it quick and easy.

By opening a current account with DBS Bank, you can take advantage of the various benefits it offers. You can also access credit and overdrafts, make investments, manage cash flow and save on taxes.

The importance of a current account

A current account is a business bank account that allows you to manage your finances more efficiently. It offers a range of benefits, including easy access to funds, simplified payment options and the ability to manage your cash flow more effectively. A current account also lets you keep your personal and business finances separate, making tracking your business expenses and income easier. It is also a requirement for companies to have a current account to conduct transactions with other businesses and clients.

IndiaFilings and DBS Bank are committed to providing you with a banking experience that is convenient, secure and hassle-free. Open a current account with us today and experience the benefits of business banking with DBS Bank.

Eligibility Criteria

DBS Bank has certain eligibility criteria for opening a current account with them.

1. Serviceable Area:

The applicant must be in a serviceable area to open a current account with DBS Bank. This means that the applicant's location should be within the bank's serviceable area. DBS Bank has a vast network of branches and ATMs in various cities nationwide. Therefore, checking whether the applicant's location falls under the bank's serviceable area before applying for a current account is essential.

2. Negative Industry List:

A Negative Industry list consists of industries that the bank does not serve. The bank has set certain restrictions on opening a current account for businesses belonging to these industries. The Negative Industry List includes industries such as gambling, arms and ammunition, jewellery, stock marketing, sports fantasy gaming and tobacco, among others. Therefore, if the applicant's business belongs to any of the industries listed on the Negative Industry List, the bank may not approve the application for a current account.

Apart from the above-mentioned criteria, DBS Bank may also conduct a background check to verify your identity and business details.

Documents Required

To open a current account with DBS Bank, you must provide certain documents verifying your business and its operations.

For PLC/OPC/LLP/Foundation companies:

• Memorandum of Association (MOA),
• Articles of Association (AOA)
• Business PAN
• Certificate of Incorporation
• Director’s KYC documents
• Board Resolution

For Sole Proprietorship and Partnership Companies:

• Business GSTIN
• Alternate Address Proof of Business
• KYC documents

Our team of experts will help you gather all the necessary documents and ensure they are in order before submitting your application.

Benefits of a DBS Bank Current Account

We at IndiaFilings and DBS Bank are excited to offer you a comprehensive set of features designed to make banking an effortless and seamless experience. Here are some of the key advantages of opening a current account with us:

• Zero Balance: At DBS Bank, we understand that your business has unique cash flow needs. Our current account offers a zero balance feature, making it easier to manage your finances and use your funds as you need them without any restrictions. This feature also ensures that you don't incur unnecessary charges.
• Less Initial Deposit: We understand that starting a business can be challenging as well as a costly affair. That is why we offer a current account that requires a minimal initial deposit. This feature allows you to start easily managing your finances without putting a significant financial burden on your business.
• Loan Eligibility: One of the significant benefits of opening a current account with DBS Bank is that it allows you to apply for loans. However, your current account must be operational for at least two years to be eligible for a loan. This requirement ensures that your business has a solid financial history, making obtaining a loan easier.
• Free NEFT and RTGS: Our current account offers you the convenience of transferring funds using National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) services, completely free of cost. With our current account, you can transfer money quickly and securely without additional charges. This feature allows you to conduct transactions with ease and efficiency.
• Complete Digital Service: DBS Bank is committed to providing you with a seamless banking experience. Our current account offers an entirely digital banking experience that will enable you to manage your account from anywhere, anytime. This way, you can easily manage your finances from the comfort of your home or office. You can access your account through our mobile app or internet banking platform, making banking with us effortless and convenient.
• Doorstep Banking: Our doorstep banking service is conveniently designed to ensure you don’t have to leave your office or home to manage your account and utilize our financial services. Our representatives will come to your doorstep to help you with your banking needs.
• 100% Refund on Incorporation Costs: If you are eligible, we offer a 100% refund on the incorporation costs of your business, making it easier for you to start your business.
• Free IEC registration: We offer Import Export Code (IEC) registration services free of cost to our current account holders, making it easier for you to expand your business beyond borders. (Applicable only to PLC/OPC companies).
• Best Foreign Exchange Rates: With our current account, you can enjoy the best foreign exchange rates when making international transactions, helping you save on exchange rate charges.

How IndiaFilings can help

IndiaFilings is an online platform that offers a wide range of services, including business registration, tax compliance, accounting, and legal consulting. We have partnered with DBS Bank, a leading financial institution in India, to give their customers easy access to open a current account.

Once you have submitted your details, IndiaFilings will initiate the account opening process with DBS Bank. IndiaFilings can assist you throughout the account opening process, from helping you with the required documents to following up with DBS Bank on your behalf. We also provide access to a dedicated account manager who can answer your queries and provide assistance with any issues you may encounter to expedite your account opening process.

IndiaFilings can help you open a DBS Bank current account by simplifying the account opening process and providing expert guidance and support. By partnering with DBS Bank, we ensure that our customers can access world-class banking services tailored to meet the needs of their business.