A current account is designed for businesses, entrepreneurs, and entities that transact frequently. Current accounts have no limit on the number of transactions and have high deposit limits. Businesses, entrepreneurs, and other institutions use current accounts to make and receive a large number of payments regularly. A current account allows you to keep your business transactions separate from personal ones. This way, your financial records remain easy to understand, especially at the time of audits and during tax season. Besides that, a current account allows you to make an unlimited number of deposits and payments through cheques, demand drafts, pay orders, NEFT, and RTGS. It also lets you overdraw your account when required, and acts like a proof of creditworthiness at the time of borrowing money.

A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs. Savings accounts have some limitations on how often you can withdraw funds, but generally offer exceptional flexibility that’s ideal for building an emergency fund, saving for a short-term goal like buying a car or going on vacation, or simply sweeping surplus cash you don’t need in your current account so it can earn more interest. Because savings accounts pay interest while keeping your funds easily accessible, they’re a good option for emergency or short-term cash. In exchange for the ease and liquidity that savings accounts offer, you’ll earn a lower rate than that paid by more restrictive savings instruments and investments. The amount you can withdraw from a savings account is generally unlimited. The interest you earn on a savings account is considered taxable income.

Current accounts are built for businesses that transact frequently. They allow you to make numerous transactions every month and enjoy benefits like overdrafts and large deposit limits.        

Savings accounts are best suited for salaried individuals who do not transact frequently. These accounts generally have restrictions on the number of withdrawals per month.

When you sign up on Genie Money, we start helping you opening a fully digital account – Savings Account for your personal Needs and a Current Account for your business needs.

Note: Banking Services and Genie Money Savings and Current Account is powered by Scheduled Banks.

Though it is not mandatory for businesses to open a current account to operate, given the multiple benefits of a current account such as unlimited transactions, separation from personal finances and banking features built specifically for business needs, opening a current account is highly recommended.

No, you do not need to register under the GST scheme or obtain a GST Identification Number (GSTIN) to open a current account. In fact, on the other hand, you need a functional current account to register under GST.

Here are some factors you should consider while opening a current account:

• Whether you will have access to integrated services, such as expense management, accounting, and bookkeeping.
• The presence of robust digital infrastructure that enables you to cut down the amount of paperwork, and the number of times you need to visit physical branches.
• The number of free payouts or online banking transactions (NEFT, RTGS) that the bank is offering you with the account.
• The Monthly Average Balance (MAB) requirement.

Here are some of the documents you will need irrespective of your business category:

• Address proof (any 1) : Aadhar Card, Voter ID Card, Rent Agreement, Electricity Bill, Telephone Bill, Water Bill, Passport, Driving License.
• Identity proof (any 1) : PAN Card, Passport, Voter ID Card, Driving License, Aadhaar Card
• Business registration proof or incorporation certificate
• PAN of the entity
• Your latest passport size photo
• Account opening cheque from an existing bank account

Please note that you would need to submit KYC documents for all the Authorised Signatories for your business.
You will also need additional documents based on your business category (Sole Proprietorship, Partnership, or Company)

Here are some of the documents you will need to open a Digital Savings Account with Genie Money :

• Address proof (Any 1) : Aadhar Card, Voter ID Card, Rent Agreement, Electricity Bill, Telephone Bill, Water Bill, Passport, Driving License
• Identity proof (Any 1) : PAN Card, Passport, Voter ID Card, Driving License, Aadhaar Card
• Your latest passport size photo
• Account opening cheque from an existing bank account

You are eligible to open a Genie Money Power Savings account if you :

• are a Resident Indian
• have all these required documents with you

Your business is eligible to open a Genie Money powered Current Account if it is registered, and falls in any of the following categories:

• Sole Proprietorship
• Partnership
• Limited Liability Partnership (LLP)
• Private/Public Limited Company/One-Person Company (OPC)