As a freelancer, managing your finances efficiently is essential for the success of your business. One crucial aspect of financial management is having a current account for freelancers that tailored to their needs. To open a current account, the process can seem daunting, especially when there’s confusion surrounding GST requirements.
With Open Flo, you can open a current account without GST, using just your PAN and AADHAAR. Most importantly of all, there are no account opening charges. So let’s dive into the five easy steps to open your digital current account and simplify your finances.
The Importance of a Current Account for Freelancers:
As a freelancer, you are essentially running a business, and having a separate current account is crucial for several reasons. Let’s explore why it is essential for freelancers like yourself to open a current account without GST:
- Professionalism and Branding: Having a dedicated current account in your business name adds professionalism to your freelance services. It helps separate your personal and business finances, enhancing your brand image in the eyes of clients and simplifying your accounting processes.
- Streamlined Transactions: A current account enables you to receive payments from clients and make business-related transactions efficiently. It provides a centralized platform for managing your income and expenses, making it easier to track your financial growth and file taxes accurately.
- Payment Convenience: Having a current account allows you to accept various payment methods, such as online transfers, electronic payments, and credit card payments. This versatility provides convenience for your clients and expands your potential customer base.
- Business Growth: A current account facilitates freelance business growth. It helps you establish credibility with banks and financial institutions. This makes it easier to apply for loans, credit cards, or other financial products that can support your business expansion plans.
Now that we understand the importance of a current account for freelancers, let’s explore how Open Flo and Axis Bank’s digital current account can be your ideal financial partner.
Step-by-Step Guide to Open a Current Account Without GST as a Freelancer:
- Sign Up with Open Flo: To get started, visit the Open Flo website and sign up using your email address and phone number. During the sign-up process, select the business type as “individual” to ensure that you are applying for an individual current account that caters to your freelance needs.
- Verify your PAN: After signing up, it’s time to check your eligibility by adding and verifying your PAN (Permanent Account Number). PAN is a unique identification number issued by the Income Tax Department and is mandatory in order to open a current account. The good news is that you don’t need to worry about GST requirements when opening an individual current account.
- Provide Personal and Business Details: Once your PAN is verified, add your basic personal and business details, including your name, address, contact information, and occupation. Additionally, provide nominee details for your account. Open Flo ensures a seamless process to gather all the necessary information to set up your account accurately.
- Complete KYC with Aadhaar: Next, complete the Know Your Customer (KYC) process by verifying your Aadhaar. Aadhaar is a unique 12-digit identification number issued by the UIDAI (Unique Identification Authority of India). It serves as proof of identity and address. Open Flo provides a straightforward process to verify your Aadhaar, ensuring compliance with regulatory requirements.
- Video KYC Verification: To finalize the account opening process, you will need to undergo a video KYC verification. This step involves a video call with a representative from Open Flo or Axis Bank who will guide you through the verification process. The video KYC can be conducted anytime between 9 AM to 7 PM on bank working days. Upon successful verification, your digital current account will be ready to use.
Activate Your Digital Current Account and Start Thriving:
To activate your Axis Bank digital current account, you will need to make an initial funding of Rs 10,000. This amount will be credited to your account, providing you with the necessary resources to kickstart your freelance business operations. With the Axis Bank digital current account in partnership with Open Flo, you gain access to a range of features and benefits tailored to freelancers. These features include seamless transaction capabilities, easy payment acceptance, and streamlined your freelance financial management.
Don’t wait any longer. Take control of your finances and streamline your freelance business operations. Open a current account online without GST using Open Flo which is simple and hassle-free. It comes integrated with tools for creating and sending estimates, managing invoices and payments, tracking client payments, paying vendors, handling expenses, and managing accounting and taxes. Empower your freelance journey and experience the convenience and professionalism of a dedicated current account designed just for you.
As a freelancer, managing your finances is essential, and a current account plays a significant role in streamlining your business operations. With Open Flo, you can open a current account without GST. You can simplify your financial management, enhance your professionalism, and drive the growth of your freelance business. Visit the Open Flo website today and embark on a journey of financial empowerment for your freelance business.