Frequently Asked Questions
What is MyMoney current account?
MyMoney offers an instant zero balance current account powered by SBM Bank India that specifically caters to the business needs of the Indian MSME community.
What document do I need to open a current account?
The documents required for an Individual & Sole Proprietorship are listed below.
Aadhaar CardSole Proprietorship
PAN CardAny 2 Business Documents from the below list:-
> FSSAI Registration
> GST Certificate
> Shop and Establishment License
> Udyog Aadhar
> Udyam Registration
What are the benefits of MyMoney current account?
MyMoney's zero balance current account is one-of-a-kind account through which MSMEs can get quick business loans and manage all their business finances like invoicing, accounting and much more.
What is the eligibility criteria for opening a current account?
You are eligible for a current account if you fall under the category of an individual or sole proprietorship. The individual should also have his/her CKYC verified for opening a current account. The sole proprietorship will have an additional step of physical KYC verification to complete the current account application. However the current account activation depends on proper submission of documents.
Do I have to maintain a minimum balance in the account?
No! The MyMoney current account is a zero balance account and no amount needs to be maintained as monthly average balance.
Do I need to add a nominee for my current account?
It's not mandatory to add a nominee.
How do I update or change my mobile number/ email ID for alert facility in my current account?
Please get in touch with our customer support team at email@example.com and they will help you update your account details.
Is there a physical verification of business address?
Yes! There is a physical verfication of business address.
What is Activate your Transactions?
Once a SBM current account is created, the transactions are put on hold. The account needs to be verified through a fund transfer using UPI to start transacting.
How secure is this account?
This digital account is provided by State Bank of Mauritius and follows all regulatory guidelines issued by the Reserve Bank of India.
Do I need to pay to set up a MyMoney current account?
No, there is no need to pay for opening a MyMoney current account.
How do I reach out to SBM Bank?
You can reach out to SBM Bank at firstname.lastname@example.org