When you sign up on open. money & complete your KYC, you get your own Open Business account.
The Open business account is not a replacement for a current account. The differences between an Open business account and a regular bank account are as follows -
| Open business account | Current account |
Online payment collection | Yes | Yes |
Do payout to any account | Yes | Yes |
Do transactions from an offline bank branch | No | Yes |
Issue cheques | No | Yes |
Bank statements | No | Yes |
You can do transactions, reconciliation, and accounting of these transactions - all from your Open business account.