Here’s a list of documents that are required to open a current account

Are you looking to open a current account for your business and don’t know what all is required?  You can now open one simply by submitting a few documents. What’s more, you can also open an account online with the help of these documents. Things just get better with online banking, don’t they?

If you have a business or are planning to start one soon, then you may want to sort out your banking needs, which majorly includes opening a current account to manage your day-to-day transactions with high volumes of cash withdrawals and deposits. Not to mention an array of benefits and customized services and tailor-made offerings to specifically fit your business needs.

Follow the guide below to know the list of important documents required for a current account online opening in any bank in India.

LIST OF DOCUMENTS REQUIRED FOR OPENING A NORMAL CURRENT ACCOUNT WHEN APPLIED BY A SOLE PROPRIETOR:

  • Aadhar Card of the sole proprietor (or any other identity proof like Driver’s license, Voter’s ID Card, Passport, etc.)
  • Permanent Account Number (PAN) Card of the sole proprietor
  • Address proof of the proprietor
  • Registration or License document
  • GST/VAT, etc. certificate; Income Tax Return under the name of the sole proprietor or Import-Export certificate
  • Recent passport sized photograph
  • Proof of signature (PAN Card, Driving license, passport, etc.)

ALTERNATIVELY, OPENING OF THE ABOVE CURRENT ACCOUNT CAN ALSO BE APPLIED BY A PUBLIC OR A PRIVATE COMPANY. In such cases, the following documents would be required.

  • Certificate of Incorporation, Memorandum of Association and Articles of Association
  • List of company directors
  • Pan Card of the sole proprietor
  • Permanent Account Number (PAN) Card of the entity
  • Board Resolution
  • Proof of address of the entity
  • Landline number/mobile/contact number and email address of the entity
  • Shareholders with major shareholding of the company shares
  • Proof of signature (PAN Card, Driving license, passport, etc.)
  • Proof of the entity’s existence

The above list may not be exhaustive. The list of documents may also vary in case of different types of entities like trusts, societies, clubs, partnerships, associations, Limited Liability Partnership (LLP), Hindu Undivided Family, Joint Hindu Family, etc.

If you want to open a current account without a GST number, then you may need to submit additional documents for the same. An important thing to keep in mind is that the list of documents may differ in case of KYC compliance. If you already are a customer of the bank and are compliant with all the KYC norms, then your list may look different than someone whose account does not comply with these norms.

The following are some documents needed for completing the KYC requirements for your current account:

  • Identity proof (Aadhar card, PAN card, etc.) of all the directors or partners of your entity
  • Completed application form carrying your signature
  • Address proof
  • Cheque

Before anything else, know your eligibility for opening a current account. Also, while you are opening a current account, it is a good idea to collect all your necessary documents that are required for filling the current account opening form and then proceed accordingly.

With the help of the above listed documents, opening a current account for your business is now fairly simple. And with the advent of internet banking, completing processes like KYC, etc. is also easy, quick, and free of complex instructions.

Disclaimer: The above article is subjective and generic in nature. The list of documents required by your bank may or may not differ from those mentioned above. The same is applicable for the list of KYC verification documents.

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