Which documents do you need to open a current account?

A current account plays a pivotal role in managing the cash flow of a business. Moreover, it also enables smooth functioning of the enterprise by facilitating daily business transactions. Besides, overdraft facility, high liquidity, and online banking services are some of the major benefits of having a current account. All these features and perks of a current account make it a prerequisite for every business.

Let’s take a look at how to open a current account and the documents required for the same.

How to open a current account?

A step-by-step procedure for opening a current account is mentioned below –

Step 1: To open current account online, you must first download the account opening form available on the bank’s website. For the offline process, you should visit the nearest bank branch and collect the account opening form

Step 3: Fill up the account opening form with all the necessary details

Step 4: Gather all the mandatory documents required for opening a current account

Step 5: Submit the form along with the necessary documents. The bank will contact you once your current account has been opened

The current account opening documents may vary depending upon the type of your business.

Documents required for opening a current account

For private/public company

  • Incorporation certificates along with Memorandum of Association (MOA)
  • Board resolution
  • List of directors
  • PAN of the company
  • Company’s address proof
  • Identity and address proof of all the authorised signatories
  • Passport-size photographs of all the authorised signatories of the account

For proprietorship firm

  • Registration certificate for registered businesses
  • Passport size photo of the proprietor
  • PAN
  • Trade license/ shops and establishment license for retail business
  • Income Tax return
  • Utility bills in the name of the business

For partnership firm

  • Registration certificate of the business
  • Partnership deed
  • Partnership letter
  • ID and address proof of the partners
  • Passport-size photographs of authorised signatories of current account
  • An official letter recognising the partners holding the Power of Attorney (POA)
  • Trade license

Regardless of the type of business, you would be required to submit your identity and address proof while opening a current account. You can provide any of the below-mentioned documents for establishing your identity and address:

Identity proof

  • Passport
  • PAN
  • Voter’s Identity Card
  • Driving license
  • Letter provided by the Unique Identification Authority of India (UIDAI) containing the name, address and Aadhaar number
  • Letter from a recognised public authority confirming the identity and residence of the customer to the satisfaction of bank

Address proof

  • Telephone bill
  • Bank account statement
  • Letter from any recognised public authority or public servant confirming your residence
  • Electricity bill
  • Ration Card
  • A rent agreement in case of rented accommodation

By keeping all the necessary documents readily available, you can open a current account without any hassle, that too completely online. In case of any query while opening a current account, you can seek the help of a bank representative.