How to open the current account- Documents required

How to open the current account- Documents required

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As business will transform digitally, smart banking platforms are also increasing. Here the concept of opening a current account has come. There are some necessary documents required to submit to apply for a current account.

How to open a current account? Do you know about such documents? Read this comprehensive guide to know the documents required to open the current account.

A complete checklist of documents to open the current account 

There are a few documents that you will require to open the current account, no matter for what type of business you need it. Here are some important documents you should submit to open the current account.

  1. Address proof- Anyone with a voter ID card, Aadhar card, telephone bill, electricity bill, driving license, rent agreement, water bill, passport, etc.
  2. Identity proof- Voter Id card, passport, Aadhar card, driving license
  3. Incorporation certificate
  4. PAN of entity
  5. Account opening cheques from your active bank account
  6. Passport size photographs

Remember that you must submit the KYC documents for all authorized signatures for your business. You should also go through the credit checks by banks. This pointer solves the question of the difference between a current account and a savings account. 

Documents required for the current account – Joint stock companies

If you are engaged in joint stock companies and want to apply for a current account, then here is the list of all documents you must submit

  • MoA(Memorandum of association)
  • AOA (Articles of association)
  • The updated directors’ list of private/public limited company
  • BR (Board resolution)
  • The ID of all beneficial owners have over the 25% of the company
  • Address proof
  • Identity proof
  • Incorporate certificate
  • Latest passport-size photographs
  • PAN of entity
  • Account opening cheques from the existing bank account

Documents required to open the current account- Sole proprietorship firm 

If you are working in a sole proprietorship company and want to apply for a current account, then here are the documents you should require submitting: –

  • NREGA issues job card
  • Authority departments or the government issue two documents in a form confirming your name and address.
  • Latest passport-size photographs
  • Incorporate certificate
  • Address proof
  • Identity proof
  • PAN of entity

Documents required to open the current account- Society, trust, association, and club 

If you are working in any sector, whether a society matter, association, or club, or even a trust firm, you should submit the following documents to open the current account.

  • Address proof- Voter Id card, rent agreement, water bill, passport, driving license, etc.
  • Identity proof, including passport, driving license, Aadhar card, Voter Id card
  • PAN of entity and address proof that refers to acceptable address proof
  • MoA(Memorandum of association)
  • AOA (Articles of association)
  • Gazette notifications or rules of the act, if applicable.
  • Byelaws or trust deed, if required

Conclusion

A current financial type of bank account is used to manage financial transactions daily. It is a deposit bank account that can carry out several transactions every day.

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