Documents Required for Opening a Current Account

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A current account is one of the primary accounts in any bank you wish to have an account. It aims at businesses, professionals, trusts, associations, societies, and institutions. With this account, you can access various benefits, such as restriction-free deposits, withdrawals, free cheques available per month, easy transfers and deposits between branches, and even an overdraft facility. So, each of these makes a current account essential for traders, business owners, institutions, and professionals.

It is simple and easy to open a current account. Many banks, including HDFC Bank, ICICI Bank, and Axis Bank, allow you to open a bank account online. A customer service representative from the bank contacts you to complete the remaining formalities once you apply online.

Certain documents are required to complete the account opening process. Your account activates once you submit the required documents. So, what documents do you need to open a current bank account? Read further to stop hustling for documents in the process. 

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Documents you need to open a Current Account:

Individual Account

1. Account Opening Form (AOF)
2. Documentation for Entity Proof (Any two)

SEBI Registration

IEC certificate

CA certificate

Registered lease/license

Certificate of Registration

License-related to Central-State govt.

Documents related to Municipal authorities

Tax returns-certificate (Sales/ VAT/ Wealth)

Utility Bills

TDS certificate

3. PAN Card
4. Entity Address Documentation (any one)

Property ownership deed

Entity proof (above if it contains the address)

Property tax certificate

One-month existing account statement

Water-electricity- telephone bill

Leave-license agreement

5. Individual documentation (Identity Proof - any one)

PAN Card

Driving Licence

Passport

ID cards issued by the central or state government

Passbook scheduled commercial bank

Marriage certificate

Voters ID card

Aadhar Card

6. Address Proof (any one)

Driving Licence

Passport

Bank statement

Tax certificates

Aadhar Card

Registered Leave and Licence Agreement

ID cards issued to central & state govt.

Passbook scheduled commercial bank

Utility Bill

Marriage certificate

Municipal corporation bill

Credit Card Bill

7. Signature Proof (any one)

PAN Card

Driving Licence

Passport

ID cards issued by the central or state governments

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Partnership Company

1. Account Opening Form (AOF)
2. Beneficial Ownership (BO)
3. Documentation for Entity Proof

Partnership Declaration

Partnership Entity

Partnership Deed

4. PAN Card
5. Entity Address Documentation- (any one)

One-month existing account statement

Property ownership deed

Entity proof (above if it contains the address)

Water-electricity- telephone bill

Property tax certificate

Leave-license agreement

6. Individual documentation: (Identity Proof - any one)

ID cards issued by the central or state government

Passbook scheduled commercial bank

Marriage certificate

PAN Card

Driving Licence

Passport

Voters ID card

Aadhar Card

7. Address Proof - (any one)

Utility Bill

Marriage certificate

Municipal corporation bill

Credit Card Bill

Driving Licence

Passport

ID cards issued by the central or state government

Passbook scheduled commercial bank

Registered Leave and Licence Agreement

Bank statement

Tax certificates

Aadhar Card

8. Signature Proof - (any one)

Passport

PAN Card

Driving Licence

ID cards issued by the central or state government

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Private Company

1. Account Opening Form (AOF)
2. Beneficial Ownership (BO)
3. Documentation for Entity Proof - (any one)

MOA

AOA

Certificate of Incorporation

Board Resolution

4. PAN Card
5. Entity Address Documentation- (any one)

Certificate of Registration

Import-Export certificates

Business Licence issued by state- central govt.

Sales Tax 2

IT return documents

Registration Cert with PF commissioner

VAT Certificate

PAN intimation letter

Form 18

6. Individual documentation (Identity Proof - any one)

ID cards issued by the central or state government

Passbook scheduled commercial bank

PAN Card

Driving Licence

Passport

Marriage certificate

Voters ID card

Aadhar Card

7. Signature Proof - (anyone)

Passport

PAN Card

Driving Licence

ID cards issued by the central or state government

Public Account

1. Account Opening Form (AOF)
2. Beneficial Ownership (BO)
3. Documentation for Entity Proof – (any one)

Certificate of Commencement of Business

MOA

AOA

Certificate of Incorporation

Board Resolution

4. PAN Card
5. Entity Address Documentation- (any one)

Certificate of Registration

Sales Tax 2

IT return documents

VAT Certificate

PAN Intimation letter

Import-Export certificate

Form 18

Business Licence issued by the state or central government

Registration Cert with PF commissioner

6. Individual documentation: (Identity Proof - any one)

PAN Card

ID cards issued by the central or state government

Passbook scheduled commercial bank

Marriage certificate

Voters ID card

Driving Licence

Passport

Aadhar Card

7. Signature Proof - (any one)

Passport

PAN Card

Driving Licence

ID cards issued by the central or state government

Frequently Asked Questions

1. Can I open a current bank account without GST?

GST is not a factor when opening a current bank account. Therefore, GST is not crucial to consider.

2. What are the 3 features of a current bank account?

Current bank accounts are primarily used for business operations.

A current bank account is a non-interest bank account.

Account holders incur charges if a minimum balance is not maintained.

3. What are the 5 different types of current accounts?

Premium current account

Standard current account

Packaged current account

Foreign current account

Single-column cash book

Suggestions

No Tax relief under GST for entities enjoying Tax Exemption
CGST Rules: Chapter 8 – Returns
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