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Current Account Documents Required

Current Account Document

Last Updated 27th Jan 2021

  • A current account allows handling of large volumes of receipts and payments systematically.
  • Open a current account with top banks like SBI, HDFC and ICICI Bank.
  • Get benefits like limitless withdrawal, internet banking and mobile banking.
  • To open a current account, KYC documents like identity proof and address proof are required along with business proof.
  • Documents considered valid for Identity Proof are PAN Card, Aadhaar Card, Passport, Voter’s ID Card, Driving License, Ration Card.
  • Documents valid for Address Proof are Passport, Aadhaar, Voter’s ID Card, Ration Card, Driving License, Lease/Rent Agreement, Property Documents, Utility Bills.
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Documents Required for Current Bank Account

The current bank account is a deposit account which offers high fluidity and does not carry any limits on the number of withdrawals. A current account allows handling of large volumes of receipts and payments systematically. According to RBI guidelines individuals are required to provide both Aadhar and PAN card for opening a current account in a bank.

Current Account Eligibility

Any individuals who are able to furnish their KYC documents are eligible for the opening of a current account. Individuals or group of individuals can be as:

  • Individual
  • Sole Proprietor
  • Limited Companies
  • Partnership Firms
  • Associates /Societies / Clubs
  • Hindu Undivided Family
  • Trusts
  • Executors, Administrators and Liquidators

Documents Required to Open a Current Bank Account

Some of the basic documents required to open a current account in a bank are:

KYC Documents needed for Current Account

  • Duly Signed Application Form with a Photograph
  • Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners
  • Address Proof like telephone bill or electricity bill
  • A cheque for opening current bank account

Business Proof Documents for Current Account

  • Partnership Deed (in case of Partnership Firm)
  • Certificate of Incorporation, Memorandum of Association & Article of Association (in case of Companies)
  • Certificate by Sales Tax or Service Tax authorities (in case of Proprietorship Firm)
  • Address Proof of the Firm / Company / Hindu Undivided Family

FAQs

Why is the current account required?

A Current Account is generally opened by businesses to carry out their banking transactions. The current account does not offer any interest and businesses that deal with high cash transactions on a regular basis use Current Accounts. However, a Current Account can also be used for other entities like individuals as well.

What are the documents required for opening a current account in SBI?

Individuals require PAN and Aadhaar for opening a current account in SBI.

Can I open a current account without documents?

No, according to the updated guidelines of RBI, Aadhaar and PAN are the mandatory documents and individuals are obliged to furnish them for opening a current account.

Is a PAN card required to open a current account?

According to the RBI guidelines, PAN and Aadhar are the mandatory documents for opening a current account if an individual does not have a PAN card then the customers would have to provide proof that they have applied for these identification documents within the past six months.


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