Current Account Documents Required

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.

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

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

• 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

• 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

✅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.