- MyLoanCare
- Current Account
- Current Account Document Required
Current Account Documents Required
Current Account Document
- 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.
- MyLoanCare does not charge any fees for processing your application. Never pay any cash to anyone for your application.
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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.
- Current Account Opening
- ICICI Current Account
- HDFC Current Account
- Bank of Baroda Current Account
- SBI Current Account
- Axis Bank Current Account
- Kotak Current Account
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