Current Account Documents Required

Current Account Document

Last Updated 11th May 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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Full Name (As per PAN Card)

Mobile Number

Net Monthly Income

Place of Current Residence or Pincode

Loan Amount Needed

Type of Incorporation

Type of Business

Annual Turnover

Years in Business

Date of Birth

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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.

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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.