In today’s banking landscape, public and private sector banks offer numerous ways to manage your finances. Among these options, a current account stands out as a practical choice if you transact frequently.
A current account is a deposit account through which you can perform multiple transactions without worrying about any limit. It is an ideal choice for you if you are a professional, entrepreneur, or a business owner. With this account, you can conveniently transact, and even get access to special perks. Read on to learn more about how to open a current account.
Thanks to modern tools and easy access to reliable information, learning how to open a current account online or offline is simple. To help guide that process, here are the simple steps that you need to follow:
Step 1: Check the eligibility criteria and document the requirements of the financial institution
Step 2: Visit the official website of the financial institution and download the account opening form.Alternatively, you can also visit the branch of the financial institution and get the form.
Step 3: Fill out the current account opening form carefully
Step 4: Submit the duly filled account opening form with the necessary documents
Step 5: Wait for the financial institution to verify your information and documents
Usually, this process takes just a few hours with some financial institutions offering a completely digital process.
Like any other financial product, you need to meet the eligibility criteria set by the financial institution to open a current bank account. Generally, the criteria for this type of account are quite lenient. Here are a few general terms.
You must be an Indian resident
You must be a part of a Hindu Undivided Family (HUF)
A partnership firm or a sole proprietorship firm
Limited liability partnership firm
Private or public limited company
Check out the documents that you need to submit when opening a current account.
Proof of Individual Identity: PAN card, Aadhaar card, voter ID, passport, driving licence
Proof of Residential Address: PAN card, Aadhaar card, voter ID, passport, utility bills
Proof of Existing Business: Memorandum of association, articles of association, partnership agreement, certificate of incorporation, GST number, etc
Proof of Business Address: Documents of business and utility bills
Latest tax documents of the business
Latest passport-size color photographs of each individual
A cheque from an existing bank account
Now that you know how to open a current bank account, take action to activate the service and enjoy the many benefits that come with it.
If you are considering opening a current account, head to Bajaj Markets for a quick and simple process. Click on the 'OPEN NOW' option on this page and meet the easy eligibility and documentation requirements to get started.
Yes, you can conveniently open a current bank account online from the comfort of your home. Most banks allow you to download the account opening form on their official website. You simply need to check your eligibility, fill out the account opening form, and submit the form with the necessary documents.
Yes, most banks allow you to open a current account even if you do not possess a GST number. To open the account, you need to submit some essential documents. These documents include an Aadhaar card, PAN card, passport, driving license, job card by NREGA, board resolution, and partnership deed for organizations.
You are eligible to open a current account if you are an Indian individual, part of a Hindu Undivided Family (HUF), a sole proprietorship firm, a partnership firm, or a limited liability partnership firm. You can also apply if you are a public or private company.
The minimum balance requirements for a current account vary from bank to bank. Most banks need you to maintain a minimum monthly balance of ₹10,000.