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Open A Bank Account

A current account is meant for your routine business transactions in a certain amount of money is kept and used for regular day to day transactions, for example - cheques payable to your company, cannot be cashed by you until such an account exists! Banks usually do not give any interest on deposit lying in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want.

Current Accounts can be opened for sole proprietorship firms, partnership firms, private limited and public limited companies, Joint Hindu families, trusts, clubs, associates etc. satisfactorily introduced to the Bank and on fulfilling laid down procedures and tendering required credentials.

List of the documents Required.

  1. Account Opening Form (AOF) in prescribed format.
  2. Initial Deposit in Cash/ Cheque generally Rs.10,000/-
  3. The account is to be introduced by an existing current/ cash credit accountholder having minimum 6 months old satisfactorily & actively conducted KYC Complied account with the Bank.
  4. 2-3 copies of recent passport size photographs of every accountholder, proprietor / partners / directors of the company / office-bearers / trustees and other officials authorized to operate upon the account, is required to be given to the bank.
  5. All signatories are required to come in person to the bank to sign the account opening form in the presence of bank officials.
  6. By-laws and various registration certificates substantiating Trade Name, partners/ promoters, Principal place of business, Mailing address of the company etc. as under:-

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    Other salient features of Current Account: