Accounts

What are Current Account Opening Documents?

The blog outlines the various documents required to open a Current Account, detailing the types of proof needed for identity, address, business existence, and specific requirements for NRIs, LLPs, and companies.

Synopsis:

  • Current Accounts offer benefits like unrestricted transactions, free cheques, and overdraft facilities.

  • A Current Account can be opened online, followed by a bank representative completing the process.

  • Required documents include proof of identity, address, business existence, and business address.

  • NRIs need to provide a declaration on the source of funds and confirm business activities.

  • Limited Liability Partnerships and companies need additional documents like incorporation certificates and resolutions.

Table of Content

Overview

A Current Account is an account that is meant for businesses, professionals, trusts, associations, societies, institutions, etc. It provides the account holder with a wide range of benefits, including restriction-free deposits and withdrawals, monthly free cheques, convenient transfers and deposits in different branches, and even an overdraft facility. All this makes a Current Account a must-have for traders, businessmen, institutions, and professionals.

Opening a Current Account is very simple. Many banks like HDFC Bank have a provision for opening a bank account online. Once the form is submitted, a customer care executive from the bank contacts the customer to complete all further formalities.

In order to complete the account opening, there are certain documents you need to submit to the bank. Let's learn about them.

Documents required for opening a Current Account

Here are the documents required for opening a Current Account:

1. Proof of Identity:

  • PAN card

  • Additional documents for individuals: Voter ID, passport, driving licence
     

2. Proof of Address (Individual):

  • Telephone bill

  • Electric bill
     

3. Proof of Business Existence:

  • Registration and licenses issued by municipal authorities (e.g., Bombay Shops & Establishment Act, 1948)

  • GST registration certificate

  • Professional Tax registration certificate

  • State government business registration certificate

  • RBI/SEBI registration certificate

  • FSSAI licence

  • Import-export licence from DGFT
     

4. Proof of Business Address:

  • TAN allotment letter

  • Property registration documents

  • Property Tax/Water Tax bills

  • Title deeds/rental registration documents

  • Existing bank account statements
     

5. Additional Documents for NRIs:

  • Customer declaration on source of funds (NRO/NRE/FCNR)

  • Confirmation that the firm is not engaged in agriculture, print media, or real estate
     

6. Additional Documents for Limited Liability Partnerships:

  • Certificate of incorporation

  • LLP agreement

  • List of designated partners and their DPID

  • KYC of designated partners

  • Resolution authorising signatory
     

7. Additional Documents for Companies:

  • Memorandum of Association

  • Articles of Association

  • Certificate of Incorporation

  • Certificate of Commencement of Business (for Public Limited Companies)

  • List of Directors

  • Board Resolution appointing signatories
     

Once these documents are provided, the bank representative will complete the account opening formalities and open a Current Account. HDFC Bank has tailor-made  Current Accounts for different needs, with a simple account opening form. The account is opened once this form is filled up and documents submitted.

Know more about the Current Account UPI here.

Looking to apply for an HDFC Bank Current Account? Click here to get started!

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

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