FAQ's
Current Account
Open MSME Current Account to manage business finances efficiently, streamline transactions, and access banking solutions tailored to your enterprise needs.
Small and medium enterprises (SMEs) are the growth engines powering the Indian economy, and these businesses need the right tools to scale up. If you are an entrepreneur, selecting a bank account is one of the primary decisions you need to make to get your business off the ground. Whether the business operates as a sole proprietorship, partnership firm or private limited company, the establishment needs a good current account to facilitate seamless day-to-day transactions.
A current account is a banking account designed specifically for businesses. It allows business owners to deposit cash and cheques at different bank branches, making it easy to collect payments from various customers. It also offers higher limits for cash withdrawals and deposits. Moreover, it allows unlimited banking transactions, automated vendor payments or helps maintain and file GST returns, facilities which may not be available with a savings account.
The eligibility requirement for opening a current account is simple. You can open and operate a current account if you fall under the categories such as Resident Individual, Hindu Undivided Family, Sole Proprietorship Firms, Partnership Firms, Limited Liability Partnership Firms or Private and Public Limited Companies. Today, a lot of new-age banks offer various kinds of current accounts customised to your specific needs. You can choose one based on your turnover, the segment or industry your business belongs to, any specific needs, etc. There are even bespoke current accounts for entrepreneurs that can help them accelerate growth.
Before you approach a bank, here is the list of documents you will have to keep ready beforehand.
Identification of key personnel such as proprietor/professional/institution/association for managing account operations
PAN card, Aadhaar card, voter’s ID, passport or driving license
Address proof such as utility bill, telephone bill or Gumastha license
Identification of key personnel such as proprietor/professional/institution/association for managing account operations
PAN card, Aadhaar card, voter’s ID, passport or driving license
Address proof such as utility bill, telephone bill or Gumastha license
Shops and establishment license/Gumastha license
GST registration certificate
Business registration certificate issued by the respective state government
Registration certificate issued by RBI (Reserve Bank of India) or SEBI (Securities and Exchange Board of India)
Licenses issued by a relevant authority, such as an EXIM license issued by the Director General of Foreign Trade (DGFT) or a food and beverage license issued by the Food Safety and Standards Authority of India (FSSAI)
Title deed/registered rental agreement
Property registration document
Copy of property tax/water bill
Bank account statements
TAN (Tax Deduction and Collection Account) allotment letter issued by the IT Department
Depending on the constitution of the business and the profile of key account operators, you may be required to furnish some additional documents, listed as follows.
Businesses that are registered as Limited Liability Partnerships (LLP) need to submit the LLP agreement
Certificate of Incorporation for LLP
List of all designated partners and their ID (DPID) issued by the Ministry of Corporate Affairs
KYC of all designated partners
A resolution stating details of all designated partners who are authorised to be a signatory and operate the account
Certificate of Incorporation
Memorandum of Association
Articles of Association
List of directors of the company
Board resolution appointing signatories.
Certificate of Commencement of Business (only for a Public Limited Company)
When it comes to opening a current account, most banks are quite liberal in their eligibility criteria for opening a Current Account. For instance, an NRI can easily open a Current Account out of the proceeds from an NRO (Non-Resident Ordinary)/NRE (Non-Resident Rupee)/FCNR (Foreign Currency Non-Resident) account. So, simply visit the website and download the account opening form. You can also find this form easily at any bank branch. Fill up the opening form with all the relevant and necessary details, collect the list of documents required and apply.
Opening a business account with HDFC Bank is a simple, swift and hassle-free process. HDFC Bank offers a suite of different business accounts that can be tailored to your needs. From a simple cash account for physical retailers and small businesses, SmartUp accounts for startups, standard current accounts for professionals such as doctors/lawyers/CAs, etc., and Saksham accounts for government vendors and special e-commerce accounts for digital businesses, to foreign currency accounts for those operating in the EXIM space to a highly customised premium current accounts for scalable businesses with various banking benefits.
Disclaimer: *Terms and conditions apply. 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.*HDFC Bank recognises the challenges entrepreneurs face while acquiring capital. Thus, HDFC Bank has created MyBusiness, a one-stop solution that gives you easy access to loans, digital solutions and provides you with the essential knowledge you need to run your business. With HDFC Bank MyBusiness, you can scale up, expand your operations, and nurture your business.
FAQ's
Eligible individuals and business entities, subject to the bank's KYC and account-opening requirements.
Identity, address and business registration or activity documents may be required.
Yes, subject to applicable KYC and business proof requirements.
Eligible businesses may be offered overdraft facilities, subject to the bank's approval and terms.
Non-residents may open permitted account types in India, subject to RBI regulations and the bank's eligibility requirements.