Agri Current Account Eligibility Requirement
All you need to know about eligibility for Agri Current Account
Individuals meeting the criteria below are qualified to initiate an Agri Current Account:
- Arthiyas, commission agents.
- Vendors of Pesticides, Seeds, and Fertilisers.
- Marketplaces, Marketing Societies, and Billing cum Payment Agents.
- An average balance of ₹10,000 per six months is requisite.
- Failure to maintain this balance will result in a charge of ₹1,500.
Documentation:
What are the documents required for opening a Current Account of a sole proprietorship firm?
Category A (government-issued documents)
License/registration certificate issued, in the name of the entity, by/under:
- Municipal authorities such as Shop and Establishment Certificate / Trade License,
- Registering authority in the name of practicing firm like a Certificate of Practice issued by the Institute of Chartered Accountants of India, Institute of Cost Accountants of India, and Institute of Company Secretaries of India,
- Indian Medical Council,
- Food and Drug Control Authorities
Category B (other documents)
- Latest Professional Tax / GST Returns filed in the name of the firm, duly acknowledged. Profession Tax/GST Returns cannot not be accepted along with a registration certificate under respective acts e.g. Professional Tax/GST Return cannot be accepted with a Professional Tax /GST Registration Certificate),
- TAN Allotment Letter, in the name of firm/proprietor (subject to the firm’s name appearing in the address) or TAN registration details (available online),
- Bank account statement, in the name of the firm, for the last 6 months with satisfactory operations subject to obtaining an IP cheque from the same account provided this account is maintained with a Nationalized / private/foreign bank or Regional Rural / Cooperative Banks (for customers in rural / village areas). This document cannot be accompanied by ITR as a Category A document.
- Certificate issued by a Chartered / Cost Accountant (as per Annexure – G) confirming the existence of the firm, containing name and address of firm along with name of the proprietor. The name of the Chartered / Cost Accountant is to be validated from the chartered / cost accountants’ directory. In case a Certificate has been issued by the Chartered Accountant, the certificate is to contain the UDIN number which needs to be verified by the Branch on the ICAI website, and a printout of the verification carried out.
*Note* This is only an indicative list. Please visit your nearest branch for details
2. What are the documents required for opening a Current Account of a Limited Liability Partnership?
The following documents are required for opening a Current Account of Limited Liability Partnership:
- Incorporation Document, Limited Liability Partnership Agreement
- Certificate of Incorporation
- List of all existing Designated Partners of LLP along with Designated Partner Identification Number (DPIN) issued by the Central Government
- Resolution passed at the meeting of Designated Partners for the relationship, which the LLP plans to have with the bank
- KYC of Designated Partners/Authorised Signatories
3. What are the documents required for opening Current Account of a company?
Following documents are required for opening Current Account of a company:
Private Limited Companies
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Certificate of Incorporation
- Latest list of directors duly signed by any Director/Company Secretary /Authorised Signatory
- Board Resolution (BR) duly signed by the directors of the company
- INC-21 and INC-20A will be required as applicable
Limited Companies
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Certificate of Incorporation
- Certificate of Commencement of Business
- Latest list of directors duly signed by any Director/Company Secretary/Authorised Signatory
- Board Resolution (BR) duly signed by the Directors/Company Secretary of the Company
- INC-21 and INC-20A will be required as applicable
4. Can an individual open a Current Account?
Yes. Documentation will be that of an individual, i.e. identity proof and address proof.
List of acceptable documents for proof of Identity
- Passport [not expired]
- MAPIN card [issued by NSDL]
- PAN (Permanent Account Number) card
- Election /Voter’s card - subject to being accompanied by a Self-signed cheque drawn on
- Nationalized/Private Sector/ Foreign Banks.
- Photo ID card issued by any of the following organizations/Institutions
- Central Government or any of its Ministries.
- Statutory / Regulatory authorities
- State Govt. or any of its Ministries
- Public Sector Undertaking (established under GOI or State Govt.)
- State Govt. of JandK1
- Bar council
- Senior Citizen card issued by State/Central Govt.
- Govt. of India to Persons of Indian Origin [PIO card]
- Defence Dept. / Ministry of defence for Defence personnel and their dependents
- Public Financial institutions / Public sector banks
- Permanent Driving license [not expired] - subject to being accompanied by a Self-signed cheque drawn on
- Nationalized/ Private Sector / Foreign Banks
List of acceptable documents for proof of Address
Passport {Not Expired}.
Permanent Driving license {Not Expired}
Election /Voter’s card issued by Election Commission of India
Proof of possession of Aadhaar / printout of e-Aadhaar (not older than 30 days) / eKYC (Biometric / OTP based)
Job card issued by NREGA duly signed by an officer of the State Government
Letter issued by the National Population Register containing details of name and address
Note: For all non-individual entities, regulatory/industry-specific documents for running regulatory businesses and CKYC annexures are also required.