what are the list of Business proofs for opening of current accounts and procedure to open current account

what are the list of Business proofs for opening of current accounts and procedure to open current account

Current Account for business

Current account is an account in which there is no limit of no .of daily transactions. These type of accounts are only maintained for the purpose of business. As business involves in performing a more no of transactions in a day so current accounts are preferred by business. Banks does not pay any amount of interest on current accounts.

How to open current account

All banks are allowed to open current accounts. Any person can approach any bank with appropriate documents required to open a current account and on successfully submitting the application form the banker will verify all the details on being satisfied they will open current account. Current account users are required to maintain minimum quarterly average balance in their account and also have criteria of maintaining minimum balance of Rs 5,000 or 10,000.

Documents required to open a current account

1. In case of Individuals

One Identity proof like PAN card, Passport, Voter ID, Driving License, Aadhaar card

One address proof like Passport, Voter ID, Driving License, Aadhaar card

Recent colour photograph

Account opening cheque from existing savings account

2. In case of Sole proprietorship and HUF

Details to be submitted in case of HUF

Latest Passport size photo of karta

ID proof and address proof of karta

Present phone number or mobile number and email id

PAN of HUF

Details to be submitted in case of Proprietorship

Two documents of entity confirming address

ID proof and address proof of Proprietor

Latest coloured photograph of proprietor

In case of power of attorney granted then ID proof and address proof of attorney holder

3. In case of Partnership firm

Latest passport size photograph of authorised signatories to the account

ID proof and address proof of authorised signatories

List of beneficial owners holding more than 15% in the firm

Address proof of entity

Registration document or Partnership deed

PAN of firm

4. In case of LLP

Certificate of registration issued by registrar of LLP

Address proof of Entity

PAN of the entity

Latest passport size photograph of authorised signatories

ID and adress proofs of authorised signatories

Share holding pattern or list of beneficial owners holding more than 25% in the company.

PAN and address proofs of beneficial owners