Check Eligibility Criteria to Open Regular Current Account

All You Need To Know

Terms and Conditions

You are eligible to operate a Regular Current account if you fall under any of the following categories:

Resident Individual
Hindu Undivided Family
Sole Proprietorship Firms
Partnership Firms
Limited Liability Partnership Firms
Private and Public Limited Companies

Note : Regular Current Account Variant is applicable for Non-Metro Locations only

Terms and Conditions

Documentation

1. 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 & Establishment certificate / Trade License,
Registering authority in the name of practicing firm like Certificate of Practice issued by 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 name of firm, duly acknowledged. Profession Tax/GST Returns cannot not be accepted along with registration certificate under respective acts e.g. Professional Tax/GST Return cannot be accepted with Professional Tax /GST Registration Certificate),
TAN Allotment Letter, in name of firm / proprietor (subject to firm’s name appearing in address) or TAN registration details (available online),
Bank account statement, in the name of firm, for last six months with satisfactory operations subject to obtaining 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 with ITR as Category A document.
Certificate issued by a Chartered / Cost Accountant (as per Annexure – G) confirming existence of the firm, containing name and address of firm along with name of the proprietor. The name of Chartered / Cost Accountant to be validated from chartered / cost accountants’ directory. In case Certificate has been issued by Chartered Accountant, certificate to contain UDIN number which needs to be verified by the Branch in ICAI website and attach printout of verification carried out.

*Note* This is only indicative list. Please visit your nearest branch for details

2. What are the documents required for opening a Current Account of Limited Liability Partnership?

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 particular 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 J&K1
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 & 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 & address

Note: For all non-individual entities, regulatory/industry specific document for running regulatory business and CKYC annexures are also required.

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Regular Current Account Eligibility Criteria

All You Need To Know

FEATURES

ELIGIBILITY

Note : Regular Current Account Variant is applicable for Non-Metro Locations only

FEES & CHARGES

FAQs

Documentation

Manage Your Accounts

Tools & Calculators

Ways To Bank

Phone Banking

in the current economy

Regular Current Account Eligibility Criteria

All You Need To Know

FEATURES

ELIGIBILITY

Note : Regular Current Account Variant is applicable for Non-Metro Locations only

FEES & CHARGES

FAQs

Documentation

Manage Your Accounts

Tools & Calculators

Ways To Bank

Phone Banking

Difference Between Current Account & Savings Account

in the current economy