A guide on how to open a current account for your business

A current account is a banking account meant for businesses as opposed to a savings account, which is mostly used by individuals for their banking needs. A current account offers businesses lucrative deals and helps them to facilitate their financial transactions with great ease. It is ideal for higher number of transactions and can also be customized as per your specific requirements. There are varied benefits and value-based services associated with a current account. What’s more is that you can also avail various schemes based on your bank for your current account, wherein you can choose superior offerings by the banks instead of a normal current account.

The best part of opening a current account in recent times is the fact that you do not have to visit the bank at all! You can simply get it done through your mobile phone or a computer. Are you interested in opening a current account for your business but do not know where to start from? Do not worry and follow this step-by-step guide below to know how to open current account online.

Know your eligibility: The first step to opening a current account is to know your eligibility. If you are worried about your eligibility, then here’s good news for you. Most banks have very minimal eligibility criteria to open this account. You can check these criteria by visiting your nearest branch or simply on the online site of your bank that you are interested in opening an account in.

Keep your documents ready: Refer to the list of the documents that are necessary by your bank to open a current account with them. This list may differ slightly in case of KYC compliance (if you are already a customer with this bank and are compliant with the KYC norms, then this list of documents may differ). This is a crucial step and it will save your time if you confirm this list, collect all documents and only then proceed.

A few documents that you may require are:

  • Pan card of the proprietor/company
  • Proof of the business
  • Certificate of Incorporation, MOA, etc.
  • License proof, etc.
  • Address proof

This is not an exhaustive list. Please refer the list provided by your respective bank. The documents may also vary based on the type of company or business that you have.

Fill up the account opening form: You can now proceed and fill up this form. It will be available online. If you are opening offline, then you can obtain this from your bank. It is imperative that you fill all the necessary details correctly.  Once you fill all the details, you will have to attach the required documents wherever applicable. Lastly, submit the form.

Confirmation: Once you submit the account opening form, then you can wait for your bank to reach out to you once your account has been opened.

The above method is helpful for opening any basic current account. You can open one in quicky, simple steps and enjoy a host of services offered to your business. Your bank may further also have specialized options and variants for your current account which you may choose based on your needs, i.e., type of current account. Based on this current account type, your monthly average balance, cash deposit and withdrawal limits may vary.

Now that you know all about opening a current account for your business, what are you waiting for? Open one while sitting at home and start reaping the benefits of the many online banking facilities for your current account.

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