How to Open a Current Account?
Current account is a deposit account for businessmen and traders who need to make more transactions than others. Such accounts offer facility of making higher number of transactions per day. Current account is a zero-interest bearing account which does not offer any interest on deposit. Current account offers 'Overdraft Facility' to the account holder which is a facility to withdraw more amount than what you have in your current account. This solves the iquidity issue of the account holders.
If you want to open a current account in Bank, you need to follow below mentioned steps:
(1) Check Eligibility Criteria
You need to check the eligibility criteria and the list of required documents by the bank where you want to open your account. Gather usually required documents to submit them to the bank,
- Proof of identity: PAN card, voter ID, passport or driver's license
- Proof of address: Telephone or electricity bill
- Proof of business existence: Certificate of incorporation, partnership deed or business license
- Business PAN card: For businesses
- Passport-size photographs: For individuals
(2) Visit the Bank Branch
You need to visit the bank branch in which you want to open your account.
(3) Fill up Account Opening Form (AOF) for Current Account
Get the Account Opening Form and fill up all the necessary details of the customer's information and other details in the different sections given in the form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc.
(4) Attach Required (Mandatory) Documents with the AOF
After completing filling up the account opening form, you need to attach KYC documents on the basis of type of account you are willing to open like savings account, current account, etc. These documents will also depend upon your status like Individual, HUF, Proprietor, Partnership Firm, Company, Trust, etc.
(5) Verification of AOF & Other Documents by the Banker
Banker will verify AOF and other attached documents. If he is satisfied with these requirements, he/ she will proceed further.
(6) Deposit Initial Amount in the Account
After that you will be allotted an account number and you are required to deposit the minimum required balance in your account.
(7) Obtain Cheque Book, Passbook & Other Documents from the Bank
After that your account will be successfully opened and the banker will hand over Cheque Book, Passbook & Other Documents to you and then you will be allowed to make the transaction from your account.
If you follow above current account opening process, you can open your current account with ease.
(8) Current Account Activation
When you submit the application for account opening, it is reviewed and then approved. The bank will provide you with an account number and account related documents such as account opening kit containing cheque book, debit card, etc. Your account is actived by the bank and it is ready to use.
How to Open a Current Account Online?
Most of the large banks offer you a facility to open Current Account Online through their website. You need to first select the bank with which you want to open the current account and then check with its website whether it offers the facility to open the account online. If it is providing you the facility to open the account online, then you can apply for the current account opening online also. It will be a faster process and your account will be opened in no time. Just keep all the required documents ready which need to be uploaded while filling up the application form for account opening.