How to Open a Current Account in Corporation Bank

If you want to keep our Business Transactions separate from your Personal Transactions then you need to open a current account. A current account is thus opened in the name of your business or company in order to make all its transactions segregated from personal ones. Further, it brings professionalism in your business and makes your financial transactions very convenient.

In India, there are Public Sector Banks, Private Sector Banks, Cooperative Banks, Gramin Banks, Foreign Banks, Small Finance Banks, Payments Banks, etc where you can open a current account. A current account facilitates transactions beyond the scope of a savings account or any other type of account.

Corporation Bank is one of the very renowned banks in India with multiple of branches across different locations that provides you all the facilities and benefits of a Current Account.

Benefits of Opening Corporation Bank Current Account

Convenience
Overdraft Facility
Issuance of Cheque Book
Online Transactions Facility like paying bills online
Netbanking
Cash Withdrawals
No Risk of Carrying Cash

Now after having understood the underlying benefits of opening Corporation Bank current account, you may be most likely interested in know how to open a Current Account in Corporation Bank? These days it has become very simple to open a Corporation Bank account.

Further, it requires only 2 to 3 days to open the current account after you have submitted account opening form along with required documents. So now opening a Corporation Bank current account is really just a matter of providing certain details, required documents and funding your account.

Eligibility Criteria for Opening Current Account in Corporation Bank

Current Account in Corporation Bank can be opened by any of the following business entities:

Hindu Undivided Family (HUF)
Sole Proprietorship
Partnership
Private Limited Company
Public Limited Company
Trust
Club
Society
Association
Limited Liability Partnership (LLP)
Foreign Institutional Investor (FII)
Foreign National Residing in India

How to open a Current Account in Corporation Bank?

If you want to open a current account in Corporation Bank, you need to follow below mentioned steps:

Step 1: Visit the Bank Branch

You need to visit the bank branch in which you want to open your account.

Step 2: 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.

Step 3: 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.

Corporation Bank Current Account Documents Required

Step 4: 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.

Step 5: Deposit Minimum Balance 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.

Step 6: 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.

How to Open a Current Account in Corporation Bank Online?

Most of the large banks offer you a facility to open Current Account Online through their website. You need to first check with Corporation Bank 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.

Important Points regarding Opening a Corporation Bank Account

Select a nearby bank branch.
Take the original KYC documents with you for verification purpose.
Do keep your entity's stamp with you at the time of opening the account.
For a single business, there cannot be multiple current accounts.
Remember that a higher minimum account balance is required under a Current Account.