Starting and operating a business often comes with a lot of operational expenses and daily transactions, requiring efficient banking services that can facilitate such movements. A current account helps entrepreneurs and businessmen carry out their transactions seamlessly on a day-to-day basis, as it usually has no cap on the number of prescribed transactions. Furthermore, most current accounts come with additional facilities like free NEFT/RTGS/IMPS transactions, overdraft facility, internet banking, and instant foreign transactions – making them even more beneficial for businesses.
Opening a current account is a simple process as both online and offline channels are available for it. By taking the time to research and compare current accounts, you can choose the best bank that suits your business needs. Let’s look at how you can get one conveniently set up.
Step 1: Check eligibility criteria
Most banks have specific current account requirements that must be met before they will approve your application. Generally, these include age limits, minimum balance requirements as well as documentation such as identity proof, address proof, and PAN card details.
Step 2: Fill up the form online
Most banks now provide an online service where you can fill out a current account opening application form and submit it directly on their website. This is usually the most convenient way to apply for a current account as it saves time and energy from having to visit their branch office in person.
The online current account form usually contains the necessary details such as name and address, contact details, income proof etc., which will help the bank complete their KYC (know your customer) process efficiently.
Step 3: Submit the necessary documents
The list of current account documents required will depend on the specific bank but generally includes the following:
- KYC documents (Aadhaar, PAN, etc.)
- Proof of address (utility bills, voter card)
- Tax registration documents
- Partnership deed (in case of partnership firm)
- Identity and address proof pertaining to all partners
- Licences from relevant authorities
You then need to upload them onto the system before submitting your application for approval/review.
Note: Make sure that whatever information you provide is accurate and up to date. Insufficient documents or incorrect details could delay your application from being approved or even lead to its rejection altogether.
Step 4: Wait for the bank’s response
Post submitting the application, a customer representative from the bank may contact you to complete all other account opening formalities in accordance with existing banking guidelines and regulations. Once done, you will get your account details and be able to enjoy the full range of benefits that come with opening a current account.
Current account opening – The offline process
Opening a current account with a bank can be done offline as well.
- Simply download the form from your bank’s website. Alternatively, you can also get this form from any nearby bank branch.
- Collect the necessary documents.
- Now attach the documents to your filled-out account opening form and submit both together at any nearby branch. The bank will then process your application and contact you further to complete other formalities.
- Once approved, your new current account will be opened within a few working days.
From optimising cash flow and managing day-to-day operations to accessing funds quickly and safely, opening a current account is an important part of maintaining efficient financial operations.
Whether you are an established business or an up-and-coming start-up, it is essential to thoroughly research your options before committing to any one account. Compare features such as minimum balance requirements, maintenance charges, deposit and withdrawal facility, customer service support, and base your decision on what is best for you.