Documents required to open a Current Account

Posted on Monday, March 27th, 2023 | By IndusInd Bank

The business landscape in India is always evolving and becoming increasingly complex. In this context, managing a company’s finances can be a daunting task. One crucial aspect of financial management for businesses is managing their current account. A current account is a type of bank account that is designed for businesses to carry out their day-to-day
financial transactions. Before we head to the documents required to open a current account, let’s first discuss the importance of current accounts for businesses.

Why open a current account?

First and foremost, a current account is essential for businesses to manage their daily transactions. Businesses need to make various payments, such as salary payments, vendor payments, utility bills, and more. A current account allows businesses to carry out these transactions conveniently and efficiently. Moreover, a current account provides businesses with a detailed record of all their financial transactions, making it easier for them to keep track of their finances.

A current account also provides businesses with access to a range of financial services that can help them manage their finances effectively. For example, banks offer overdraft facilities to businesses that have a current account, which can be useful when businesses need to make payments but do not have sufficient funds in their account. Additionally, banks offer various cash management services, such as cash pooling, which can help businesses optimize their cash flow.

Furthermore, a current account is essential for businesses that engage in international trade. Businesses need to make payments and receive payments from customers and suppliers in different countries. A current account makes it easier for businesses to carry out these transactions by providing them with access to international payment services and
foreign currency accounts.

How to choose the right current account for your business?

Before selecting a current account, you must assess your business’s financial requirements. What type of transactions do you need to carry out daily? Do you need a high transaction limit or low fees? Do you require international transactions or a specific type of currency? Understanding your business’s needs is critical in choosing the right current account.

Once you have identified your business’s financial requirements, you can compare different current accounts offered by banks. It is essential to compare the fees, transaction limits, overdraft facilities, interest rates, and other features of different accounts.

IndusInd Bank Current Account – The ideal banking partner for your business

IndusInd Bank provides an extensive range of current accounts to meet your business’s present banking needs and support your future growth aspirations. Additionally, you can benefit from customized banking solutions through IndusInd Bank’s industry-specific current accounts, which include Agro, Textile, IT/ITes, Telecom, Import & Export,
Shipping, and more.

IndusInd Bank Current Account offers:

• Quick and hassle-free account opening with minimal paperwork.
• Option to choose your desired account number with My Account My Number.
• Account grouping for related business entities with shared authorized signatories.
• Access to pre-approved loans for urgent capital requirements.
• Convenience of on-call cheque/cash pick and drop facility.
• User-friendly mobile and internet banking interface.

That’s not all! You can also opt for a fully digital current account opening process from the comfort of your home using video KYC. Click here to open

Now that you know about the benefits of a current account and the importance of choosing the right one, let’s look at the documents you need to open a current account.

Documents needed to open a current account

Identity proof: A government-issued identity proof is mandatory to open a current account. You can submit a copy of your passport, driver’s license, or voter ID card.

Address proof: You need to provide a proof of your address as well. The document should be recent, and it can be your utility bills, bank statement, or rental agreement.

Business registration certificate: If you’re opening a current account for your business, you need to submit your business registration certificate. This can be your GST registration certificate, company incorporation certificate, or partnership deed.

PAN card: A Permanent Account Number (PAN) card is mandatory for opening a current account. It is used to track your tax-related transactions, and it helps in verifying your identity.

Cheque or cash deposit: You need to make an initial deposit to open a current account. You can either deposit cash or a cheque drawn in favor of the bank.

Passport size photographs: You need to provide two passport size photographs to complete the KYC (Know Your Customer) process.

Any other documents required by the bank: Some banks may ask for additional documents like business financial statements, personal financial statements, or a letter of recommendation from an existing account holder.

For a tentative list of documents required to open a current account with IndusInd Bank, visit the FAQ section on this page.

Disclaimer:The information provided in this article is generic in nature and for informational purposes only. It is not asubstitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor beforemaking any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL andthe author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financialdecisions based on the contents and information.