How to Open a Current Account

In today’s banking landscape, public and private sector banks offer numerous ways to manage your finances. Among these options, a current account stands out as a practical choice if you transact frequently.

 

A current account is a deposit account through which you can perform multiple transactions without worrying about any limit. It is an ideal choice for you if you are a professional, entrepreneur, or a business owner. With this account, you can conveniently transact, and even get access to special perks. Read on to learn more about how to open a current account.

Thanks to modern tools and easy access to reliable information, learning how to open a current account online or offline is simple. To help guide that process, here are the simple steps that you need to follow:

• Step 1: Check the eligibility criteria and document the requirements of the financial institution

• Step 2: Visit the official website of the financial institution and download the account opening form.Alternatively, you can also visit the branch of the financial institution and get the form.

• Step 3: Fill out the current account opening form carefully

• Step 4: Submit the duly filled account opening form with the necessary documents

• Step 5: Wait for the financial institution to verify your information and documents 

 

Usually, this process takes just a few hours with some financial institutions offering a completely digital process. 

Like any other financial product, you need to meet the eligibility criteria set by the financial institution to open a current bank account. Generally, the criteria for this type of account are quite lenient. Here are a few general terms.

• You must be an Indian resident

• You must be a part of a Hindu Undivided Family (HUF)

• A partnership firm or a sole proprietorship firm

• Limited liability partnership firm

• Private or public limited company

Check out the documents that you need to submit when opening a current account.

• Proof of Individual Identity: PAN card, Aadhaar card, voter ID, passport, driving licence 

• Proof of Residential Address: PAN card, Aadhaar card, voter ID, passport, utility bills

• Proof of Existing Business: Memorandum of association, articles of association, partnership agreement, certificate of incorporation, GST number, etc

• Proof of Business Address: Documents of business and utility bills

• Latest tax documents of the business

• Latest passport-size color photographs of each individual

• A cheque from an existing bank account

 

Now that you know how to open a current bank account, take action to activate the service and enjoy the many benefits that come with it. 

 

If you are considering opening a current account, head to Bajaj Markets for a quick and simple process. Click on the 'OPEN NOW' option on this page and meet the easy eligibility and documentation requirements to get started.