Table of Contents
What documents I need to open a current account?
Documents Required to Open a Current Bank Account
- Duly Signed Application Form with a Photograph.
- Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.
- Address Proof like telephone bill or electricity bill.
- A cheque for opening current bank account.
What are the steps in opening a current account?
To open a Current Account, all you need to do is:
- Check your eligibility criteria for opening a Current Account.
- Download the account opening form from the bank’s website.
- Fill up the opening form with all the relevant and necessary details.
- Collect the list of documents that will be required by the bank.
Is GST compulsory for current account?
To carry out any financial transaction for your business, you require to set up a Current Account. However, GST is not mandatory to open a Current Account. There is no GST on Current Bank Account.
What is the limit of current account?
Monthly Average Balance (MAB) Requirement on Basic Current Account of Different Banks
| Bank | Monthly Average Balance (MAB) | Free deposit limits |
|---|---|---|
| ICICI Bank | Rs.25,000 | 12 times the MAB |
| Axis Bank | Rs.10,000 | Up to Rs.2 lakhs |
| IndusInd Bank | Rs.10,000 | Up to Rs.2 lakhs |
| Canara Bank | Rs.1 lakh (quarterly) | Up to Rs.5 lakhs per day |
Which banks current account is best?
7 Best Banks for Current Account /Business Account in India for 2021 – to boost your business banking
- Documents Required.
- HDFC Bank – Smart up Solution for Start-Ups.
- ICICI Bank Current Account.
- State Bank India – Basic Current Account.
- Axis Bank Current Account.
- Citi Bank Current Account.
- YES Bank Current Account.
Is there any passbook for current account?
On the account, no passbook is issued by the bank to the current account holders. Bank overdraft facility is provided to the current account only and not n the savings account. In contrast, current account requires high amount as the opening balance, to start the account.
Is ATM card available for current account?
ATM cards are given to individual current accounts, joint individuals and to the accounts of proprietary concerns. Get your ATM card have access to the wide network of ATMs across the country to withdraw cash, enquire about your balance, mini statement of accounts, recharging mobiles etc.