Documents Required for Opening a Current Account Online

As the startup ecosystem is booming significantly, the dependency on a smart banking platform has been ever-increasing. And opening a current account sounds like the first step. With this enters the process of submitting the current account opening documents to the financial institution where you want to open an account. This can be vexing.

But we heard you.

So we decided to sort it out for you and with this build a comprehensive guide on all the documents required for opening a current account.

Current Account Opening documents: A complete checklist

There are some documents that you would need to open a current account irrespective of your type of business, and a few additional documents based on the type of your business. Let’s take a look.

• Address proof: anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card
• Business registration proof or incorporation certificate
• PAN of the entity
• Latest passport size photo
• Account opening cheque from an existing bank account

Please note that you need to submit KYC documents for all the authorized signatories for your business.   

Current Account Opening Documents: Public/Private Limited Company

Here’s the checklist of documents required to open a current account for joint stock companies (public or private limited):

• Memorandum of Association (MoA)
• Articles of Association (AOA)
• An updated list of directors of the Public/Private limited company
• Board Resolution (BR)
• Shareholding pattern/ list & ID proofs of all the beneficial owners owning more than 25% of the firm 
• Address proof: anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card
• Business registration proof or incorporation certificate
• PAN of the entity
• Latest passport size photo
• Account opening cheque from an existing bank account

Current Account Opening Documents: Sole Proprietorship Firm

• Two documents in the name of the sole proprietorship firm confirming the name and address — issued by a Government authority/ department, as registration/ license document 
• NREGA issued Job Card
• Latest passport-size colour photograph of the sole proprietor
• Photograph, identity, and address proof of the POA ( Power of Attorney) holder
• Address proof: anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card
• Business registration proof or incorporation certificate
• PAN of the entity
• Latest passport size photo
• Account opening cheque from an existing bank account

Current Account Opening Documents- Limited Liability Partnership (LLP)

• Registration Certificate issued by Registrar of Limited Liability Partnership
• Photograph, identity, and address proof of the POA ( Power of Attorney) holder
• LLP letter
• LLP deed agreement
• An updated list of designated partners
• Address proof: anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card
• Business registration proof or incorporation certificate
• PAN of the entity
• Latest passport size photo of the partners
• Account opening cheque from an existing bank account

Current Account Opening Documents- Partnership Firm

• Shareholding pattern/ list & ID proofs of all the beneficial owners owning more than 15% of the firm 
• Partnership deed
• Partnership letter
• Trade license agreement
• Address proof: any one out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card
• Business registration proof or incorporation certificate
• PAN of the entity
• Latest passport size photo
• Account opening cheque from an existing bank account

Current Account Opening Documents: Trust, Society, Association & Club (TASC)

• Address proof: anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license – for every authorised signatory
• Identity proof: any one out of PAN card, passport, voter ID card, driving license, aadhaar card – for every authorised signatory
• Address proof and PAN of the entity (refer to the list of acceptable address proofs above)
• Account opening cheque from an existing bank account
  • Trust Deed or Bye-laws, if applicable
  • Memorandum of Association (MoA)
  • Article of Association (AOA)
  • Rules of Acts or Gazette notifications, if applicable
  • List of directors/members of managing committee members/managing council
  • Proof of identity :
  1. Registration Certificate, in case of societies and trusts
  2. Recognition Certificate for an educational institution
  • Exemption proof from Income Tax, if applicable
  • List of beneficial owners holding more than 15% in the trust directly/indirectly
  • PAN and Address proof of the beneficial owners (refer to the list of acceptable address proofs above)

Current Account Opening Documents: Hindu Undivided Family (HUF)

• Address proof : anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license for all authorised signatories
• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card for all authorised signatories
• Business registration proof or incorporation certificate
• Account opening cheque from an existing bank account
  • PAN in the name of the HUF
  • HUF letter
  • Latest passport-size colour photographs of authorised signatories
  • Landline/mobile number/email ID

Current Account Opening Documents: Liaison/Representative Office, Project Office, and Branch Office

Given below are the general current account opening documents required by a project office/representative office/branch office account:

• Address proof : anyone out of Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license of the authorised signatories and beneficial owners

• Identity proof: anyone out of PAN card, passport, voter ID card, driving license, aadhaar card of the authorised signatories and beneficial owners

• Business registration proof or incorporation certificate

• PAN of the entity

• Address proof of the entity

• Latest passport-size colour photographs of all the authorised signatories and beneficial owners

• List of owners  with more than 25% in the company directly/indirectly

• Landline/mobile number/email ID of the entity

• Account opening cheque from an existing bank account

  Apart from the above-mentioned documents, certain specific documents are required depending on the type of entity. They are as follows:

   

  Liaison/Representative Office	Branch Office	Project Office
  Copy of IRDA( Insurance Regulatory and Development Authority) approval for foreign insurance companies  OR  Copy of RBI permission	Copy of approval under the Banking Regulation Act  OR Copy of RBI permission  OR Copy of certificate to open a branch office in a Special Economic Zone	Project/Contract Award letter and declaration for opening a project office  AND Confirmation Document of the category mentioned in the declaration  AND  Acknowledged copy of reports with the project details that were submitted to RBI

Now, while we have sorted the documents required to open a current account, let’s have a look at some of the other crucial aspects of choosing a current account. 

Refer to the KYC Guidelines by RBI

How to Choose the right Current Account for your business?

Now, a current account is a prerequisite for any business and if you’re just starting out, you need to be aware of what you’re signing up for. 

Most traditional banks have a current account tailored to the needs of big enterprises. If you are a startup founder or a small business owner, you need to be on the lookout for a current account that caters to your specific needs. 

 A few key points you should consider while choosing a current account for your business are:

• Minimum average monthly balance requirement 
• Overdraft limit
• Dedicated customer support
• No. of free demand drafts, NEFT and RTGS transactions & pay orders
• Well-built digital infrastructure that limits the need of visiting the physical bank branch
• Integrated services like accounting, bookkeeping, expense management

Future Forward RazorpayX Current Account

• Banking which Provides end-to-end automation with powerful features like Automated Accounting, OTP management, Maker-Checker Flows,

• Corporate Cards with 20X higher limits,
• Automated Vendor Payments
• Payroll – India’s ONLY payroll with Full compliance automation, Employee Insurance management and TDS filing)

And a lot more! 

So, if you’re looking for a current account that grows with your business needs, you’ve landed just in the right place. 

Frequently Asked Questions