Current Account Opening Documents – List of Valid KYC Documents

Opening a current account with a reliable banking platform is the first step to starting operations for any business owner.

Opening a current account is not as easy as it may sound – business owners face the vexing problem of sorting through the dozens of documents and paperwork required for KYC and legal compliance.

This comprehensive guide gives you the clearest picture of the documents needed to open a current account.

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Types of Businesses that Need Current Accounts

• Sole Proprietorship
• Limited Companies (Public or Private)
• Limited Liability Partnership (LLP)
• Hindu Undivided Family (HUF)
• Partnership
• One Person Company (OPC)
• Sole proprietorship
• Trusts, associations and clubs (TASC)

List of Documents Needed to Open a Current Account

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

Note: you will need to submit KYC documents for all the authorised signatories for your business.   

Private or Public 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

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

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: Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, driving license (any one)
• Identity proof: PAN card, passport, voter ID card, driving license, Aadhaar card (any one)
• 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

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

Trust, Society, Association & Club (TASC)

• Address proof: Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license – for every authorised signatory (any one)
• Identity proof: PAN card, passport, voter ID card, driving license, Aadhaar card – for every authorised signatory (any one)
• 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)

Hindu Undivided Family (HUF)

• Address proof : Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license for all authorised signatories (any one)
• Identity proof: PAN card, passport, voter ID card, driving license, aadhaar card for all authorised signatories (any one)
• 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

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: Aadhar card, voter ID card, rent agreement, electricity bill, telephone bill, water bill, passport, or driving license of the authorised signatories and beneficial owners (any one)
• Identity proof: PAN card, passport, voter ID card, driving license, aadhaar card of the authorised signatories and beneficial owners (any one)
• 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 accountApart 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?

Here are the things you need to consider while selecting a current account for your business:

1. Minimum average monthly balance requirement
2. Overdraft limit
3. Customer support
4. Demand drafts fees
5. Payment capabilities – UPI, NEFT, RTGS, etc
6. Online banking and mobile apps
7. Payroll management
8. Vendor management
9. Budgeting and supply chain management
10. Accounting integrations

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Frequently Asked Questions