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FinFIRST Blogs
What documents are needed to open a current account?
Summary: You must provide some documents for opening a current account, including a copy of your identity, your address, and the documents related to your business. Here's a detailed guide to help you go prepared and reap the benefits of a current account.
A current account is one of the most versatile forms of financial transactions in the world of personal finance. You can enjoy a range of features and benefits of a current account, whether it is for your personal or business needs. This comprehensive guide will explain what documents you will need to open a current account.
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Why should you open a current account?
Before diving into the details of the necessary documentation, let's briefly understand what are the benefits of a current account.
A current account serves as a dynamic tool for managing financial transactions. It offers a plethora of features, including overdraft facilities, chequebooks, and online banking access, catering to business needs. By facilitating effortless deposits, withdrawals, and transfers, these benefits of a current account simplify daily financial transactions.
An IDFC FIRST Bank Current Account can be opened in a matter of minutes with a completely digital application and paperless verification process. You will also receive several benefits of a current account, including a free chequebook, high deposit and withdrawal limits, digital banking, free ATM withdrawals, etc. Explore more here.
And with IDFC FIRST Bank’s BRAVO feature on your current account, you can earn interest on your savings now. BRAVO is an industry-first auto sweep into fixed deposit (FD) feature on current accounts, offering up to 7.5% on the FD.
Click here to know more about it.
Essential documents for opening a current account
To access the benefits of a current account, you first need to open one. Depending on the bank, the documents for opening a current account may include a valid photo ID, proof of address, and proof of income.
Indicative documents required for current account opening -
Sole proprietorship
- 2 documents in the name of entity
- Proprietor document (photo, PAN card copy, and 1 officially valid document [OVD] copy)
- Nature of industry proof (in case not indicative in entity documents, please check for invoice copy, bill of entry, freight invoice, or agreement copy)
Hindu Undivided Family (HUF)
- HUF PAN card
- Karta’s PAN card
- Karta’s OVD document
- HUF declaration
Partnership
- Partnership deed/s
- Partnership registration certificate (for registered partnership firm)
- Partnership firm declaration
- Entity PAN card number
- Registered office address proof in the name of the entity
- Communication address proof, if different from registered address
- OVD copy of the partners/ authorised signatories/ beneficial owners (including latest photograph and PAN card copy)
- List of partners with name, date of birth, and address
Limited Liability Partnership (LLP)
- LLP agreements since inception
- Certificate of incorporation
- LLP firm declaration
- List of all partners (including designated partners) with name, date of birth, and address
- PAN card number of the entity
- Registered office address proof in the name of the entity
- Communication address proof, if different from registered address
- OVD copy of the partners/ designated partners/ authorised signatories/ beneficial owners (including latest photograph and PAN card copy)
Company (Public Limited and Private Limited)
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Certificate of incorporation
- Board resolution
- Latest list of directors and officials holding senior management position
- PAN card number of the company
- Registered office address proof in the name of the entity
- Communication address proof, if different from registered address
- OVD copy of the authorised signatories/ beneficial owners (including latest photograph and PAN card number)
- NPO declaration for section 25 or 8 company (including Darpan registration certificate/ number for NPO)
Official Valid Document (OVD)
- Passport
- Driving license
- Voter identity card
- Proof of possession of Aadhaar card number, in such a case declaration related to Aadhaar redaction to be provided
- Job card issued by NREGA duly signed by an officer of the state government
- Letter issued by National Population Register containing details of name, address
Entity documents
Particulars |
Entity ID Proof |
Address Proof |
Registration certificate issued by Registrar of Firms, in case of registered partnership firm |
Y |
Y |
Valid Shops and Establishment Certificate |
Y |
Y |
Trade license |
Y |
Y |
Latest complete GST return |
Y |
Y |
CST/ VAT Registration Certificate (for goods not covered under GST) |
Y |
Y |
Professional Tax Registration Certificate |
Y |
Y |
GST Registration Certificate |
Y |
Y |
Firm registration certificate/ letter issued by Institute of Chartered Accountants of India (ICAI), or Institute of Cost Accountants of India, or Institute of Company Secretaries of India, or Indian Medical Council |
Y |
Y |
Certificate by Food and Drug Control Authorities |
Y |
Y |
Latest copy of electricity bill |
Y |
Y |
Latest copy of telephone bill from telecom operator |
Y |
Y |
True copy of gas connection book and latest gas receipt or gas bill in case of pipe connection |
Y |
Y |
Latest three months bank statement/ passbook from scheduled commercial bank with account opening cheque/ cancelled cheque (except for Sole Proprietor) |
N |
Y |
Trade Mark Registration Certificate (except for Sole Proprietor) |
Y |
Y |
Liquor License/ Registration Certificate |
Y |
Y |
Drug License |
Y |
Y |
Registration Certificate issued by Excise and Customs Department |
Y |
Y |
License/ Certificate to Sell/ Stock/ Exhibit for Sale or Distribute Insecticide/ Pesticide |
Y |
Y |
Registration Certificate issued under Weight and Measurement Act |
Y |
Y |
Regional Transport Office Permit/ Registration Certificate |
Y |
Y |
SEBI Registration Certificate |
Y |
Y |
| Labour License/ Certificate Note: Labour certificate issued by Department of Labour Govt of National Capital Territory of Delhi is not considered |
Y |
Y |
Registered rent agreement in the name of the Entity or Notarized rent agreement to be accompanied with Utility bill (not be older than 2 months) in the name of owner of premises. Additionally, the rent agreement submitted should have at least 3 months of validity period from the agreement expiry date |
N |
Y |
Udyam registration (only for sole proprietorship) |
Y |
Y |
Documents required based on the type of applicant
In addition to the above-mentioned documents, you may need to submit documents specific to your applicant type such as those mentioned below.
Sole proprietorship
- 2 documents in the name of the entity
- Address proof in the name of the entity
- Proprietor document – (photo, PAN copy and 1 OVD document copy)
- Nature of industry proof (if not indicative in entity documents, please check invoice copy, bill of entry, freight invoice, or agreement copy)
Hindu Undivided Family (HUF)
- HUF PAN card
- Karta’s PAN card
- Karta’s OVD document
- HUF declaration
Partnership
- Partnership deed/s
- Partnership firm declaration
- Entity PAN card copy
- Address proof in the entity's name
- OVD copy of the partners/ authorised signatories/ beneficial owners (including latest photograph and PAN card copy)
Limited Liability Partnership (LLP)
- LLP agreements since inception
- Certificate of incorporation
- LLP firm declaration
- Latest list of designated partners
- PAN card copy of the entity
- Address proof in the entity's name
- OVD copy of the partners/ designated partners/ authorised signatories/ beneficial owners (including latest photograph and PAN card copy)
Company (Public Limited and Private Limited)
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Certificate of incorporation
- Board resolution
- Latest list of directors
- PAN card copy
- Address proof in the name of the entity
- OVD copy of the directors/ authorized signatories/ beneficial owners (including latest photograph and PAN card copy)
How to open a current account with IDFC FIRST Bank?
Once you have gathered the requisite documents, you can conveniently open a current account with IDFC FIRST Bank in the following ways -
- Apply on the website
Embracing the digital age, IDFC FIRST Bank offers the convenience of opening a current account via its official website. Choose the type of account you want and provide details such as the city you reside in, your full name, email address, and mobile number. Once you have provided these details, an IDFC FIRST Bank executive will get in touch with you for opening your current account. And in no time, you will be making the most of the benefits of a current account.
- Visit the bank branch
Traditional yet effective, this method involves visiting the nearest IDFC FIRST Bank branch in person with all the required documents. You will have the opportunity to discuss your requirements with a banking representative, get advice on available account types, know the benefits of a current account, and receive assistance in completing the application.
Opening a current account requires specific documents that establish your identity, address, and financial details. By understanding the requirements and adhering to the guidelines, you can open a current account without hassles and you will start enjoying the benefits of a current account in no time. As you equip yourself with the necessary documents, remember that a well-maintained current account can serve as a gateway to seamless financial transactions and enhanced financial stability.
Whether it's to manage personal funds or conduct business, an IDFC FIRST Bank Current Account offers the utmost convenience for business and personal transactions along with a secure and reliable banking experience. It also offers a wide range of features and ample benefits of a current account to conduct various financial transactions. And with the new BRAVO feature it also offers its users the liberty to auto-sweep their excess funds into their linked fixed deposit accounts and earn interest. Apply now!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
