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Open your business account hassle-free with these current account opening documents

04 Aug 2025 by Team FinFIRST
Current account opening documents
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Starting your own business is a big moment - exciting, overwhelming, and filled with small decisions you never thought you’d need to make. One of the important steps is understanding the current account opening documents. 

Whether you are a shop owner in a small town, a freelancer working from home, or a start-up founder in a busy city, having a dedicated business account makes managing your money simpler and more professional.

If you have never opened one before and are unsure where to start, this guide will walk you through why it matters, the current account opening documents you will need, and how to complete the process without the usual hassle. 

READ MORE

Which types of current accounts suit your business best?
Explore different types of Current Accounts offered by IDFC FIRST Bank

Why a current account for business matters?
 

Many first-time entrepreneurs begin by using their personal savings account for business transactions. It feels convenient in the early days, but it can quickly get messy. Here’s why having a separate business current account is a smart move - 

  1. Keeps personal and business finances separate
  2. Makes tax filing and accounting easier
  3. Builds credibility with clients, suppliers, and banks
  4. Ensures smooth financial transactions, as required by RBI regulations

Plus, a business account gives you access to services and tools designed specifically for handling business money, like bulk payments, payment collections, and online payment gateways. 

What are the requirements for a current account, and what documents are needed?
 

Banks will ask for your current account opening documents to verify your business type and authorisation before opening the account. To make it easier, here’s a simple checklist covering the current account opening documents you should keep ready -

Business type

Key documents required

Sole proprietorship
  1. Two business proofs in the name of entity, such as Registration Certificate issued by Government Departments like GST, IEC.
  2. Proprietor documents like photo, PAN card copies, and one officially valid document (OVD*) copy
  3.  Nature of industry proof

Partnership firm
  1. Partnership deed/s
  2. Partnership registration certificate (for registered partnership firm)
  3. Partnership firm declaration
  4. Entity PAN card number
  5. Registered office address proof in the name of entity
  6. Communication address proof, if different from registered address
  7. OVD* copy of the partners/authorised signatories/beneficial owners (including latest photograph and PAN card copy)
  8. List of partners with name, date of birth, and address

Company (Public Limited and Private Limited)
  1. Memorandum of Association (MOA) and Articles of Association (AOA)
  2. Certificate of incorporation
  3. Board resolution
  4. Latest list of directors and officials holding senior management position
  5. PAN card number of the company
  6. Registered office address proof in the name of the entity
  7. Communication address proof, if different from registered address
  8. OVD* copy of the authorised signatories/beneficial owners (including latest photograph and PAN card number)
  9. NPO declaration for section 25 or 8 company (including Darpan registration certificate/ number for NPO)


 *OVD: Passport / Driving License / Voters identity card/Aadhaar 

 Having the right documents ensures that your application is processed smoothly without delays.

Simplifying the process: How to open a business account easily
 

Until a few years ago, figuring out how to open a business account meant multiple visits to the bank and dealing with stacks of paperwork. Now, with digital onboarding services from banks like IDFC FIRST Bank, you can open a business account from the comfort of your home or office.

With the Bank’s video KYC facility, individual verification can be completed through a secure video call. An added advantage is that IDFC FIRST Bank offers a current account with nil balance commitment option - ideal for startups that want to keep operational costs minimal at the start.

Open a business account with IDFC FIRST Bank: Seamless, smart, and made for entrepreneurs
 

As a new business owner, you need a bank that keeps things simple and supports your growth.IDFC FIRST Bank Current Account is built with this in mind.

Here’s how it helps with everyday business banking:

  1. Digital net banking and mobile banking to manage your finances anytime
  2. Anywhere banking with no extra charges on common services
  3. A full range of payment solutions — POS, QR codes, payment gateways
  4. Cash flow management through tailored payment and collection services
  5. Doorstep banking facility for  cheque and document collection
  6. All-in-one app for both personal and business banking
  7. WhatsApp banking for quick access to account services
  8. Complimentary VISA Signature Business Debit Card with lounge access and insurance cover
  9. Preferential forex and trade rates for international business needs

What makes IDFC FIRST Bank stand out is its recognition in the World’s Best Banks 2025 list by Forbes and Statista - a mark of trust for businesses across India.

Final thoughts
 

Getting your current account opening documents in order might feel like a formality, but it is one of those essential steps that make managing your business easier, more transparent, and professional.

With an IDFC FIRST Bank Current Account, the entire process of submitting your current account opening documents, completing verification, and managing transactions becomes hassle-free. Digital account opening, smart financial tools, and reliable service - everything you need to give your business a strong and organised financial start.

Open your business account today and experience convenient, efficient banking designed for your growing enterprise.

What makes IDFC FIRST Bank Current Account stand out?
 

  1. Best-in-class internet and mobile banking platforms with 100+ features for personal and business needs
  2. Bank anywhere, across any branch, with zero charges on 40+ commonly used current account services
  3. Comprehensive payment and collection solutions to optimise your cash flows
  4. Doorstep banking service available for document and cheque pickup
  5. Free VISA Signature Business Debit Card with exclusive benefits, including lounge access and complimentary insurance
  6. Auto Sweep FD facility offering 6.3% interest, exclusive for Platinum customers
  7. Free cash deposit limit up to 15 times the current month's average monthly balance
  8. Zero fees on NEFT, RTGS, IMPS transactions and preferential trade & forex pricing
  9. Daily ATM withdrawal limit of ₹2 Lakhs and purchase limit of ₹4 Lakhs
  10. Access 100+ Beyond Banking services, including ERP, HRMS, Payroll, Taxation, Cloud, and Coworking spaces 

Frequently Asked Questions

Can freelancers or consultants open a current account?

Yes, freelancers or self-employed professionals can open a current account by providing relevant proof of business and identity documents.

How long does it take to process current account opening documents and open an account?

With IDFC FIRST Bank, the process can be completed between 3-7 days. 

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.

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