A Business bank account is a type of deposit accounts that are maintained by individuals who carry a higher number of transactions with their respective banks on a regular basis. These accounts are especially for the businessmen who require to have regular transactions for their business. Therefore, It is created by the bank only on request of the applicant. These are made for the frequent or immediate access to transactions. Current accounts are related to liquid deposits. Current accounts are allowed for making payments to creditors through which the cheque facility offered by the bank. However, current accounts do not provide interests. However, They require a higher minimum balance as compared to the savings account. The greatest advantage of a current bank account is that account holders can easily avail overdraft facility up to an agreed limit.
Documents for Business bank account (for individuals)
Acceptable Identity Proof verifying Legal Name
- Passport
- PAN card
- Voter’s Identity Card
- Driving License
- Job Card must be issued by NREGA signed by an officer of the State Government.
- A letter should be issued by the UIDAI(Unique Identification Authority of India) containing details of the individual.
- Identity card
- Letter from a recognized public authority or public servant.
Acceptable Address Proof verifying Address
- Telephone bill
- Bank account statement
- Letter from any recognized public authority
- Electricity bill
- Ration card
- The rent agreement with the address of the owner which must be duly be registered with the State Government or registration authority.
Documents for Business bank account (Proprietorship)
For opening a Business bank account for a Proprietorship Firm, the address and the activity of the business should be provided to the respective banks. Mentioned below are the documents which are required to be submitted by the owner while registering the business :
- Registration certificate
- Any of the License or Certificate that is issued by the Municipal authorities under Shop & Establishment Act,
- Sales and income tax returns
- CST/VAT certificate
- The registration or Certificate documents that are issued by any of the Sales Tax/Service Tax/Professional Tax authorities.
- A license issued by the Registering authority
- Registration/licensing document issued in the name of the proprietary should be concerned by the Central Government or State Government Authority/ Department, etc.
- An Income Tax return with the name of the sole proprietor. Therefore the Income Tax return should contain the name of the firm. However, This should be duly authenticated/ acknowledged by the Income Tax Authorities
- Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary owner.
Documents for Business bank account (Partnership Firm)
Business bank account for a Partnership Firm in the name of the Partnership Firm require A legal name, address, names of all partners and with their addresses, telephone numbers of the firm and partners must be provided to the respective bank. Mentioned below are the documents must be submitted while opening the bank account :
- Registration certificate( if registered)
- Partnership deed
- Power of Attorney that is granted to any of the partner or an employee of the firm to transact the business on its behalf.
- Telephone bill in the name of firm/partners.
To apply for the current bank account can visit any of the banks in India and get the company register visit
