Question: What Are The Documents Required For Current Account Opening?

What is the procedure of opening a current account?

Required Documents ID and Address proof (Aadhaar card, Driving license, PAN card, Passport, etc.).

Which is best bank for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

Can salaried person open current account?

Salaried individuals should not open a current account, unless they have a business. Conclusion: Another difference between a savings and a current account is that there are various types of saving accounts. … In any case, you do not get interest for maintaining balances in your current account.

Can a normal person open current account?

A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

What is normal current account?

Normal Current Account holders receive a free International Business debit card. The bank charges a penalty for non-maintenance of the average quarterly balance. The fee varies based on the location of the account holder’s branch. For accounts opened at metro branches, account holders are charged Rs.

What are the documents required for opening current bank account?

Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.

Does current account give interest?

Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account.

What is the minimum balance in BOI current account?

7500/- in Metro, Rs. 500/- per quarter if AQB goes below Rs. 5000/- in Urban, Rs.

Is GST number mandatory for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

How much cash can be deposited in a current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different BanksBankMonthly Average Balance (MAB)Free deposit limitsICICI BankRs.25,00012 times the MABAxis BankRs.10,000Up to Rs.2 lakhsIndusInd BankRs.10,000Up to Rs.2 lakhsCanara BankRs.1 lakh (quarterly)Up to Rs.5 lakhs per day3 more rows

How can I open a current account without GST?

Every one can open a current account without GST registration if the account holder declares that his taxable turnover in a financial year shall not exceed 20 lakhs per annum. Yes you can ! but you need to provide documents of your business like address proof, identity proof etc. to the bank.

What are the charges for current account?

Upto Rs. 10000: Rs. 2.50/- + GST.Above Rs 10,000/- and upto Rs 1.00 lakh : Rs 5/- + GST.Above Rs 1.00 lakh and upto Rs 2.00 lakh: Rs 15/- + GST.Above Rs 2.00 lakhRs 25/- + GST.

What is minimum monthly balance?

Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.

What is current account example?

The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments. The main components of the current account are: … Investment incomes, e.g. dividends, interest and migrants remittances from abroad. Net transfers – e.g. International aid.

What are the 5 types of accounts?

The 5 core types of accounts in accountingAssets.Expenses.Liabilities.Equity.Income or revenue.

What are the types of current account?

Let’s take a look at the different types of current accounts there are, which are based on the different requirements you might have.Premium Current Account.Standard Current Account:Foreign Currency Account:Packaged Current Account:Single Column Cash Book.

Can I open zero balance current account?

A zero balance current account can be opened in any commercial or non-commercial bank. One can choose from the list of top banks providing zero balance current accounts. The user needs to submit all the KYC acceptable documents along with the current account opening form at the nearest bank branch.

What are the documents required for opening current account in SBI?

Proof of the company that you’re working in. Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc. Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc. Seal of the company.