How to Open Current Account, Partnership Account, Steps

Are you also looking to open Current Bank Account for your business? Are you looking for information related to Current Account? If yes, then you are at right place.

Today, with the help of this article, we will tell you How to Open Current Account and complete information about documents required to open Current Account.

Also, we will give you answers to more questions related to Current Bank Account such as: How to open Account in a Partnership, Whether Debit Card is available in Current Account or not, How to withdraw money from Current Account, Documents for Current Account etc. Will know in detail.

So let’s start by reading How to Open Current Account…..

Table Of Contents

How to Open Current Account

There is no special way to open Current Account in any bank. Nowadays, all banks are operated through online mediums. Due to this facility, you can open your Current Account even sitting at home.

To open a Current Account, you must have a Registered Business. For this, first of all, you have to get the Shop License [Gumasta License] of your business.

After this, if you have started your business on rent in a market, then you will have to keep a copy of written Rental Agreement with it.

After this, you can open a Current Account for your business in any bank. SBI Bank, AXIS Bank, ICICI Bank, AU Bank, Union Bank etc. are some of the famous banks where you can open your Current Account without any fear.

Depending on the growth of your business, you can select different types of account subscriptions, which suits best for your business. These subscriptions are as follows:

Launch
Regular Current Account
Gold Current Account
Diamond Current Account
Platinum Current Account
Surbhi Current Account
Master Recovery Current Account
Smart Recovery Current Account, etc.

On the basis of these subscriptions, you can easily do maximum money transactions in your current account.

If you are the only owner of your business, then you will need these documents to open your account:

Your 2 Passport Size Photo.
Your Aadhaar Card.
Your PAN Card.
Your Business Name or Address Proof.
A copy of the electricity bill used at your business address.
If your Saving Account is already in that bank, then a Canceled Cheque.
If you have opened your business in your house, then copy of NOC from the owner of the house.
If you have opened your business on rent at some place, then copy of Rental Agreement with the sign of the owner there.
A copy of the Shop License [Gumasta License] of your business.

If you have all these documents available then you can apply to open Current Account for your business.

Documents for Partnership Current Account Opening

If you are starting any kind of business in partnership, then you must have these documents:

Your + your partner’s 2 passport-size photos.
Copy of your + your partner’s Aadhaar Card.
Copy of your + your partner’s PAN card.
Your Business Name or Address Proof.
A copy of the electricity bill used at your business address.
If your Saving Account is already in that bank, then a Canceled Cheque.
If you have opened your business in your house, then copy of NOC from the owner of the house.
If you have opened your business by taking rent at some place, then copy of the Rental Agreement with the sign of the owner there.
A copy of the Shop License [Gumasta License] of your business.

After this, it is necessary for your partner to be available on the day you are going to open an account in the bank. While submitting the bank form, it is necessary to have the signature and consent of both of them.

Who Can Open Current Account

Any person who has started a new business or his business is Honorably Legal and Registered. He should open a Current Account to grow his business well or to transact large amounts of money from clients.

If you are doing any kind of legal business from any corner of the world, then you can open a Current Account for your business. You can also open this account with a business partner.

Do Current Accounts Have Debit Cards

Yes, Debit Card facility is also made available for Current Account Owners.

Personal Current Account Limit

The maximum limit of Personal Current Account of any bank is up to ₹50 lakhs[$62,000] per month. After this, if you do a transaction of more than this amount, then you are charged for per Transaction of ₹1,000[$12].

This charge may be more or less in different banks. Apart from this, if you have already taken a subscription plan of more than this amount, then you can also do more transactions.

How to Open Current Account In SBI

To open a Current Account in SBI, you have to carry a copy or real proof of the documents mentioned in this article. After then ask the bank executive that, you want to open a Current Account.

Then fill out the form given by them and submit the required documents

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How to Withdraw Money from Current Account

Withdrawing money from Current Account is very easy. You have two ways to do this:

Online
Offline

There are 2 ways to withdraw money through online method:

UPI
Bank transfer

By withdrawing money in any of the above ways, your Saving Can shift in the account.

You have 2 ways to withdraw money through offline mode:

You can go to your bank and withdraw money by filling the Withdrawal Form.
You can withdraw money from your account with the help of Bank ATM.

How to Open Current Account – FAQs

How to open current account without GST

Opening Current Account doesn’t require GST License. But for GST License you must have a registered business and a current account for your business.

Can individual open Current Account

Yes, Request for opening a Current Account can be applied by any individual.

Hoping, you have completely read the article about How to Open Current Account.

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