Here are the documents required for opening a Current Account: Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving licence.
In this manner, what is the minimum balance in current account?
The minimum balance requirement for opening a Normal Current Account is Rs. 10,000. The account provides free corporate internet banking facility.
what are the documents required to open current account in SBI? SBI Current Account Opening Documents
- Proof of identity – PAN card, voter ID card, passport, driving license.
- Proof of address.
- Recent Colour Photograph.
- PAN/Form 49 A along with Form 60 if applied for PAN.
- Account opening Cheque from existing Savings/Individual Current Account.
In this regard, why current account is required?
Current bank accounts are operated to run a business. It is a non-interest bearing bank account. It needs a higher minimum balance to be maintained as compared to the savings account. The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly.
Is GST mandatory for current account?
There is not specific requirement of GST registration to having current account. If you are registering as individual then saving account also can be use. For any other entity current account or any other relevant bank account like C/c account can be used.
19 Related Question Answers Found
Which bank is good for current account?
Best Banks for Current Account Banks Maximum Cash Deposit Allowed HDFC Bank Up to ₹2 lakhs per month (for regular current account) ICICI Bank Up to ₹1.8 crores per month Axis Bank Up to ₹2 lakhs per month (for regular current account) Bank of Baroda Up to ₹1 lakhs per month
What is the benefit of current account?
Advantages of Opening a Current Account: Capable of handling large volumes of receipts and/or payments dexterously, a current account carries out all business transactions promptly and properly. It enables limitless withdrawals in line with the levied cash transaction fees, if any.
Can I open personal current account?
Individuals can open current account as long as they have proper government issued Id and address proof. Banks follow strict procedure when opening a current account.
Who opens current account?
Current Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. ii. The procedures/documentation relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts.
How does current account work?
A current account is a bank account that allows you to access a range of everyday banking services, such as receiving money (like your salary, pension or benefits payments), paying bills, and setting up direct debits and standing orders to make regular payments.
What is normal current account?
Normal Current Account. Current Accounts are active accounts opened by such section of the public like Traders, Businessmen, Corporate Bodies, etc.
Which Indian Bank is best for current account?
The best bank for the current account in India is HDFC Bank, ICICI Bank, Axis Bank, SBI, and RBL Bank.
How do I open a current account without a GST number?
Current Account for Individuals (business purpose) One Identity proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card. One Address proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card. Recent Colour Photograph. PAN/Form 49 A along with Form 60 if applied for PAN.
What are the disadvantages of current account?
Here are some of the disadvantages of a current account: The rate of interest that one earns on the balance is very low. Services of package accounts have additional costs. Fine print and paperwork can be lengthy and perplexing. Corporate businesses can be charged huge fees.
Is current account a debit or credit?
Understanding the Current Account The current account is one half of the balance of payments, the other half being the capital or financial account. Exports are recorded as credits in the balance of payments, while imports are recorded as debits.
Is current account necessary for business?
A current account is normally opened by business entities in order to carry out their banking transactions. A zero interest account, the current account is generally associated with businesses which have huge and frequent number of transactions. However, a current account can be useful for other entities as well.
Is current account mandatory for sole proprietorship?
Proprietors must accept unlimited liability, since no legal difference exists between the person and the company or business. For this reason, only smaller businesses should continue under sole proprietorship. Opening a Bank Account. Opening a current account is a mandatory aspect of any business.
What is the different between savings and current account?
Savings account is an interest-bearing account with certain limitations. For example, in the US you cannot withdraw money from it more than 6 times a month. Current account is a “general-use” account on which you can write checks, use ATM/Debit cards and have unlimited transactions.
Is GST number mandatory for opening current account?
It usually takes 1-2 working days to open a current account. You will also require to provide your Aadhaar card details when opening a bank account. 1. Proof of existence of entity – Some of the acceptable documents for proof can be – Trade license/GST Identification Number/SSI Certificate/IPR Registration, etc.
What is minimum balance in SBI current account?
Before you open SBI current account, here are some important points to look into: For non-individuals, the minimum balance required is Rs. 10,000 for urban and semi-urban areas, while the minimum balance required for rural area is Rs. 5,000. You have to maintain Rs.
What are the benefits of SBI current account?
It provides most additional services free or at very low transaction cost. Monthly Average Balance : Rs 5,00,000. Free Cash Deposit upto Rs. 1 Crore per month. Free Cash Pickup* Free Unlimited Cash Withdrawal from Home Branch. Free RTGS and NEFT Collections & Payments. Unlimited Free Demand Drafts.
Can I open a current account online?
If you’re looking to open a bank account you can apply online in minutes! To apply for a current account online it really is quick and easy. You’ll need your personal details, such as your name, nationality, contact details, how long you’ve been at your current address and a few other details.
What is the minimum balance in SBI 2019?
Country’s largest lender State Bank of India (SBI) is revising its service charges from 1st October 2019. Maintenance of average monthly balance (AMB) charges are different for metro, semi-urban and rural areas. Currently, the metro and urban centre branches, the requirement of AMB is ₹3,000.
Can savings account be converted to current account?
Originally Answered: Can I convert my savings account into a current account? Normally it is not possible for conversion from category to another cateogory; however, in some banks, there are provisions to that effect.