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How to Open a Current Account Tamil

How to Open a Current Account One tool that helps entrepreneurs to run their business effectively is the Current Account. In this article, we are going to see what is a Current Account, how this is useful to entrepreneurs and what are the documents required to open a current account What is a Current Account: Current Account is a Bank Account for businesses. It will not be used for investment or saving but only for day to day transactions. In India, a current account can be opened with a minimum balance of Rs.5000 to Rs. 25,000. The business account holder is permitted to withdraw the amount with cheques, and normally banks do not give interest for the money lying in the current account. Benefits of a Current Account: 1. It enables the current account holder to obtain an overdraft (short-term borrowing) facility. 2. There is no restriction for a current account holder on minimum transactions. 3. The Business organizations can open bank accounts in the name of the Company only through Current Account 4. This would be useful to organize the business transactions and would be helpful to the taxation process. 5. By holding a Current Account you can obtain Credit card transaction tools, cheque, and even online banking support. Who all can open a Current Account. In my earlier articles, I had explained about various types of Business Entities. • Proprietorship • Partnership • Limited Liability Partnership • Private Limited • One Person Company • Public Limited • Hindu Undivided Family • NGOs all the above entities can open a current account for their organizational transactions. What are the Documents required for opening a Current Account To open a current account, the business entity needs to provide various documents of business as well as the owner which are called Know your customer (KYC) Document. The documentation varies from entity to entity and clearly mentioned below: A. Proprietorship Firm 1. Address Proof of the Proprietor 2. PAN Card of the Proprietor 3. Passport Size Photo of the Proprietor 4. Minimum 2 Government document in the name of Business (GST/MSME/FSSAI/IE Code/ etc) B. Partnership Firm 1. Partnership Deed 2. PAN Card of Partnership Firm 3. List of Partners 4. Address Proof, ID Proof and Passport size Photo of authorized signatory 5. Any one Government document in the name of Business (GST/MSME/FSSAI/IE Code/ etc) C. Private Limited & Public Limited 1. Certificate of Incorporation 2. MOA & MOA 3. Board Resolution 4. PAN Card of the Company 5. List of Directors 6. Address Proof, ID Proof and Passport size Photo of authorised signatory D. Limited Liability Partnership 1. Certificate of Registration 2. PAN Card of the LLP 3. LLP Deed 4. List of Authorised Partners 5. Address Proof, ID Proof and Passport size Photo of authorized signatory E. One Person Company 1. Certificate of Incorporation 2. PAN Card of the Company 3. List of Director and Nominee 4. Address Proof, ID Proof and Passport size Photo of authorized signatory F. Hindu Undivided Family 1. PAN Card of the HUF 2. Address Proof, ID Proof and Passport size Photo of Kartha 3. Any one Government document in the name of Business (GST/MSME/FSSAI/IE Code/ etc)