What to look for before opening a current account?

Things to know before opening a current account

• Should maintain a high minimum balance.
• Failing to uphold the said amount will lead to high penalty (varies as per the bank or current account type)
• Zero-interest rate on the money stored (However, few exceptional banks provide interest rates)

What are the documents required for current account?

Documents required for opening of Current Account

• Registration certificate (in the case of a registered concern)
• Certificate/licence issued by the Municipal authorities under Shop & Establishment Act.
• Sales and income tax returns.
• CST/VAT certificate.

Can I open an account with no address?

Some US banks have an international presence, such as Wells Fargo, Bank of America, Citibank, HSBC, etc. They will let you open a bank account even if you don’t have a U.S. address.

How long does it take to verify bank account?

At most, the bank account verification can take up to five business days, but usually it’s much faster!

Why can’t banks verify my identity?

Unsuccessful verification attempts may be due to many reasons: You may have recently moved. You may have answered security questions incorrectly. Your credit report may be locked or frozen.

Can I open current account with Udyog aadhar?

The Udyog Aadhar can be used to get current Bank Account. Udyog Aadhar is treated as a Business registration certificate for Micro, Small and Medium Enterprises. The Small and Medium firm Who have Udyog Aadhar registration can apply for current Bank account.

Is it possible to open current account online?

You can also apply for a Current Account online.

How do I open a bank account for a trust in India?

General Documentation for opening Savings Account of Trust/NGO

1. Registration Certificate of Trust / Society / Association/ Club.
2. Trust Deed / Bye-laws / Constitutional Document (If unregistered, notarized copy to be obtained)
3. Copy of PAN Card.
4. Income Tax registration u/s 12A for entities as specified in RBI circular.

Who can open current account in India?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts.