- Proprietorship - Single owner/Proprietor.
- Partnership - Two or more partners in a firm.
- Limited Company - two categories viz., private Limited company or Public Limited company
- Private limited company is owned privately by a small group of people such as a family. They are not allowed to offer shares (in the company) to the general public and can function just as director.
- Public limited company is owned by public share holders and they are allowed to offer shares of the Company in the market.
Open a Current account in the name of the Company from a reputed Bank .Current a/c is opened by people who are engaged in trades, businesses. Current account is a bank deposit that can be withdrawn by the depositor at any time, and he is at liberty to operate this account any number of times in a day unlike savings accounts, where only limited transactions are allowed. Current account bears no interest.
Current Account Can Be Opened By
Any resident Indians who are 18 or above in age.
Individuals/Sole Proprietorships/Partnerships/Associations/Private and public companies/ Societies/Trusts/HUFs, etc.
Others like Govt. and semi Govt. bodies, local authorities etc.
Bank requires minimum deposit of Rs.10,000 to Rs.50,000 for opening a current account and it varies from Bank to Bank. Generally, nationalised banks require less Minimum Deposit.
Documents Required For Opening A Current Account
- Following documents are required in case of individuals
- Two passport size photographs.
- Proof of residence i.e. Passport/driving license/Ration card/voters identity card.
- Introduction of the person by an existing account holder.
- PAN number / Declaration in form no.60 or 61 as per the Income Tax Act 1961.
- Different set of documents are required as per bank's norms, if the account is opened by partnership firms, private and public limited companies, HUFs / societies, trusts etc.
- Registration with Sales Tax authorities and Central excise authorities are also necessary.
