How to Open a Current Account: Step-by-Step Guide

It is crucial for business owners in India to know the features and advantages of opening a Current Account. With features like multiple transactions, access to overdraft and easy ways to handle everyday business operations, a Current Account is of great help to professionals, entrepreneurs and business owners.

To open a Current Account, choose a trusted bank like ICICI Bank, which can fulfil your business’s financial needs and offers easy access, reasonable maintenance expenses and efficient customer service. Read on if you want to know how to open a Current Account with ICICI Bank. It takes just a few minutes to apply for a Current Account and you can do it from anywhere and at any time.

How to open a Current Account Online?

Applying for your Current Account online with ICICI Bank is quick and easy. Keep your Aadhaar Card and PAN Card handy while starting the application process. Here are the steps:

1. Visit the official website www.icicibank.com and click on the ‘Business’ tab from the top navigation menu. Select the ‘Accounts’ tab and choose ‘Current Account’.

2. Select the Current Account variant that best matches your business requirements from the list of options and click on ‘Apply Now’.

3. Enter your personal and business details in the application form, upload the required business proof documents and complete the form.

4. Select your preferred Account Number during the application process.

5. Review all the information provided and submit the application.

6. An ICICI Bank representative will get in touch with you to complete any remaining formalities.

7. Upon successful verification, your Account will be activated and your Current Account details will be shared with you.

How to open a Current Account Offline?

It is easy to open a Current Account using the traditional offline process, i.e. by visiting a Branch. Here are the steps to open a Current Account offline:

1. Visit any ICICI Bank Branch.

2. Consult our team in the Branch about the various types of Current Accounts that are offered and select the Current Account variant that best meets your company's needs.

3. Get the Current Account application form and fill in the necessary information such as your name, business type, contact details and business details.

4. Make sure you have carried necessary documents like PAN Card, Aadhaar Card, proof of address, proof of company registration and other required documents based on the type of business entity and submit their copies as required.

5. After reviewing your application, the Bank will check your documentation. After successful verification, your Account will be activated and you will receive your account details.In order to become a Current Account holder, the following documents must be submitted to the bank of your choice.

Documents Required to Open a Current Account

In order to become a Current Account holder, the following documents must be submitted to the bank of your choice.

• Proof of identity of the individual opening the account, such as a PAN Card, Voter ID, Passport and / or Driving Licence
• Proof of Address for future communication. An individual may show a telephone or electricity bill in order to establish the same
• A cheque from an existing Savings Account
• A colour photograph of the applicant/s
• Certificate of Incorporation and Memorandum of Association are required in the case of companies and trusts
• Companies should provide an address at which they can be reached
• Partnership agreement is required in the case of partnership firms
• Identity and residence proof pertaining to all partners.

Upon submitting these documents, a bank representative completes all other account opening formalities such that the Current Account can be created, once the criteria is met.

GST and Current Accounts 

Goods and services tax (GST) cannot be levied on a Current Account. Moreover, it is not a mandatory requirement to open a Current Account. Only accounts registered under the GST scheme require a functioning Current Account.

Conclusion 

Banks today allow individuals to apply for a Current Account online, thereby making Current Accounts more accessible to a wider range of people. Offering an array of benefits, they allow account holders to carry out a higher number of transactions with a high limit on the value of each transaction. Individuals, companies and partnerships can all take advantage of a Current Account. Current Account holders can use these higher limits and other features to optimise their business’s banking transactions. Should they need to, account holders can also take advantage of the overdraft facility that is available to them. Documents needed to create Current Accounts include proof of identity, address and photographs of the individuals who want to open the account.

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