Activ Current Account Eligibility Criteria

1. What are the documents required for opening a Current Account of a sole proprietorship firm?

Category A (government issued documents)

License / registration certificate issued, in the name of the entity, by / under:

• Municipal authorities such as Shop & Establishment certificate / Trade License,

• Registering authority in the name of practicing firm like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India,

• Indian Medical Council,

• Food and Drug Control Authorities
  
  

Category B (other documents)

• Latest Professional Tax / GST Returns filed in name of firm, duly acknowledged. Profession Tax/GST Returns cannot not be accepted along with registration certificate under respective acts e.g. Professional Tax/GST Return cannot be accepted with Professional Tax /GST Registration Certificate),

• TAN Allotment Letter, in name of firm / proprietor (subject to firm’s name appearing in address) or TAN registration details (available online),

• Bank account statement, in the name of firm, for last six months with satisfactory operations subject to obtaining IP cheque from the same account provided this account is maintained with a Nationalized / private / foreign bank or Regional Rural / Cooperative Banks (for customers in rural / village areas). This document cannot be accompanied with ITR as Category A document.

• Certificate issued by a Chartered / Cost Accountant (as per Annexure – G) confirming existence of the firm, containing name and address of firm along with name of the proprietor. The name of Chartered / Cost Accountant to be validated from chartered / cost accountants’ directory. In case Certificate has been issued by Chartered Accountant, certificate to contain UDIN number which needs to be verified by the Branch in ICAI website and attach printout of verification carried out.

*Note* This is only indicative list. Please visit your nearest branch for details

2. What are the documents required for opening a Current Account of Limited Liability Partnership?

Following documents are required for opening a Current Account of Limited Liability Partnership:

• Incorporation Document, Limited Liability Partnership Agreement

• Certificate of Incorporation

• List of all existing Designated Partners of LLP along with Designated Partner Identification Number (DPIN) issued by the Central Government

• Resolution passed at the meeting of Designated Partners for the particular relationship, which the LLP plans to have with the bank

• KYC of Designated Partners/Authorised Signatories
  
  

3. What are the documents required for opening Current Account of a company?

Following documents are required for opening Current Account of a company:

Private Limited Companies

• Memorandum of Association (MOA)

• Articles of Association (AOA)

• Certificate of Incorporation

• Latest list of directors duly signed by any Director/Company Secretary /Authorised Signatory

• Board Resolution (BR) duly signed by the directors of the company

• INC-21 and INC-20A will be required as applicable

Limited Companies

• Memorandum of Association (MOA)

• Articles of Association (AOA)

• Certificate of Incorporation

• Certificate of Commencement of Business

• Latest list of directors duly signed by any Director/Company Secretary/Authorised Signatory

• Board Resolution (BR) duly signed by the Directors/Company Secretary of the Company

• INC-21 and INC-20A will be required as applicable
  
  

4. Can an individual open a Current Account?

​​​​​​​Yes. Documentation will be that of an individual, i.e. identity proof and address proof.

List of acceptable documents for proof of Identity

• Passport [not expired]

• MAPIN card [issued by NSDL]

• PAN (Permanent Account Number) card

• Election /Voter’s card - subject to being accompanied by a Self-signed cheque drawn on

• Nationalized/Private Sector/ Foreign Banks.

• Photo ID card issued by any of the following organizations/Institutions

• Central Government or any of its Ministries.

• Statutory / Regulatory authorities

• State Govt. or any of its Ministries

• Public Sector Undertaking (established under GOI or State Govt.)

• State Govt. of J&K1

• Bar council

• Senior Citizen card issued by State/Central Govt.

• Govt. of India to Persons of Indian Origin [PIO card]

• Defence Dept. / Ministry of defence for Defence personnel & their dependents

• Public Financial institutions / Public sector banks

• Permanent Driving license [not expired] - subject to being accompanied by a Self-signed cheque drawn on

• Nationalized/ Private Sector / Foreign Banks

List of acceptable documents for proof of Address

• Passport {Not Expired}.

• Permanent Driving license {Not Expired}

• Election /Voter’s card issued by Election Commission of India

• Proof of possession of Aadhaar / printout of e-Aadhaar (not older than 30 days) / eKYC (Biometric / OTP based)

• Job card issued by NREGA duly signed by an officer of the State Government

• Letter issued by the National Population Register containing details of name & address
  
  

Note: For all non-individual entities, regulatory/industry specific document for running regulatory business and CKYC annexures are also required.