A Current Account is a type of deposit account offering a significantly higher number transactions (In terms of cheque issuance, deposits, withdrawals, and D.D. issuance etc.) and services designed for businesses. Such as Overdraft, i.e. the ability to avail of more funds than the balance maintained with bank which can be repaid at a later date.
A newly incorporated company can open a current account while the incorporation process is undergoing. MCA has enabled bank account opening process with selected banks through a single form in AGILE Pro Form. Once the company gets incorporated, company will get the account details on its registered email.
The Next step will be for the directors to visit the nearest branch in the area of registered office. Director must accompany the following documents for account opening:
- Certificate of Incorporation
- MOA & AOA
- PAN & TAN
- Directors PAN & Aadhaar & Passport Size Photo
- Rent Agreement & NOC for Registered Office
- Board Resolution for account opening
- Print out of Email sent by bank while company incorporation
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Note: This Post was last updated on January 18, 2022
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