Documents to open Current Account in Bank

Current Account for Individuals (business purpose)

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• One Identity proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card. View complete list of documents
• One Address proof from: PAN Card, Passport, Voter Identity Card, Driving License, Adhaar Card. View complete list of documents
• Recent Colour Photograph
• PAN/Form 49 A along with Form 60 if applied for PAN
• Account opening Cheque from existing Savings/Individual Current Account

Sole Proprietorship Firm

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• First & Second entity proof from: Trade license, APMC/ Mandi license or TAN registration certificate. View complete list of documents Please note that both the documents cannot be same.
• Apart from the above list, second entity proof can also be: Latest copy of Electricity Bill or registration of firm with EPFO/ ESIC View complete list of documents
• Address proof in the name of proprietor or proprietorship firm (if communication address is different or other than address mentioned on entity proofs)
• Proprietorship Letter as per the bank’s format
• Identity proof of proprietor View complete list of documents
• Account opening cheque from existing account of proprietorship firm or from savings / individual current account of proprietor (in case of a new firm)
• Residence address proof of the proprietor (if account opening cheque is collected from proprietor's savings / Individual current account)
• PAN Card in the name of the Proprietor or Form 49 A along with Form 60 (if applied for PAN)
• No objection certificate (if proprietorship firm is enjoying credit facility from any other bank (s))

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Documents to open Saving Account in Bank

For opening a new savings account, you have to submit following documents:

1. Recent Passport Size Photographs

2. Any Form of Identity Proof : Following documents are acceptable as valid Identity Proofs

– Aadhar card

– Passport

– PAN card

– Voter’s identity card

– Driving license

– Any form of identity card (College ID card, employee identify card etc)

– Letter from a recognized public authority or public servant to verify the identity

3. Proof of Address : Following documents are acceptable as valid address proofs

– Telephone Bill (BSNL or MTNL bill. Some banks may not accept private operators bills)

– Letter from a recognized public authority or public servant verifying the residence of the customer

– Electricity bill

– Ration card

– Letter from employer

Exact documentation will vary between banks

List of Documents

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What is the Public Provident Fund (PPF) Scheme?

The Public Provident Fund (PPF) Scheme, 1968 is a tax-free savings avenue that was introduced by the Ministry of Finance (MoF) in India in the year 1968. Interest earned on deposits in the PPF account are not taxable. Deposits made towards PPF accounts can be claimed as tax deductions. This makes the PPF Scheme one of the most tax efficient instruments in India. It was launched to encourage savings among Indians in general, especially to encourage them to create a retirement corpus.

Public Provident Fund (PPF) Accounts

People can deposit funds in PPF accounts (Public Provident Fund accounts) for a fixed period of time to earn returns on their savings. The current PPF interest rate the financial year 2015 - 2016 is 8.7% p.a. Since this scheme was launched to encourage savings across income classes, minimum deposit requirements are very low and affordable. They are also tax-free accounts, easily accessible, safe (being backed by the government) and simple to understand, making them a popular investment avenue for a large majority of individuals in India.

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