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

It is crucial for business owners in India to know the features and benefits of a Current Account. Due to features like higher limits on number and value of 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 through easy access, reasonable maintenance expenses and efficient customer service. The process of opening a Current Account with ICICI Bank is simple, takes just a few minutes and you can do it from any place and at any time.

How to open a Current Account online with ICICI Bank?

ICICI Bank offers an online process to apply for a Current Account and the Bank’s representatives provide assistance in completing the account opening process. Here is how you can apply for a Current Account online with ICICI Bank.

• Visit the ICICI Bank website, i.e. www.icici.bank.in

• Go to: Business > Accounts > Current Account

• Click on ‘Apply’ and fill out the online application form

• Enter your details and agree to the disclaimer.

An ICICI Bank representative will contact you and assist you in completing your application for the Current Account. Be prepared by keeping your documents handy, such as identity proof, address proof and business proofs. The online application form serves as an easy way to initiate the account opening process – the process is completed offline.

How to open a Current Account offline with ICICI Bank?

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

• Visit any ICICI Bank Branch

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

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

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

• After reviewing your application, the Bank will check your documentation. After successful verification, your Current Account will be opened & activated and you will receive your Account details.

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 Current Account, such as a PAN Card, Voter ID, valid 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

• Colour photograph(s) 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 proof and residence proof of all partners.

Click here to get the complete list.

Upon submitting these documents, a representative from the bank will complete all other account opening formalities.

Conclusion

Banks today allow individuals to apply for a Current Account online, thereby making Current Accounts more accessible. 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 take advantage of a Current Account. Current Account holders can use these higher limits and other features to optimise their venture’s banking transactions. Should they need to, account holders can also use the overdraft facility that is available to them. Documents needed to open a Current Account include proofs of identity & address and photographs of the individuals who want to open the account.

T&Cs

For the disclaimer, click here.