KYC documents required for different types of current accounts

A current account is the backbone of any business, providing a smooth and seamless transactional experience. It helps companies to manage bulk payments, foreign transactions and enjoy overdraft facilities and faster payment clearance. For the same, financial institutions require KYC documents to verify the identity and authenticity of the account holder.

KYC stands for “Know Your Customer,” an identification process mandated by most financial institutions. These documents help businesses establish their identity, credibility, and transparent financial dealings with banks or institutions. The KYC documents for opening a current account differ from one business type to another because each business has unique legal entities and ownership structures.

Given its criticality, here is detailed information on the KYC documents needed for different types of current accounts in India. This will help you gather all the necessary documents beforehand and avoid delays.

KYC Checklist: Downloadable Form + How to Create Yours - SEON

Individuals (business purpose)

  • Identity proof (Driving License, Passport, Voter ID, PAN card, Aadhaar card)
  • Address proof (Driving License, Aadhaar card, Passport, Voter ID)
  • Latest photograph

Sole proprietorship firm

  • 2 documents in the name of the entity, along with address proof (issued by a government authority/ department)
  • Proprietor document – (PAN card, photo, 1 OVD document (officially valid documents))
  • Nature of Industry proof
  • Identity and address proof of the power of attorney holder (if applicable)

Hindu Undivided Family (HUF)

  • HUF PAN card
  • Karta’s PAN card (authorized signatories of the account)
  • HUF Declaration
  • Karta’s OVD document

Partnership firms

  • PAN in the name of the firm
  • Partnership firm declaration
  • Partnership deeds
  • Entity PAN card copy
  • Address proof of the entity
  • OVD copy of the partners, beneficial owners, and authorized signatories (along with PAN card and latest photographs)
  • Registration certificate or at least one government-issued certificate containing firm details.

Limited Liability Partnership (LLP)

  • LLP firm declaration
  • Certificate of Incorporation
  • LLP agreement
  • PAN copy of the entity
  • Designated partners list
  • Entity address proof
  • OVD copy of the partners, authorized signatories, designated partners, and beneficial owners (along with PAN card and latest photographs)

Private/Public Limited Company

  • Certificate of Incorporation
  • Board Resolution
  • Latest directors’ list
  • Updated Memorandum and Articles of Association
  • PAN card
  • Entity address proof
  • OVD copy of the directors, beneficial owners, and authorized signatories (Along with PAN card and latest photographs)
  • Shareholding pattern on company letterhead

Once these documents are duly submitted, any private or public limited company can avail of current account benefits and manage their finances more efficiently.

List of official valid documents (OVD)

Most banks have set specific current account requirements, including the following list of acceptable OVD documents:

  • Passport
  • Job card issued by NREGA
  • Voter ID card
  • Aadhar card
  • Driving Licence
  • Letter issued by National Population Register with your name and address

To wrap up

KYC documents are important to facilitate a hassle-free current bank account opening process with any bank. The required documents help confirm that the account is opened under the correct category and complies with regulatory norms.

Banks may even request additional documents depending on their internal policies and guidelines. So, contacting your bank for clarity is always best, or checking their website for more information. By keeping all the essential documents ready beforehand, you can open a current account without experiencing delays and complications.

Elizabeth R. Cournoyer

Web enthusiast. Internet fanatic. Music geek. Gamer. Reader. Hipster-friendly coffee practitioner. Spent 2001-2007 merchandising human hair in Fort Lauderdale, FL. Spent 2001-2007 short selling tinker toys in Fort Walton Beach, FL. Spent 2001-2007 importing acne in Phoenix, AZ. Spent several months importing methane in Mexico. Spent the better part of the 90's creating marketing channels for wooden horses in Bethesda, MD. Lead a team implementing toy monkeys in Deltona, FL.

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