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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Opening your first Current Account can seem daunting due to various reasons. There are many factors that a first-time account holder must consider before opening a Current Account. Understanding your banking needs, selecting the right type of variant, considering the added benefits and services attached, etc. are all essential steps that one must take before opening a Current Account.
In such a case, having a comprehensive and instruction-based guide to opening your first Current Account shall make the process simpler and faster.
Check Your Eligibility Criteria
Since there is a broad range of Current Account types available for every type of business owner. the eligibility criteria for every account is different. The features of some types of Current Accounts are built keeping in mind certain types of entities. There are some Current Accounts that can be availed only by entities in their nascent stage, while some are for midsize corporates & some for large firms. Therefore, it is advisable to first check your eligibility before applying for a Current Account.
Gather Your Application Material
Once you have zeroed in on the Current Account that would best suit your business needs, the next step would be to gather your documentation. The documents required to open a Current Account would depend on the nature and type of your business. The documents required increases with the complexity of the organizational structure (sole proprietorship, HUF, partnership firm, LLP or company). Irrespective of the constitution of business, there is a list of documents that must be submitted along with the application form.
Additional Read: What are the Features and Benefits of a Current Account?
Complete the Application Process
After you are done accumulating the requisite documents, the application process shall begin. For completing the application process, you can contact the branch representatives to help you out or personally visit a nearby branch. The bank shall review your information with the aim to verify your credentials. It is essential to note here that the details submitted must all be true and verifiable. On approval, the customer will be notified about the same and will receive documents that will bear your new account number along with other account information.
Make Your Initial Deposit
After your application procedure is complete, your new Current Account shall be effectively activated after you make your initial deposit. The initial deposit can be made either via cheque or online transfer of funds or by depositing cash. You can now start operating your Current Account.
Receive Your Insta Kit
Once your Current Account has been activated, you will receive your basic account tools like a cheque book, debit card, ATM card, online banking details including the account holder’s user ID, PIN, etc.
Thus, these simple key points shall help you navigate your way through the current account opening process.
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