An Ultimate Guide To Open a Current Account


 

Do you have a business? Or you are planning to start a new one? If you are one of the two categories keep reading, because today we are going to discuss about current account.

A current account is very popular among business people as it is not only provides the opportunity to keep your money safe bu also works as the ledger of your business.

What is a current account?
A current is a type of business account in which there is no limit of transactions during a working day. It is non-interest bearing account though some of the banks provides a little interest. Generally higher amount of money than savings account is required to open a current account.

Eligibility for opening a Current Account
Generally  a Current Account is opened by a business person, but there other organizations those can apply for opening a current account.
  • Sole Proprietor
  • A private of public limited company
  • Partnership firm
  • A trust
  • Co-operatives
Advantages of Current Account
As a business entity current account will help you to carry out your daily business transactions in seamless, quick and transparent ways.
  • Identity of the business
  • Limitless deposits and withdrawals are allowed in a current account
  • A proof of credit worthiness
  • Can receive remittance
  •  Can draw cheques in th account
  • Easy banking transaction
Requirement to Open a Current Account
Sole Proprietorship 
  • Copy of Trade License
  • Two recent passport size photographs of the Proprietor/Signatory duly attested by the Introducer
  • Copy of NID/ Passport of the Proprietor/Signatory, if available or Commissioner’s /Chairman’s Certificate or Letter of Introduction by a person acceptable to the Bank
  • TIN Certificate
Partnership Firm
  • Copy of the partnership Deed of the Firm
  • List of Partners with their address and phone number
  • Copy of Trade License
  • Extract of Resolution of the Partners of the Firm for opening the account and authorization for its operation duly certified by the Managing Partner of the Firm
  • For Registered Partnership, Certificate of Registration of the Firm along with duly certified copy of the Partnership Deed
  • Two recent passport size photographs of each Partner/Signatory duly attested by the Introducer
  • Copy of the Passport of each Partner/Signatory, if available or Commissioner’s/Chairman’s Certificate or Letter of Introduction by a person acceptable to the Bank
  • TIN Certificate
Private/ Public Limited Company 
  • Certified true copy of the Memorandum and Article of Association of the Company
  • Certified true copy of Certificate of Incorporation of the Company
  • Certified true copy of Certificate of Commencement of Business of the Company, in case of Public Limited Company
  • Latest list of Directors with address and phone number along with Form XII
  • Extracts of the duly adopted Resolution of the Board of Directors of the Company for opening the Account and authorization for its operation duly certified by the Chairman/Managing Director of the Company
  • Copy of Trade License
  • Two recent passport size photographs of each Signatory duly attested by the Introducer
  • Copy of the passport of each Signatory, if available or Commissioner’s/Chairman’s Certificate of Letter of Introduction by a person acceptable to the bank
  • TIN Certificate
Association/ Club/Trust/ Society/Charity Organization/ Educational Institution/ Mosque/ Madrasha
  • Certified true copy of Constitution and By-Laws/Memorandum and Article of Association/Trust Dead
  • Certified true copy of the Certificate or Registration/Permission from the concerned Government Department(s)
  • List of Members of the Governing Body/Executive Committee with their address and phone number
  • Extracts of the duly adopted Resolution of the Board/Executive Committee/Governing Body for opening the Account and
    authorization for its operation duly certified by the Chairman/Secretary/President
  • Two recent passport size photographs of each Signatory duly attested by the Introducer
  • Copy of the Passport of each Signatory, if available or Commissioner’s/Chairman’s Certificate or Letter of Introduction by
    a person acceptable to the Bank
Best Banks to Open A Current Account 
  1. HSBC
  2. Standard Chartered Bank Ltd. 
  3. United Commercial Bank Ltd.
  4. BRAC Bank Ltd.
  5. Dutch Bangla Bank Ltd.
  6. Mercantile Bank Ltd.
  7. Eastern Bank Ltd.
  8. Islami Bank Bangladesh Ltd.
  9. Prime Bank Ltd.
  10. Bank Asia
A current account is not only tool for saving money but also tool for managing your money properly. Opening a current account will help you to step your business forward and getting loans in future to upgrade your business.

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