Norms for Opening Current Accounts in banks

Here are the norms for opening current accounts in banks in India, in detail:

  • The applicant must be a resident of India.
  • The applicant must have a minimum age of 18 years.
  • The applicant must have a valid PAN card.
  • The applicant must have a minimum monthly income of Rs. 10,000.
  • The applicant must submit a passport-size photograph.
  • The applicant must submit a copy of the PAN card.
  • The applicant must submit a copy of the address proof.
  • The applicant must submit a copy of the income proof.

In addition to these norms, banks may also have their own specific requirements for opening current accounts. For example, some banks may require a minimum balance of Rs. 25,000 or more, while others may not have any minimum balance requirement.

The Reserve Bank of India (RBI) has also issued some guidelines for opening current accounts. These guidelines include the following:

  • Borrowers whose exposure to the banking system is less than Rs. 5 crore are not subject to any restrictions on opening current accounts.
  • Borrowers who have a credit facility of Rs. 5 crore or more must give an undertaking to the bank stating that they will inform the bank if their credit facility increases to Rs. 10 crore or more.
  • Banks are not allowed to open current accounts for borrowers who have defaulted on their loans.

The RBI guidelines are designed to ensure that current accounts are used for legitimate business purposes and not for money laundering or other illegal activities.

Here are some additional notes about opening current accounts:

  • The process for opening a current account varies from bank to bank.
  • Some banks may allow you to open a current account online, while others may require you to visit a branch in person.
  • The documents you need to submit to open a current account will also vary from bank to bank.
  • The fees and charges associated with current accounts also vary from bank to bank.

It is important to do your research and compare different banks before opening a current account. This will help you find a bank that offers the features and services that you need at a price that you can afford.