sunit123
TF Premier
I was using SBI current account from last 8 years and it was opened very easily. I closed because of bad service...Recently, i planned to open a new current account and realized that the process is made very strict despite all documents in place i.e. GST Certificate (6 year old), PT Certificate and Udyam Certificate etc..I applied with 6 banks and Few observations based on my experience
1. Almost every bank stopped opening Individual Current Account...Even baby/infant bank like AU Small Finance bank is reluctant and refused..All banks offer Individual current account for just namesake but in reality they are not opening the same.
2. Bank now need minute details on nature of business/work you will do...They ask for all govt approvals required for business...if they are not convinced even 1% they will reject the application
3. All banks demanded a video of place of work/physical verification, Commercial address and company board...I work from Home office so it was impossible to convince them.
4. They will make a CIBIL enquiry to check your business loan status
5. They are very particular you should not hold more than one CA provided you have valid and strong reason to keep two current accounts.
6. It seems Govt has issued some guidelines to banks for current account which are not available in public domain.
Your experience might be different but it seems once CA is opened we have to stick with the same bank because opening a new Current Account is a BIG HEADACHE..Somehow i managed to open a new current account and will retain it till my death
1. Almost every bank stopped opening Individual Current Account...Even baby/infant bank like AU Small Finance bank is reluctant and refused..All banks offer Individual current account for just namesake but in reality they are not opening the same.
2. Bank now need minute details on nature of business/work you will do...They ask for all govt approvals required for business...if they are not convinced even 1% they will reject the application
3. All banks demanded a video of place of work/physical verification, Commercial address and company board...I work from Home office so it was impossible to convince them.
4. They will make a CIBIL enquiry to check your business loan status
5. They are very particular you should not hold more than one CA provided you have valid and strong reason to keep two current accounts.
6. It seems Govt has issued some guidelines to banks for current account which are not available in public domain.
Your experience might be different but it seems once CA is opened we have to stick with the same bank because opening a new Current Account is a BIG HEADACHE..Somehow i managed to open a new current account and will retain it till my death
