Does a small business need current account?

Yes, small business needs a current account, as the business-related transactions should be routed through a business current account. This current account is particularly suited for small businessmen and proprietors.

How do you open a current account in a business name?

Current account can be opened in a business name by submitting the eligible documents. For more details about the documents required for opening a current account for proprietorship and navigate to “Documents Required” tab on the same page.

Can a sole proprietor open a current account?

Yes. A sole proprietor can open a current account by submitting the documents needed for opening a current account.

Is a current account necessary for small business?

Yes, a current account is necessary for sole proprietors, individuals and small businessmen, who run their own businesses. By having a current account, they can enjoy the benefits which an ordinary savings account does not account for.

What is a proprietorship account?

This is the simplest form of business, where an individual can operate a business as a sole proprietor of the firm with a proprietorship account. He himself owns the business and is also liable for any debts. It can operate in the name of the owner or in the firm’s name.

How do I open a proprietorship bank account?

Proprietorship bank account can be opened by visiting the nearest branch with the valid KYC documents along with other documents. For more details about the documents required for opening a current account for proprietorship and navigate to“Documents Required” tab on the same page.

Is it mandatory to open current account for proprietorship firm?

It is not a mandatory norm to open a current account for proprietorship firm. But, to run a business, a current account is required, where you can deposit cash from the business and pay to the creditors and receive fund from digital mode as well as cheques.

Can we open bank account in the name of proprietorship firm?

Yes, a bank account can be opened in the name of proprietorship firm.

For Next-Level Business Growth.

Opt for bob RERA Current Account and get multiple benefits.

bob RERA Current Account Scheme

Note: The Bank may use the services of agents in sales/marketing etc. of its various products.

Benefits
Eligibility
Fees & Charges
Document Required
Most Important Terms and Conditions (MITC)

bob RERA Current Account Scheme : Benefits

Sweep / FFD – Allowed
Minimum QAB balance for Collection and Project A/c - NIL
Internet Banking / bobWorld – Allowed*
Ledger Folio / SMS & Email Alerts – Allowed*
Internet Payment Gateway (IPG) / Baroda Cash Management Services (BCMS) / Public Financial Management System (PFMS) - As per Bank’s extant guidelines*.

Note : "T&C Apply"

bob RERA Current Account Scheme : Eligibility

Promoters / Real Estate Developers etc. eligible for RERA Registration or registered with respective State / UT authorities.

bob RERA Current Account Scheme : Fees & Charges

No charges for RERA Account opening.

For other service charges. Please click here

bob RERA Current Account Scheme : Document Required

Completely filled Current Account Opening Form (AOF).
Documents as applicable for opening of a Current Account of the respective Customer Type (viz Partnership, Proprietorship, Companies, LLP etc.).
Adherence to KYC & other requirements as per Bank’s extent guidelines
Undertaking from Developer for not having availed credit facility from any other Bank(s)/ Financial Institution(s).
No Objection Certificate from the concerned Bank(s) / Financial Institution(s) in case credit facilities have been availed by Developers.
A Special Agreement between Bank and the Developer.
Undertaking from the Developer that no current account for the Designated Project has been opened with any other Bank.
In addition to the above, further following documents to be collected:
- RERA Registration Certificate (may be provided later date)
- Project Schedule
- Copy of Documents submitted by the promoter to the authority at the time of registration

bob RERA Current Account Scheme : Most Important Terms and Conditions (MITC)

Terms & Conditions Same as Current A/c scheme plus Account holder to comply with State / UT RERA guidelines as applicable.

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Does a small business need current account?

Yes, small business needs a current account, as the business-related transactions should be routed through a business current account. This current account is particularly suited for small businessmen and proprietors.
How do you open a current account in a business name?

Current account can be opened in a business name by submitting the eligible documents.

For more details about the documents required for opening a current account for proprietorship and navigate to “Documents Required” tab on the same page.
Can a sole proprietor open a current account?

Yes. A sole proprietor can open a current account by submitting the documents needed for opening a current account.
Is a current account necessary for small business?

Yes, a current account is necessary for sole proprietors, individuals and small businessmen, who run their own businesses. By having a current account, they can enjoy the benefits which an ordinary savings account does not account for.
What is a proprietorship account?

This is the simplest form of business, where an individual can operate a business as a sole proprietor of the firm with a proprietorship account. He himself owns the business and is also liable for any debts. It can operate in the name of the owner or in the firm’s name.
How do I open a proprietorship bank account?

Proprietorship bank account can be opened by visiting the nearest branch with the valid KYC documents along with other documents.

For more details about the documents required for opening a current account for proprietorship and navigate to“Documents Required” tab on the same page.
Is it mandatory to open current account for proprietorship firm?

It is not a mandatory norm to open a current account for proprietorship firm.

But, to run a business, a current account is required, where you can deposit cash from the business and pay to the creditors and receive fund from digital mode as well as cheques.
Can we open bank account in the name of proprietorship firm?

Yes, a bank account can be opened in the name of proprietorship firm.