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Very Strict Current Account Opening Process

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my mother had a current account with uco, on july we created one more individual current account with hdfc very easily, rm came to shop to get all the documents, it opened with in 1 day very easily.
 
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Let me clarify that account can be opened by signing the blank form and the bank executive will give false declarations & also submit fake proofs.....He told me that i need not worry, he will manage everything.....I wanted to open the account ethically and by giving correct information.
 
nh124001 said:
my mother had a current account with uco, on july we created one more individual current account with hdfc very easily, rm came to shop to get all the documents, it opened with in 1 day very easily.
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That is what i mentioned in OP that they insist on physical verification of commercial space...So yours is done properly...Unfortunately, i work from home office..Also not sure whether HDFC ask whether you already have CA or not....It was asked specifically in my case
 
sunit123 said:
That is what i mentioned in OP that they insist on physical verification of commercial space...So yours is done properly...Unfortunately, i work from home office..Also not sure whether HDFC ask whether you already have CA or not....It was asked specifically in my case
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if your business doesn't involve large cash deposits, then you can also go for 2 savings account for online credits like SBi and HDFC both savings accounts will work fine i think
 
imdjay said:
yes. My HDFC RM offered me to open a current account on individual name without any GST or business proof.
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yaa, my friend recently opened the account... although they demand high Initial funding, which he denied and then they agreed to open the a/c on the IF of 20k...
 
Dragon_slayer said:
I think it only works in case the yearly income is below 20L and the person dont deal with Indian companies.
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yaaa may be thats the catch.. but mostly individuals without gst are doing freelancing or owns small businesses which can be managed under the limits...
 
From my opinion HDFC is easy to open.
Recently I opened multiple current account for my friends they all are having CA with other bank and HDFC didn't refused to open
 
sunit123 said:
They specifically asked me whether i have any other CA so i had to tell them that i have SBI CA...All banks told me to close it first.
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pata nahi kyu close ka bola maine abhi idfc mein khola hai account or phele se union main hai dono chal rahe hai abhi nexxt month union close karunga
 
sunit123 said:
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
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Nice to know that I am not alone - I had a similar experience when I opened SBI Current Account.

Bank executive visited and asked 1000 questions - personal as well as intricate business details. The kind of business details you don't usually share with anyone. He asked for almost every possible document, wrote down most of my answers on paper, took proofs, geo-tagged photos, videos, attested printouts etc. It was a long and exhausting process.

It felt like I have applied for big loan instead of a simple current account. I suspect if they want or expect to be bribed? He even asked if GST officer had demanded bribe, I said no.

I just hope the process is not repeated in a few years, when the account is flagged for periodic KYC update.
 
hundredth said:
Nice to know that I am not alone - I had a similar experience when I opened SBI Current Account.

Bank executive visited and asked 1000 questions - personal as well as intricate business details. The kind of business details you don't usually share with anyone. He asked for almost every possible document, wrote down most of my answers on paper, took proofs, geo-tagged photos, videos, attested printouts etc. It was a long and exhausting process.

It felt like I have applied for big loan instead of a simple current account. I suspect if they want or expect to be bribed? He even asked if GST officer had demanded bribe, I said no.

I just hope the process is not repeated in a few years, when the account is flagged for periodic KYC update.
Click to expand...
bro even getting GST registration has also become very bad experince
 
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