ESAF Current Account – Features, Benefits & Application Guide

Saurabh had always managed his small business transactions through his personal savings account. He never thought much about a current account, he assumed it was only for big companies. One day, while discussing banking options with a friend, he learned about the ESAF Current Account. 

His friend explained how it could help him manage his business finances more efficiently, offering higher transaction limits, better liquidity, and tailored banking services. Intrigued, Amit decided to explore ESAF’s offerings. Soon, he realised how much easier handling payments, deposits, and withdrawals was. What he once saw as unnecessary now became an essential part of his business growth.

After opening his ESAF Current Account, Amit started recording his daily transactions. He created a table to track how he used the account efficiently.

With his ESAF Current Account, Saurabh now has the flexibility to manage large transactions without restrictions. His business operations became smoother, and he no longer had to worry about exceeding transaction limits.

Types of ESAF Current Account

ESAF Small Finance Bank offers four types of current accounts designed to meet the diverse needs of businesses and individuals. Each account comes with unique features that provide flexibility, convenience, and seamless transaction management.

Types of ESAF Current Account and their Key Features

ESAF Current Account Fees & Charges

Read More – ESAF Net Banking: Unlock the Benefits of Modern Banking

1. Basic Current Account

To learn more about the Basic ESAF Current Account service charges, click here.

2. Classic Current Account

To learn more about the Classic ESAF Current Account service charges click here.

3. Premium Current Account

To learn more about the Premium ESAF Current Account service charges, click here.

4. Diamond Current Account

To learn more about the Diamond ESAF Current Account service charges, click here.

ESAF Current Account Eligibility Criteria 

Also Read - How to Open a Bank Account

A current account with ESAF Bank can be opened by the following entities, provided they are engaged in any business activity:

1. Individuals: A person running a business in their name.
   • Example: A freelance consultant managing client payments.
     
     
2. Sole Proprietorship Firms: Businesses owned and operated by a single individual.
   • Example: A small grocery store owner manages daily sales and expenses.
     
     
3. Partnership Firms: Businesses operated by two or more partners under a formal agreement.
   • Example: A law firm where two advocates run their practice together.
     
     
4. Limited Liability Partnerships (LLPs): A legal entity where partners have limited liability.
   • Example: A digital marketing agency registered as an LLP.
     
     
5. Private Limited Companies: Companies with shareholders that are privately held.
   • Example: A startup tech company developing mobile apps.
     
     
6. Public Limited Companies: Larger companies that can issue shares to the public.
   • Example: A manufacturing company listed on the stock exchange.
     
     
7. Trusts: Organisations set up for charitable or social causes, which may require banking facilities.
   • Example: An NGO handling donations and operational expenses.

Each of these entities must be actively engaged in a business or economic activity to qualify for an ESAF Bank current account.

ESAF Current Account Required Documents

To open a current account with ESAF Small Finance Bank, applicants must provide proof of identity, address, and other essential documents based on their account type. Below is a detailed breakdown of the required documents:

1. Identity and Address Proof

Officially Valid Documents (OVDs): The following documents are accepted as proof of identity and address (if they contain address details):

• Passport
• Driving License
• Voter’s Identity Card
• PAN Card
• Aadhaar Card (issued by UIDAI)
• NREGA Job Card (duly signed by a state government official)

If the OVD does not contain address details, A separate OVD with address details must be submitted.

Other Acceptable Proof of Address:

• Utility bills (electricity, water, gas, telephone, etc.)
• Property tax receipts
• Bank account statement or passbook

2. Additional Required Documents

• PAN Card: A copy of your PAN card is mandatory.
• Form 16 (if PAN is unavailable): If you do not have a PAN card, you may submit Form 16 as an alternative.
• Recent Passport-Size Photographs: The bank requires recent passport-sized photographs of the applicant.

3. Documents for Business Entities

Depending on the type of business, additional documents are required:

For Sole Proprietorship Firms:

• Registration certificate (if applicable)
• GST registration certificate or business license
• Any two of the following: utility bills, bank statements, or shop establishment certificate

For Partnership Firms:

• Partnership deed
• Registration certificate (if registered)
• PAN card of the partnership firm
• KYC documents of all partners

For Limited Liability Partnerships (LLPs):

• Certificate of Incorporation
• LLP agreement
• PAN card of the LLP
• KYC documents of all partners

For Private and Public Limited Companies:

• Certificate of Incorporation issued by the Registrar of Companies
• Memorandum & Articles of Association
• Board resolution authorizing account opening
• PAN card of the company
• KYC documents of directors and authorized signatories

For Trusts and NGOs:

• Trust deed
• Registration certificate (if applicable)
• PAN card of the trust/NGO
• KYC documents of trustees and authorized signatories

4. Other Mandatory Declarations

• Declaration of Acceptance: Applicants must sign a declaration confirming that they have read and accepted the bank's Current Account Rules.
• KYC Details: All account holders, proprietors, partners, directors, office-bearers, trustees, and authorized signatories must provide KYC details.
• Credit Facility Declaration: If the applicant has credit facilities with other banks, they must declare that they will inform ESAF Bank when their total credit facilities reach ₹5,00,00,000 or more.

How to Open an ESAF Current Account Online?

Step 1: Visit the official website of ESAF Bank. Scroll down and you will see a Current Account section. Click on that.

Step 2: After clicking on that, you will see a page where you will see different types of current accounts provided by ESAF Bank. There will be a button “Read more.” Click on the current type of your interest. 

Step 3: After clicking on that, scroll down, and you will see an “Apply Online” button. After clicking on that, you will see an application form where you have to fill in some of your details like Name, Email, Phone, Address, etc.

Step 4: After filling in all the information, click on the tiny box and then click on the “Submit” button.

Step 5: After clicking on the button, your application will reach the bank, and the bank will get in touch with you shortly.

How to Apply for the ESAF Bank Current Account Offline?

1. Visit the Nearest ESAF Bank Branch

Go to your nearest ESAF Small Finance Bank branch. You can check the bank's website or call customer service to find the closest location.

2. Request an Application Form

Ask a bank representative for the Current Account Opening Form at the customer service desk.

3. Fill Out the Application Form

Complete the form with accurate details, including:

• Personal or business details
• Contact information
• Type of current account required
• Nominee details (if applicable)

4. Submit the Required Documents

Provide the necessary documents based on your account type:

• For Individuals & Sole Proprietors:
  
  • Identity Proof (Aadhaar Card, Passport, Voter ID, etc.)
  • Address Proof (Utility bills, Aadhaar, Driving License, etc.)
  • PAN Card (or Form 16 if PAN is unavailable)
  • Recent passport-size photographs
    
    
• For Businesses (Partnerships, LLPs, Companies, Trusts, etc.):
  
  • Registration certificate (if applicable)
  • Partnership Deed or Memorandum & Articles of Association
  • PAN Card of the business entity
  • KYC documents of all partners/directors/signatories

5. Verification & Initial Deposit

• The bank will verify your documents and details.
• Some current accounts may require an initial deposit, which varies by account type.

6. Account Activation & Welcome Kit

• Once approved, you will receive your Current Account Number and Welcome Kit, including a checkbook and debit card (if applicable).
• You will also get internet banking details for online transactions.

Opening an ESAF Bank Current Account offline is a simple process if you have the necessary documents and meet the requirements. Make sure to verify all terms and conditions with the bank to choose the right account type for your needs. For a hassle-free experience, double-check your documents before submission.

Comparison: ESAF Current Account vs Competitor Banks' Current Accounts

Conclusion

ESAF Small Finance Bank offers a range of current accounts designed to meet the needs of individuals, businesses, and organisations. With transparent processes, easy documentation, and dedicated banking services, it provides a seamless experience for account holders. Whether you are a sole proprietor, a partnership firm, or a corporate entity, an ESAF current account can help manage your transactions efficiently. Before applying, ensure you meet the eligibility criteria and understand the account features, fees, and benefits to make the best financial decision.

FAQ’s

Can I transfer my Current Account from one branch to another?

Yes, Current Accounts can be transferred from one branch to another. However, there are certain restrictions. Please visit your nearest branch for details.

What extra documents are required for an NRI to open a Sole Proprietorship Current Account?
NRIs/PIOs must provide a declaration stating that funds are from NRE/FCNR/NRO accounts, the business isn’t in restricted sectors, and the investment isn’t eligible for repatriation.

Who can be a partner in a partnership firm?

Partners must be major (above the age of 18), should be sane, and should not be disqualified by law from entering into a contract.

Can an individual open a Current Account?

Yes. Documentation will be that of an individual, i.e., identity proof and address proof.

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