How to Open a current bank account on Company Name

How to Open a current bank account on Company Name
How to Open a current bank account on Company Name

Many Startups Companies and Entrepreneurs register their business in India but ultimate aim is opening a current bank account on Company Name but we are always confuse to Choose a Right Bank for Opening a current bank account in India and also for the Documentation part.

So Today we discuss about the “How to Open a current Bank Account on Company Name”.

There is nothing called least documentation when it comes to opening a bank account as there are certain mandatory requirements which has to be fulfilled by every company, nothing less and nothing more.
You need the following things :
1. Company Incorporation Certificate.
2. MoA and AoA.
3. PAN Card of Company.
4. Board resolution stating the obvious that the company wants to open a bank account along with stating who would be operating the account along with what facilities are being asked for I.e. net banking or mobile banking or cards for the person operating the account.
5. Address proof as prescribed by bank norms. Please note that VAT registration is not considered as proof by banks despite it being a govt document.
6. KYC of the person authorized to operate the account as per the board resolution.
7. Cheque of certain amount depending upon type of account from one of the director’s accounts.
Once you have these, you have to sign n fill the account opening form and submit to bank. Bank would verify your documents and then your address for company office etc.

Cheque Books and Debit Cards , Net banking user id & passwords are delivered by post at office address.

Most of the banks have some MIB Limit but in the first year of Operations there is no MIB Limit. you have to always choose a bank which provide you best Services.

How to Find Right Bank for Open a Current Bank Account in India ?

You have to always Choose a bank which is provide the best service for the business purpose. even not just in withdraw or deposit. these days most of the business use the NEFT, Debit Cards so always they have to maintain the security. even in the Company case you can hold a certain limit for each director.

Here are some Bank’s Policy for Opening a current Bank Account in India :-

  1. ICICI Bank Policy
  2. Axis Bank Policy
  3. HDFC Bank Policy
  4. Bank of Baroda
  5. Indian Bank Policy
  6. SBI Bank Policy
  7. IDBI Bank Policy
  8. Canara Bank Policy
  9. Kotak Mahindra Bank Policy
  10. Yes Bank Policy
  11. Union Bank Policy
  12. HSBC Bank Policy

Hope this post helps you to opening a current bank account on your Company Name.