HOW TO OPEN A CURRENT BANK ACCOUNT ON COMPANY NAME

CURRENT BANK ACCOUNT ON COMPANY NAME

Companies, especially start-ups often need many different type of bank accounts. One of them is a current bank account. Nowadays, banks are offering multiple types of current account facilities. It may be premium current account, or max current account etc. depending upon your choice of bank, and the services that they provide.So today, let us understand, what are the steps to be followed for the same.

Documents required

1. Company Incorporation Certificate.

2.Memorandum of Association (MOA) and Articles of Association (AOA). They happen to be the basic or the back bone documents of a company.

3. PAN Card of Company.
4. Board Resolution by the company which would state that they want to open a current account in a particular bank, and also mention which facilities like net banking, mobile banking etc. they want to avail, along with authorizing persons who could operate that account. Similarly, it will state that if they require cards to be issued to the authorized person or not.
5. Address proof as prescribed by bank norms.
6. Know Your Customer (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.

All these documents need to be self-attested. However, these are general requirements which are commonly asked by banks. Banks, may have their own individual requirements of documents. For e.g. ICICI Bank website shows, requirement of other documents also like shareholding pattern of the list of beneficial owners holding more than 25% shares etc. Therefore, one needs to check the particular bank’s requirements as well, or talk to a bank official for the same.

• Form to be filled

After these details are provided the company will fill anaccount opening form and submit all these documents with the form to the bank. One can find online the account opening form various banks or directly take it from the bank. Bank will do its own verification, after which details of your bank account will be sent to the registered address of the company.

Bank may also ask for an “entity-proof” which is primarily means anything that shows the existence of your business. Company can show various licenses or registrations certificate as well.

• Lastly, according to the bank’s rules you need to make some initial deposit which can be from 5000/- to somewhere between 20,000/-.

Author: This blog is written by  Ms. Aastha Mehta, a passionate blogger & intern at  Aapka Consultant.

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