The documentation necessary to open a current account varies based on the legal structure of the business entity—whether it is a sole proprietorship, partnership firm, company, trust, society, or government body. Each applicant must provide specific documents relevant to their entity type. Additionally, banks are required to perform a comprehensive Know Your Customer (KYC) verification for the entity and its key stakeholders, such as the proprietor, partners, or directors.
The following categories of entities are eligible to open current accounts:
- Individuals / Sole Proprietorships
- Hindu Undivided Families (H.U.F.)
- Partnership Firms / Limited Liability Partnerships (LLP)
- Private and Public Limited Companies
- Trusts
- Clubs, Societies (including Co-operatives), Associations, and Educational Institutions
- Government and Semi-Government Departments
- Hospitals, Nursing Homes, and Pathological Laboratories
- Administrators and Executors
- Liquidators
Note: Establishments such as hospitals, nursing homes, and laboratories are required to submit a valid government-issued license or registration certificate in addition to the standard documentation.
1. Individuals and Proprietary Concerns
Required documents include:
- Identity and address proof of the proprietor with contact details.
- Any two of the following documents in the name of the proprietary concern:
- Importer Exporter Code (IEC) issued by DGFT (if applicable)
- Licence or certificate of practice issued by a statutory professional body
- Business Registration Certificate, Shops & Establishments Certificate, Factory Registration Certificate, Sales Tax or Service Tax Registration
- Sales and income tax returns
2. Hindu Undivided Family (H.U.F.) Accounts
- Photograph and KYC-compliant identity and address proof of the Karta
- PAN of the H.U.F. or Form 60
- Declaration signed by the Karta and major coparceners authorizing the Karta to operate the account
- Rubber stamp in rectangular format indicating the HUF’s name and the Karta’s designation
- Optional HUF deed stating the names of all coparceners, the Karta, and sources of capital
- For businesses operated by the HUF, a trade license in the firm’s name, explicitly naming the HUF as proprietor, is recommended
Note: A HUF cannot be a partner in a partnership firm, as it is not recognized as a legal ‘person’ under Indian partnership law.
3. Partnership Firms / LLPs
- Partnership deed copy
- Proof of the firm’s registered and correspondence addresses
- Contact details of all partners
- Business Registration Certificate or equivalent legal registrations
- Authority letter or Power of Attorney, if employees are authorized to transact, along with their KYC documents
4. Companies (Private or Public Limited)
- Certificate of Incorporation and Memorandum & Articles of Association
- Registered and correspondence address proofs
- PAN card of the company
- Latest Annual Return with ROC acknowledgment
- List of Directors along with supporting Form 32s
- Board Resolution authorizing account opening and signatories
- Identity and address proof of authorized signatories, MD, and Chairman
- KYC of any corporate shareholder holding 10% or more equity
5. Trusts and Foundations
- Copy of Trust Deed and Registration Certificate
- If unregistered, PAN or IT return acknowledgment
- Resolution authorizing account operation
- Details and KYC of all trustees, settlers, beneficiaries, and signatories
- Power of Attorney, if applicable
- Registered and correspondence address with contact details
6. Societies, Associations, Clubs, and Educational Institutions
- Certified copy of Rules, Regulations, Bye-laws, and Registration Certificate
- Certified copy of resolution authorizing account opening and operator(s)
- KYC documents of authorized representatives
- Balance sheet for cooperative societies, if available
7. Hospitals, Nursing Homes, and Laboratories
- Standard documentation as required for entities
- Copy of the applicable government-issued license or certificate of registration
8. Government and Semi-Government Departments
- Letter of authority from the Head of the Department permitting the opening of the account
- Government Order or Notification authorizing the official
- Certified copy of departmental regulations governing the operation of bank accounts
9. Accounts for Executors and Administrators
- Probate or Letters of Administration from a competent court
- Signed Account Opening Form by all Executors/Administrators
- Photographs and KYC of Executors/Administrators
- Will or Letter of Administration must be reviewed by bank officials
- The account title must include the designation “Executor” or “Administrator”
- Cheques in favor of Executors/Administrators must not be credited to personal accounts
- Powers cannot be delegated further
10. Accounts for Liquidators
- Court order or certified shareholder resolution evidencing the appointment
- The account is titled in the name of the corporate debtor, followed by “in liquidation”
- Used to deposit funds due to the corporate debtor
- Liquidators must comply with relevant regulations concerning transactions and maintenance of liquidation funds
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