बिज़नेस बैंक अकाउंट खोलना

Under the Companies Act, 2013 (Section 128) and RBI regulations, every incorporated company must maintain its books of account in a separate bank account. This ensures a clear audit trail for financial transactions, simplifies tax filing, and establishes the company's legal identity for banking operations. Mixing personal and company funds is a compliance violation.

A current account has no transaction limits, allows unlimited deposits/withdrawals, provides overdraft facilities, and is designed for business use. A savings account has daily/weekly transaction limits, earns interest (typically 3-4%), has lower minimum balances, and is meant for personal savings. For companies, a current account is the legally appropriate choice.

Certificate of Incorporation (COI), Memorandum of Association (MOA), Articles of Association (AOA), PAN and TAN of the company, GST Registration Certificate, PAN and Aadhaar of all directors, passport-size photos, registered office address proof, NOC from property owner, rent agreement, and a board resolution authorizing signatories with specimen signatures.

Private sector banks (HDFC, ICICI, Axis, Kotak) typically open accounts within 3-5 working days of receiving complete documents. Public sector banks (SBI, Bank of Baroda) take 10-15 days. Online account opening at select banks can be as fast as same-day activation after video KYC.

Yes, GST registration is not legally mandatory for opening a current account. However, most banks prefer or require GSTIN as part of their KYC process. If your business turnover is below the GST threshold, provide your Udyam/MSME registration and a business proof document instead.

Minimum balance requirements vary by bank and city. Metro cities: ₹10,000-₹1,00,000. Tier-2 cities: ₹5,000-₹50,000. Some banks like Kotak and Axis offer zero-balance current accounts for digital-first customers, but features may be limited. Public sector banks generally have lower minimums.

Yes. LLPs can open a current account in the LLP's name. Required documents: LLP incorporation certificate, LLP agreement, PAN of the LLP and all designated partners, address proof, and a specimen signature of authorized partners. The process is similar to a company's current account but replaces MOA/AOA with the LLP agreement.

A board resolution is a formal document passed by the company's board of directors authorizing specific individuals (directors or employees) to operate the company's bank account. It specifies: the names of authorized signatories, their designations, transaction limits per signatory (if any), and the mode of operation (jointly, singly, or either/survivor). Banks require the original signed resolution.

Specimen signatures are the actual signatures of authorized signatories on a document submitted to the bank. The bank uses these as a reference to verify that future cheque/fund transfer instructions are genuine. All authorized signatories must sign the specimen signature card provided by the bank.

Yes. There is no limit on the number of current accounts a company can hold across different banks. Many companies maintain 2-3 accounts for operational flexibility. For GST compliance, you must declare all active bank accounts on the GST portal and update any changes within 30 days.

A current account is a deposit account with no interest and no transaction limits. A cash credit (CC) account is a working capital loan facility where the bank provides a credit limit (typically backed by stock, debtors, or collateral) that the company can draw against and repay. CC accounts charge interest on the utilized amount. Companies often start with a current account and upgrade to CC as their working capital needs grow.

Yes, foreign companies operating in India through a subsidiary, liaison office, or project office must open a bank account. Requirements: RBI approval (FEMA compliance), PAN, TAN, address proof, and authorized representative details. The account type depends on the nature of operations: rupee-denominated for domestic operations, foreign currency for foreign currency transactions.

If your account balance falls below the minimum balance requirement, the bank charges a penalty fee. Penalties typically range from ₹100-₹500 per month depending on the shortfall and the bank. Some banks reduce the shortfall period from quarterly to monthly. To avoid penalties, maintain the minimum balance or switch to a zero-balance account if eligible.

Yes. Most banks issue checkbooks (typically 20-50 free leaves) and debit cards (Visa/Mastercard/RuPay) with current accounts. Checkbook requests beyond the free limit incur charges (₹2-₹5 per leaf). Debit cards have annual maintenance fees (₹100-₹500, often waived). Online banking and mobile banking are standard and free at most banks.

Yes, through NRI or NRO accounts if the company has foreign ownership. For Indian-owned companies, directors can operate accounts remotely using internet banking, mobile banking, and cheque-book facilities. For NRI directors, additional KYC (passport, overseas address proof) and FEMA compliance documentation may be required.