BUSINESS BANKACCOUNT GUIDE

Company Registration Documents:

• • Certificate of Incorporation
• • Memorandum of Association (MOA)
• • Articles of Association (AOA)
• • Form INC-22 (Registered Office)
• • Form DIR-12 (Director Details)
• • Board Resolution for account opening

Compliance & Tax Documents:

• • PAN Card of Company
• • GST Registration Certificate
• • TAN Certificate (if applicable)
• • Import Export Code (if applicable)
• • Professional Tax Registration
• • Shop & Establishment License

Identity Proof (Any One):

• • Aadhaar Card
• • PAN Card
• • Passport
• • Voter ID Card
• • Driving License

Address Proof (Any One):

• • Aadhaar Card
• • Utility Bills (within 3 months)
• • Bank Statement
• • Rent Agreement
• • Property Tax Receipt

Firm Documents:

• • Partnership Deed (registered/unregistered)
• • Certificate of Registration (if registered)
• • PAN Card of Partnership Firm
• • GST Registration Certificate
• • Partnership Resolution
• • List of Partners with signatures

Partner KYC (All Partners):

• • Individual PAN Cards
• • Aadhaar Cards
• • Address Proof documents
• • Passport size photographs
• • Signature verification
• • Partner consent letters

Business Proof:

• • Shop & Establishment License
• • Trade License
• • GST Registration Certificate
• • MSME Registration
• • Professional License (if applicable)
• • Business address proof

Personal KYC:

• • PAN Card (individual)
• • Aadhaar Card
• • Address Proof
• • Passport size photographs
• • Signature verification
• • Income proof (if required)

LLP Documents:

• • Certificate of Incorporation
• • LLP Agreement
• • Form-2 (LLP Agreement filing)
• • PAN Card of LLP
• • GST Registration
• • Partner consent resolution

Designated Partner KYC:

• • DIN (Director Identification Number)
• • Individual PAN & Aadhaar
• • Address proof documents
• • Photographs & signatures
• • Consent to act as partner
• • Professional qualifications

Additional Documentation:

• • Source of funds declaration
• • Business activity proof
• • Financial statements
• • Income tax returns
• • Auditor certificates
• • Reference letters

Verification Process:

• • Physical verification of address
• • Business premise inspection
• • Reference checks
• • Database verification
• • Regulatory clearances
• • Ongoing monitoring

Document Collection:

• ☐ Gather all required documents
• ☐ Verify document validity
• ☐ Obtain certified copies
• ☐ Prepare passport photographs
• ☐ Organize signature specimens
• ☐ Check document completeness

Bank Selection:

• ☐ Compare banking services
• ☐ Evaluate fee structures
• ☐ Check branch accessibility
• ☐ Review digital banking features
• ☐ Assess customer support
• ☐ Consider relationship benefits

Form Completion:

• ☐ Fill account opening form
• ☐ Complete KYC forms
• ☐ Provide business details
• ☐ Specify account features
• ☐ Choose service options
• ☐ Review form accuracy

Document Submission:

• ☐ Submit original documents
• ☐ Provide certified copies
• ☐ Complete biometric verification
• ☐ Record signature specimens
• ☐ Make initial deposit
• ☐ Obtain acknowledgment receipt

Internal Processing:

• ☐ Document verification
• ☐ Database checks
• ☐ Credit bureau verification
• ☐ Regulatory compliance check
• ☐ Risk assessment
• ☐ Approval process

External Verification:

• ☐ Address verification
• ☐ Business premise check
• ☐ Reference verification
• ☐ Regulatory clearances
• ☐ Third-party validations
• ☐ Final approval

Account Setup:

• ☐ Account number generation
• ☐ Debit card issuance
• ☐ Checkbook preparation
• ☐ Internet banking setup
• ☐ Mobile banking activation
• ☐ Welcome kit dispatch

Service Activation:

• ☐ Transaction limits setup
• ☐ Standing instructions
• ☐ Auto-debit mandates
• ☐ SMS/email alerts
• ☐ Additional services
• ☐ Relationship manager assignment

Common Problems:

• • Incomplete document sets
• • Expired identity proofs
• • Address mismatch issues
• • Poor quality photocopies
• • Missing signatures/stamps
• • Incorrect form filling

Solutions:

• • Use comprehensive checklists
• • Verify document validity dates
• • Ensure address consistency
• • Provide clear, legible copies
• • Double-check all signatures
• • Review forms before submission

Typical Challenges:

• • KYC non-compliance
• • Regulatory clearance delays
• • Risk category classification
• • Enhanced due diligence
• • Source of funds queries
• • Business activity verification

Resolution Strategies:

• • Ensure complete KYC compliance
• • Proactive regulatory engagement
• • Transparent business disclosure
• • Professional assistance
• • Detailed fund source documentation
• • Business legitimacy proof

Delay Factors:

• • Incomplete applications
• • Verification failures
• • High-risk categorization
• • System processing issues
• • Holiday/weekend delays
• • Branch workload

Mitigation Measures:

• • Submit complete applications
• • Follow up regularly
• • Maintain transparency
• • Use digital channels
• • Plan for processing time
• • Engage relationship managers