📌 Key Takeaway: Comprehensive KYC checklist required by leading banks (HDFC, ICICI, SBI, Axis) to open a business Current Account with zero initial rejection.
Why Do Businesses Need a Current Account?
Under Reserve Bank of India (RBI) regulations, conducting commercial business operations through personal savings accounts is strictly prohibited. A business Current Account provides essential commercial features: unlimited daily transactions, overdraft/cash credit facilities, multi-city cheque clearances, and integration with payment gateways (Stripe, Razorpay) and POS swipe machines.
1. Sole Proprietorship Current Account Checklist
Proprietors must provide proof of personal identity plus two official government business entity proofs:
- PAN Card and Aadhaar Card of the Proprietor.
- Two Government Entity Proofs: GST Registration Certificate, MSME/Udyam Certificate, Shop & Establishment License, or FSSAI License.
- Principal Place of Business Proof (Electricity bill + Rent Agreement + Landlord NOC).
- Passport-size photographs and specimen signature card.
2. Limited Liability Partnership (LLP) Checklist
For LLPs:
- LLP PAN Card + Certificate of Incorporation from MCA.
- Registered LLP Agreement.
- PAN and Aadhaar cards of all Designated Partners.
- Board Resolution signed by partners authorizing specific partners to operate the account.
- Beneficial Ownership (BO) declaration form.
3. Private Limited Company Checklist
For Companies:
- Certificate of Incorporation (COI) + Company PAN.
- Memorandum of Association (MOA) and Articles of Association (AOA).
- Board Resolution on company letterhead with Common Seal appointing authorized signatories.
- DIN, PAN, and Aadhaar of all active Directors.
- Updated list of Directors and Shareholding Pattern Certificate signed by a CA/CS.