Opening A Bank Account in India

Opening a bank account provides businesses with access to financial services, local transactions, and compliance with regulatory requirements.

International Banks

Foreign investors and individuals can establish accounts in India through either:

International banks with a local presence, such as HSBC, Standard Chartered, DBS, and Bank of America.
Indian banking institutions like HDFC, ICICI, Kotak Mahindra, State Bank of India, Axis Bank, and Yes Bank.

The account opening process typically takes around 8-10 working days with both Indian and international banks.

Major Indian Banking Institutions

HDFC
ICICI
Kotak Mahindra
State Bank of India
Axis Bank
Yes Bank

Timeline for Account Opening

The account opening process typically takes eight to ten working days with both Indian and international banks.

Opening a Bank Account for a Company

To open a bank account for a company, provide the company’s name, principal place of business, mailing address, and contact number.

Documents Needed:

Certificate of Incorporation and Memorandum & Articles of Association
Board Resolution authorizing the account opening and identifying authorized signatories
Power of Attorney for managers, officers, or employees authorized to transact on behalf of the company
Copy of PAN Allotment Letter
Proof of Address (phone bill or electricity bill)
Any other supporting documents as required by the bank

Opening a Bank Account for a Proprietorship

Provide the name, address, and business activity of the proprietorship.

Documents Needed (two of the following in the business’s name):

Registration Certificate (if registered)
License under the Shop & Establishment Act
Sales or Income Tax Returns
GST Certificate
Professional Tax or Sales Tax Registration Document
Practice Certificate (issued by professional regulatory bodies like ICAI)
Government-issued Registration Document
Importer Exporter Code (IEC) from the Directorate General of Foreign Trade
Income Tax Return for the proprietor, if applicable
Utility Bills (electricity, water, or landline telephone bill in the business name)

Opening a Bank Account for a Partnership Firm

Provide the partnership firm’s name, legal address, partner names and addresses, and contact numbers.

Documents Needed:

Registration Certificate (if registered)
Partnership Deed
Power of Attorney for a partner or authorized employee
Valid identity and address documents for partners and individuals holding Power of Attorney
Proof of Address (phone bill in the name of the firm or partners)

Opening a Bank Account for an Individual

Requirements vary for Indian nationals and foreign nationals residing in India.

For Foreign Nationals Residing in India:

Valid Foreign Passport
Long-term Employment Visa (valid for more than 182 days)
Foreigners Registration Office (FRO) Permit
Proof of Overseas Address and Indian Address
Passport-size Photograph
PAN Card or Form 60
Employer Letter or Contract Letter

For Indian Nationals:

Passport
PAN Card
Voter ID
Driving License
Job Card (NREGA)
UIDAI Letter with Aadhaar number
Identity Card or Letter from a Public Authority

Opening a Bank Account for a Trust, Society, or Foundation

Provide the names of trustees, settlors, beneficiaries, signatories, founders, managers, and directors along with their contact information.

Documents Needed:

Certificate of Registration (if registered)
Power of Attorney authorizing business transactions
Identity and address verification for trustees, settlors, beneficiaries, and those holding Power of Attorney
Resolution from the managing body of the foundation/association
Proof of Address (such as phone or electricity bill)
Any additional documentation as requested by the bank