Documents needed to open a bank account for a company

In order to maximize productivity, it is best to establish the basic requirements as soon as the PLC (Private Limited Company) has been formed. Within 60 days of starting a business, opening a bank account is essential. It is important for companies to conduct certain transactions in order to keep their operations running smoothly.

What is a current account?

Current accounts are also known as transaction accounts and demand deposit accounts. Deposits and withdrawals are available immediately from any branch of the bank. Transaction limits can be raised on a current account. The account owner has access to liquid funds at all times. In contrast, the owner does not need to bear interest in it in order to compensate for his debt.

What are the benefits of having a current account?

• Cash withdrawals are easy with this facility.

• Collecting payments is convenient when you deposit cash or a check at any branch of the bank.

• Current account holders have the option of overdrawing their accounts.

• Each month, a separate check balance will be used.

• You can make payments to vendors without hassle with a free checkbook every month.

• Your bank balance is updated via SMS every time a transaction takes place.

What documents are needed to open a bank account for PLC?

• Incorporation certificate

• Memorandum of Association (MOA)

• Article of Association (AOA)

• Board Resolution to designate authorized board members

• List of directors

• Registered office address proof

• Director’s identity proof and authorized signatories

  • Pan Card

  • Adhar Card

  • Voter Identity Card

  • Driving License

  • Passport

  • Senior Citizen card issued by central or state government

• Proof of appointment of directors (in case of any changes in the Board of Directors)

• Proof of resignation of directors (in case of any changes in the Board of Directors)

• Shareholding pattern of the company

• PAN Card of the company or PAN Card Application Acknowledgement

What is the process of opening a bank account?

It’s easy to open a bank account. There are two ways to do it. You can visit your local bank or open an account online. Digitalization has enabled banks to open a bank account on behalf of their business. These procedures require the same documents.

Conclusion

Ensure that the above required documents are ready for opening a bank account as soon as possible. It is a basic requirement for any company. A Form INC-20A is required when you open a bank account.