Bank Account Opening

Need Bank Account Opening?

About Bank Account Opening

A bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution.

The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution.

The laws of each country specify the manner in which accounts may be opened and operated. They may specify, for example, who may open an account, how the signatories can identify themselves, deposit and withdrawal limits and many other matters.

Account structure

Bank accounts may have a positive, or credit balance, where the financial institution owes money to the customer; or a negative, or debit balance, where the customer owes the financial institution money.

Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. Some accounts can switch between credit and debit balances.

Some accounts are categorized by the function rather than nature of the balance they hold, such as savings account, which routinely are in credit.

All financial institution have their own names for the various accounts which they open for customers. Financial institution have a variety of fees for the maintenance of various accounts and for the processing of certain transactions.



  • Transactional (Checking)
  • Current
  • Personal
  • Savings Bank account (India)
  • Transaction deposit (USA)


  • Individual Savings Account (ISA) (UK)
  • Time deposit (Bond) / Fixed deposit
  • Certificate of deposit (USA)
  • Tax-exempt special savings account (TESSA) (UK)
  • Tax-Free Savings Account (Canada)
  • Money-market

Other types

  • Loan
  • Joint
  • Low-cost
  • Numbered
  • Negotiable Order of Withdrawal (NOW) (USA)

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KYC Document needed for opening the Current account for Corporate / Proprietorship / Partnership / Companies / TASC / HUF

Documents required for Sole Proprietorship


For Sole Proprietorship

  • Registration Certificate (in case of registered unit)
  • Certificate/license issued by the municipal authorities under shop & establishment Act.
  • Sales and Income tax returns.
  • CST/VAT certificate.
  • Certificate / registration document issued by the sales tax / professional tax authorities.
  • License issued by the Registering authority like certificate of practice issued by Institute of chartered accountants of India, Institute of company secretaries of India, Indian Medical Council, Food and Drug Control authorities, etc.
  • Existing Bank statement from the current banker, for a minimum period of 6 months.
  • Registration / licensing document issued by the Central Government or State Government Authority / Department.
  • Importer Exporter Code (IEC) issued by the Office of Directorate General of Foreign Trade (DGFT) etc., (Any two of the above documents would suffice. These documents should be in the name of the proprietary concern.)

For Partnership Firms

  • Registration Certificate, if the firm is registered.
  • Partnership Deed.
  • Power of Attorney granted to a partner of an employee of the firm to transact business on its behalf.
  • Attach Proof to identify and proof of address of the main partners and persons holding the PoA apart from the above.
  • Attach Proof of Legal name, telephone number of the firm and partners apart from the above.

For Limited Liability Partnership

  • LLP agreement.
  • Incorporation document and DPIN of the designated partners.
  • Certificate of Registration issued by the ROC concerned.
  • LLP-IN issued by the ROC.
  • Resolution to open an account and list of authorized person/s with the specimen signatures to operate the account duly attested by Designated Partners.
  • PAN allotment letter.

For Companies

  • Certificate of incorporation and DIN.
  • Memorandum & Articles of Association.
  • Resolution of the Board of Directors to open an account and list of officials authorized to operate the account.
  • Identification of authorized signatories should be based on photographs and signature cards duly attested by the company.
  • Power of Attorney, if granted, to its managers, officers of employees to transact business on its behalf.
  • PAN allotment letter.
  • List of directors and copy of Form 32 (if directors are different from AOA).
  • Certified true copy of Certificate of commencement of business (public limited company).
  • Attach Proof of the name of the company, Principal place of business, mailing address of the company, Telephone/Fax number apart from the above. (Telephone bill)

For Trusts/Association/Club/Society

  • Certificate of Registration, if registered.
  • Power of Attorney granted to transact business on its behalf, if any.
  • Any document listing out the names and addresses of the trustees, sellers, beneficiaries, and those holding power of Attorney, and other key officials involved in the day to day management of the trust to the satisfaction of the bank.
  • Resolution of the managing body of the foundation.
  • Declaration of Trust/Bye Law of society/Bye-law of Association/Bye-law of club.
  • Attach the Proof of name and address of the founder, Manager/director and the beneficiaries, telephone/fax number, Telephone bill, Utility bill apart from the above.


  • The PAN card of the HUF/PAN Intimation letter/GIR No. /Form 60/HUF Declaration and Identity and Address proof of the Kartha.


  • All the persons related to the account and authorized to operate the account must provide separate identity and address Proof in conformity with the details furnished in the application form.
  • Original and photo copy are to be produced. Originals will be returned after verification at the Branch.


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Businessgig provides all the services required for launching a successful startup. We provide legal, financial, design and branding services.

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Businessgig is an initiative of Expert Engineers and Professional Charterered Accountants having an experience of over 7 years.

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We have capability to advise and serve you, even you when you grow big and expand

You simply won’t find another vendor that can match our value proposition. Our customers often tell us the same thing. We make every effort to provide our customers with great products and services, and we work just as hard to make sure they are getting the right business model that fits their needs. We promise the same to you.


When we face a tough decision we never compromise our values and principles. We do what is right, not what is the easiest.


We are passionate and committed in heart and mind to what we do. Our employees work around the clock coming up with ideas.


We believe that flexibility leads to excellence and we tailor all our services to the specific needs of each client.


We strive for excellence in all that we do. We set high personal and company standards, and then consistently try to exceed them. We attract self-motivated, highly capable, results-oriented people and invest heavily in their development.

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We believe that open communication builds trust, which is the foundation of any relationship whether it’s with our employees or our clients.


Our power comes from the talented people within our company. We create an environment in which every person is a valued and respected member, encouraged to contribute and share, and recognized and rewarded for their efforts.

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We place highest importance to providing extra ordinary customer Support.

When it comes to the numbers, you might get a million query in your head. Do not worry! Our dedicated support team loves to assist you with anything. Just give us a buzz and we would happy to answer all of your queries..

We know how expensive finance experts and designers can be. Businessgig provides best of the both at an unimaginably low price. We harness the power of technology and have pushed a lot of our work to digitization. This saves us a lot of time and we happily pass on the benefit to our customers.

A Pricing structure designed for your every need. Our business package will free you from charges for every service. We provide best in class services at reasonable charges through latest technology, experience and expertise. .

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About Us

Alone we can do so little, together we can make wonders. So lets team up and grow together. You would have heard the phrase ‘Making mountains out of molehills’; but here we do what we do best-making molehills out of mountains.

We enjoy the reputation of being synonymous with professionalism, efficiency, and excellent service. We provide full spectrum of financial, accounting, designing, marketing services as well as investment consultancy, project evaluation and services related to all types of business and corporate agreements. We specialize in providing end to end support to startups – be they proprietorship’s, partnership’s, LLP’s, or Private Limited Enterprises. Our knowledge of the Indian ecosystem makes us perfectly placed to provide end-to-end assistance with company formation in India as well as company registration in India.

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