Dynamic Current Account

Documentation

You are eligible to operate a Current Account, if you fall under any of the below mentioned categories

  • Resident Individual
  • Hindu Undivided Family (H.U.F.)
  • Sole Proprietorship
  • Partnership
  • Limited Company / Limited Liability Partnership
  • Trust / Association / Club / Society

 

Know your customer (KYC) documentation

  1. KYC documentation – Sole proprietorships
    • Mandate to open account – Sole proprietor
    • Identity and for the proprietor: Table 1
    • PAN Card of the proprietor (In case PAN card is not available then Form 49 A along with Form 60 if applied for PAN)
    • Proof of  identity, address and activity of the concern (any two document which confirms Entity Name / Address / Business): Table 2
    • No objection certificate (if the firm is enjoying credit facility from any other bank (s)), with tracer for a fortnight for response from the other bank.
  2.  

  3. KYC documentation – Partnerships
    • Partnership deed Certificate of incorporation/registration or proof of application
    • Account opening Mandate – Declaration to be signed by all partners
    • PAN in the name of the partnership
    • Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf
    • Identity proof documents for all authorised signatories: Table 1
    • Proof of Identity , address and activity of the concern (any two document which confirms Entity Name/ Address / Business including any of the above mentioned documents): Table 2
    • No objection certificate (if the firm is enjoying credit facility from any other bank (s)), with tracer for a fortnight for response from the other bank.
  4.  

  5. Limited Liability Partnerships (LLP)
    • Limited Liability partnership (LLP) agreement
    • Certificate of incorporation with Registrar of Companies (ROC)
    • Mandate to open bank account – LLP declaration
    • PAN card in the name of the firm
    • List of designated partners of LLP along with designated partner identification number (DPIN) downloaded from the MCA website duly attested by the acquisition team with the notation “Downloaded & Verified from Site” under his / her signature and employee number.
    • Identity proof for all authorised signatories/partners: Table 1
    • Proof of identity, address and activity of the concern (any two document which confirms Entity Name / Address / Business including any of the above mentioned documents): Table 2
    • No objection certificate (if the firm is enjoying credit facility from any other bank (s)), with tracer for a fortnight for response from the other bank.
  6.  

  7. KYC documentation – Private limited company
    • Mandate to open account – Board Resolution
    • PAN card in the name of the Company
    • Certificate of incorporation
    • Memorandum and articles of association
    • Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account
    • Identity proof for all authorised signatories: Table 1
    • Copy of the any one officially valid document to prove the address
    • No objection certificate (if the firm is enjoying credit facility from any other bank (s)), with tracer for a fortnight for response from the other bank


Table 1 – The following Documents can be accepted for Sole proprietors/ partners/authorised signatories/Directors

 

# Documents
Identity Proof
 
1. Aadhaar card issued by Unique Identification Authority of India (UIDAI)
2. Passport
3. Driving License1
4. PAN card
5. Voter Identity Card
6. Job card issued by NREGA duly signed by an officer of the State Government

1Driving License is not accepted as Identity Proof in state of Maharashtra.

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Table 2 – Documents for entity proof of name, registration and address (Sole proprietorship, partnership and LLP))
 

# Documents allowed as Identity and address proofs 
Identity and Address Proof
 
1 Registration certificate (in the case of a registered concern)
2 Certificate/licence issued by the Municipal authorities under Shop & Establishment Act,  
2.1 Valid Shops & Establishment Certificate/ Trade License. 
2.2 Certificate of enlistment/license/shop allotment letter issued by Municipal Corporation
2.3 Shops & Establishment Certificate issued by E-Seva Kendra’s (Andhra Pradesh). Receipt issued only by Municipal Corporation of Hyderabad (MCH) to be accepted along with Shops & Establishment Certificate.
2.4 The Shops and Establishment Certificate issued by the Municipal Corporations in West Bengal are valid till March 31 every year. The entities are given time up to July 31st to renew the certificate. On application, the Municipal Corporation starts issuing the certificate from August 1st. Expired certificate (for last financial year) and the latest renewal fee receipt copy duly acknowledged by the MC to be taken.
3 Sales and income tax returns  
3.1 Complete Sales tax return in the name of the firm duly acknowledged.
Note: The portion of the sales tax return showing the name of the firm should be duly acknowledged by the accepting authority.
3.2 Last available Income/ Wealth Tax Assessment order in the name of firm.
4 CST/VAT certificate  
4.1 Sales Tax Registration Certificate/ TIN Certificate/ VAT Certificate/ Service Tax certificate/ TAN certificate/ Allotment letter for new firms not older than six months.
5 Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities  
5.1 Professional Tax Registration Certificate
6 Licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/Department, etc. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.  
6.1 APMC/ Mandi License/ Certificate
6.2 Labour License/Certificate
6.3 Trade Mark Registration Certificate
6.4 Liquor License/ Registration Certificate
6.5 Drug License
6.6 Registration Certificate issued by Excise & Customs Department.
6.7 License/ Certificate to Sell/ Stock/ Exhibit for Sale or Distribute Insecticide/Pesticide
6.8 Registration Certificate issued under Weight & Measurement Act
6.9 Police Department Permission/License/Certificate
6.10 Regional Transport Office Permit/Registration Certificate
6.11 Consent to Operate document issued by State/Central Pollution Control Board
6.12 Certificate Issued by SEZ, STP, EHTP, DTA and EPZ in the name of the entity mentioning the address allotted.
6.13 Importer–Exporter Code (IEC) Certificate along with PAN Card (if PAN is quoted on the IEC Certificate).
6.14 Gram Panchayat Certificate (should be on letterhead and not more than 3 month old) to be accepted with BM/ BSM/ DBM site visit report as per Annexure xx along with bank officials details mentioned on AOF. Certificate should be used as entity proof for entities registered and operating from rural areas only.
6.15 Trade License in the name of entity.
6.16 District Industries Center (DIC)/ Small Scale Industries (SSI)/ Micro, Small and Medium (MSME) Certificate - Acknowledgment Part -II issued by DIC/ SSI/ Development Commissioner MSME containing Entrepreneur's Memorandum Number. Duly stamped and signed by issuing authority.
6.17 Factory Registration Certificate in the name of entity.
6.18 SEBI Registration Certificate in the name of the entity.
6.19 Copy of PAN Card in the name of firm.
6.20 Certificate issued by Municipal Corporation/ Local Self Government Bodies confirming address of the firm.


 
7 The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
8 Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.  
8.1 Latest copy of Electricity Bill, not more than 3 months old.
8.2 Latest copy of Telephone Bill from Telecom operator, not more than 3 months old.
8.3 True copy of gas connection book in the name of the entity along with latest gas receipt not more than 3 months old or Gas bill in case of pipe connection.
8.4 Water Tax bill paid to Municipal Body/ Corporations, not more than 3 months old along with the Tax receipt should stand in the name of the firm.
8.5 Property Tax bill should not be more than calendar one year old from the bill issuance date along with Tax receipts for property tax paid to Municipal Body / Corporations. The Tax receipt should stand in the name of the firm.
8.6 Latest Three months Bank Statement from scheduled commercial bank with account opening cheque/Bank passbook/Original letter from existing banker with account opening cheque.
 

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