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Every Private Limited Company needs to do a few things after incorporation. Opening a bank account is one of those few steps. Let’s have look at the procedure and documents required to open a current account for Private Limited Company.
After Company Registration, a Private Limited Company needs to open a current account in the name of the company. Once a company gets its PAN number it can apply to open an account in a bank.
The opening of a current account for a private limited company is really easy. Being a legal entity and complying with all the provisions of law makes it convenient for the companies to get a current account opened with any bank. To open a bank account, the company needs to provide all the documents required by the bank. The Reserve Bank of India has issued KYC norms, which prescribes certain documents to be submitted to the bank in order to open a current account with any bank.
As per the KYC norms[1], the following documents are required to be submitted to the bank:
As per RBI’s KYC norms and other requirements, various banks require various documents for opening a current account.
The following are the documents required to open a current account in the name of the private limited company:
Current account is a bank account for business which allows entrepreneurs to run their business effectively. The rules prescribed by the Reserve Bank must be strictly adhered to while opening the current account.
Read our article:E-Form MGT-14: Its Concept and the Procedure for Filing it
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