Which papers does a company take to a bank?
A company opens a current account in its own name after incorporation. The bank asks for the certificate of incorporation, the company’s permanent account number, the memorandum and articles, a board resolution, and the identity and address of the people who will operate the account.
Which papers does the bank ask for?
| Paper | What it shows |
|---|---|
| Certificate of incorporation | The company exists |
| Permanent account number | The company’s tax identity |
| Memorandum and articles | The objects and the internal rules |
| Board resolution | The decision to open the account, the bank, and the authorised signatories |
| KYC of each signatory | Identity, address, and a photograph |
A private company, a public company, a limited liability partnership, and a section 8 company each use the papers of that person. The bank may add a document of its own. That extra ask is the bank’s process. It is not a second incorporation.
Who is allowed to sign?
Only the persons named in the board resolution, and in the combination the resolution states. A director who is not named cannot operate the account because of the directorship alone. Each signatory’s digital signature, if the bank or a later MCA filing needs one, is a separate application, on the digital signature page.
What proves the address?
The bank asks for proof of the registered office, or of the address at which it will correspond. A utility bill, the lease, and the owner’s no-objection are the usual set, matching what the company filed for that office. A change of office with the Registrar is not completed by telling the bank alone.
What is not part of the account?
The account receives and pays the company’s money. It does not, by being opened, grant an overdraft, a loan, or a particular rate of interest. Those are separate terms. Cheques, a debit card, and a minimum balance are the bank’s product, not a rule in the Companies Act.
Frequently asked questions
Four questions cover a bank’s own list, interest, an overdraft, and the timing.
Does every bank use the same list?
No. The company’s own papers are the common set. A bank may ask for a further document under its KYC process.
Does a current account pay interest by law?
No statute requires a bank to pay interest on a company’s current account, and no statute forbids a bank from doing so. The account terms say which it is.
Is an overdraft part of opening the account?
No. Opening the account lets the company pay and receive. An overdraft is a separate credit decision by the bank.
Can the account be opened before incorporation?
The account is in the company’s name, so the certificate of incorporation and the company’s PAN come first. A promoter’s personal account is not the company’s account.
Sources
The company exists when the Registrar issues the certificate of incorporation. The bank’s KYC follows the Reserve Bank’s directions on customer identification. There is no single MCA form that opens the account.