How to Open a Bank Account in India?


Do you want to open a bank account in India? If so, here are some documents you’ll need to arrange before you apply for setting up a bank account in India.

Currently, Indian banks offer numbers of banking products and services to their customers. They offer these products and services depending upon the customers’ needs and demands.

Suppose, you just got a good job in India and you want to open a bank account, then bank will open your salary current account. For instance, you just started your small business in India and now you are planning to open your bank account, then your Indian bank will allow you to open your business bank account.

Let’s discuss, what are the documents requirements in different scenarios?

Documents for Individuals (Indian Residents/Non-Residents)

If you are an Indian resident, it is easy to open an account in Indian banks because you just need to provide following documents to open your small account easily.

  • Identity Proof: National Identity Card, Driving License, Passport, Pan Card, Voter’s identity card, Adhaar Card
  • Address Verification: Bank Statements, Utility Bills recently paid, or any other document bearing your current address, rental agreement etc.
  • Recent Color Photograph(s)
  • Form 49 and Form 60 (applicable for PAN)
  • Account Opening Form (Current or saving account)

Indian banks have categorized non-residents into three categories such as

  • NRIs (Non Resident Indians)
  • PIOs (Persons of Indian Origin)
  • OCIs (Overseas Citizens of India)

These non-residents can open three types of banks accounts in India such as

  • NRI: NRE (Non Resident External) Account
  • PIO: NRO (Non Resident Ordinary) Account
  • OCI: FCNR (Foreign Currency Non Resident) Account

If you fall in this category, you will need to contact your nearest bank branch and ask what type of exact documents they need to open your bank account.

Generally, they require following documents from non-residents are

  • Passport Copy,
  • 2 Pictures of applicant
  • Verified signature from Indian Embassy
  • Proof of address through utility bill (not older than 2 months), banks statements not older than 3 months
  • Driving License (Indian residency)
  • Aadahar Card (it is equivalent to Indian Identity card)
  • Correspondence with Government Department/Authority, Letter from your embassy in India

Documents for Opening a Business Bank Account in India

  • Incorporation Certificate
  • Document proof for entity’s current address
  • Mobile number and email ID
  • PAN (Permanent Accou7nt Number)
  • Color Pictures of Account signatory
  • If signatory is more than one, you’ll need to submit identity and address proof documents of all of them
  • List of beneficial owners holding more than 25% ownership/shares (directly or indirectly)
  • PAN, identity and address proof of all beneficial owners
  • Address and Identity proof of senior managing official(s) (only natural person) and not identified as beneficial owner.
  • Account Opening Form

Apart from that, there are some other bank accounts which you can also open in India such as sole proprietorship firm and HUF, partnership firm, trust or society and LLP. For these accounts, basic documents will remain same. However, you will need to submit additional documents as per account opening requirement. For this purpose, please contact your bank and ask what documents they need to open your bank account.

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