One of the main procedures related to company formation in India refers to opening a bank account for the respective legal entity. The corporate bank account in India can be set up at one of the private banks operating in this country, as well as through the international banks which have set up branch offices or subsidiaries here. When opening a bank account, the company’s representatives will need to provide a set of documents requested by the local banks and our team of specialists in company formation in India can advise on this matter.
| Quick Facts | |
|---|---|
| Bank account opening service in India availability (YES/NO) | Our Indian company formation agents offer support in setting up bank accounts. |
|
Types of bank accounts |
Personal, corporate, savings accounts. |
|
Document requirements for natural persons |
– ID/passport, – details of the most recent address, – proof of residency (if applicable), – recent photos. |
| Document requirements for opening corporate accounts |
– company registration documents, – bank account opening resolution, – power of attorney for the representative, – proof of legal address. |
| Special requirements for foreign nationals (if any) |
In certain cases, approval from the Indian Central Bank is required prior to opening the account. |
| Minimum deposit requirement |
Some banks may require minimum deposits. |
| Requirements to travel to India (YES/NO) |
Yes, for residents. |
| Remote bank opening possibility (YES/NO) |
Yes, for non-Indians only. |
| Timeframe for opening the bank account (approx.) |
Several days in the case of personal accounts. |
| Legal representative requirement | Legal representation is optional, but recommended. |
| Services attached to the accounts |
– Debit/credit card, – access to loans/overdraft, – possibility to receive the salary in the account. |
| Types of banks |
It is possible to open accounts with nationals and branches of foreign banks. |
| Merchant bank account availability (YES/NO) |
Yes, for e-commerce businesses. |
| Foreign currency availability (YES/NO) |
Yes, among which are USD and EUR. |
| Access to online banking services (YES/NO) | Yes. |
Table of Contents
Setting up a corporate bank account in India in 2026
All legal entities operating in India are required to open a corporate bank account, a procedure which is also applicable to sole proprietorships. The investors interested in starting a company in India should provide the following information and documents:
- the certificate of incorporation;
- the articles of association and memorandum;
- resolution of the company’s board of directors for opening a corporate bank account;
- the power attorney, stating the persons who can act in the name of the company for this procedure;
- a copy of the Permanent Account Number (PAN);
- information on the place of business;
- a copy of the telephone bills.
If you want to open an Indian bank account in 2026, our agents are at your service with personalized services.
The procedure of opening a bank account in India in 2026 is different for natural persons and companies when it comes to the documents that need to be prepared, however, our advisors can guide you.
Other documents necessary for an Indian bank account
The requirements for opening a corporate bank account can vary depending on the legal entity registered in India.
In the case of a sole proprietorship, the company’s founder must provide a statement issued by the bank where his or her individual/ savings current account is set up, while in the case of those who want to open a company in India as a limited liability partnership, the investors will also need to offer the list of the company’s representatives who own more than 25% of the company’s shares, besides the above-mentioned documents.
Our team of agents in company registration in India can provide in-depth advice on the specific requirements applicable here, depending on the business form chosen for incorporation.
As a general rule, in 2026, opening a bank account in India can take up to two months, as a consequence of the due diligence requirements imposed here.
Banking options for foreign investors in India
Foreign investors have the opportunity to open bank accounts in India either through international banks that have established local branches or directly with Indian banking institutions.
Prominent International Banks in India:
- HSBC;
- Standard Chartered;
- DBS;
- Bank of America.
Key Indian Banking Institutions:
- HDFC Bank;
- ICICI Bank;
- Kotak Mahindra Bank;
- State Bank of India;
- Axis Bank;
- Yes Bank.
If you need more information with regard to how to form a company in India and the best banking option for your business, get support from our specialized company formation agents in India.
Indian bank account opening for a partnership firm
To establish a bank account in India for a partnership firm, you must provide several key details, including the firm’s name, its legal designation, address, and the names and addresses of all partners, along with contact numbers for both the firm and its partners. Additionally, the following documentation is required:
- A registration certificate, if applicable;
- The partnership deed;
- A Power of Attorney appointing a partner or employee to manage transactions on behalf of the firm;
- Valid identification for the partners and individuals holding the Power of Attorney, including their addresses;
- A phone bill in the name of the firm or its partners.
Registering a company in India and deciding on the type of bank account your business needs might seem difficult at first, but our professional company formation agents in India can make the process more efficient for you.
Indian bank account opening for a foreign individual
Foreign nationals wishing to open a bank account in India must present copies of the following documents:
- A valid foreign passport;
- A long-term employment visa (valid for over 182 days);
- A copy of the Foreigners Registration Office (FRO) permit;
- Proof of overseas address;
- Proof of Indian address;
- A passport-sized photograph;
- A PAN card or Form 60;
- A letter offered in an official manner by the employer.
Get assistance on the most efficient way to sort out these documents with the help of our company formation agents in India.
How easy is it to set up a bank account in India in 2026?
At the level of 2026, both natural persons and companies can set up bank accounts in India quite quickly by first contacting the selected bank and making an appointment. There are also cases in which the procedure can be started online.
Considering that India hosts national and international financial institutions, there is a lot of flexibility for those who want to open a bank account in 2026 and want to use various services. If you need guidance on how to choose a bank, you can rely on our consultants.
Types of financial institutions in India
The three main categories of the Indian banking system are:
- development;
- non-scheduled;
- scheduled banks.
Scheduled banks are those that are listed in the Reserve Bank of India Act, 1934’s second schedule. In India, there are currently 135 scheduled commercial banks offering banking services. Additionally, local area banks and cooperative banks offer financial services in a variety of markets across the country. Approximately 9,306 non-banking financial companies (registered with RBI at the level of 2024) and all large 5 financial institutions are also meeting the needs of the borrowers in order to lend to particular industries or segments.
We also have a video on this topic below:
Banking landscape in India
Please find below official information about the Indian banking sector:
- with a market volume of USD 439.50 billion in the same year, traditional banks are expected to dominate the industry;
- according to projections, the net interest income will continue to grow steadily, with a compound annual growth rate of 0.82% between 2025 and 2029.
- by 2029, the Indian banking sector is projected to reach a market size of USD 480.50 billion.
Just like in other countries, digital banking is also growing in popularity in India, as clients are becoming more accustomed to using mobile banking apps. As such local banks are constantly improving the services they can offer customers from this point of view.
Besides opening a bank account in India, our law firm can provide a wide range of services related to the company formation process in India. For example, for business entities looking to have a better organizational strategy regarding taxes and financial aspects, our accountants in India are at your disposal. More than that, if you are looking to have a greater understanding on the payroll in India, you can rely on our specialized company formation agents.
Foreign businessmen can contact our team of consultants in company formation in India for personalized advice on how to open a bank account.