Open a Bank Account in India

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. 

Setting up a corporate bank account in India in 2024

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 2024, our agents are at your service with personalized services.

The procedure of opening a bank account in India in 2024 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 2024, opening a bank account in India can take up to two months, as a consequence of the due diligence requirements imposed here. 

How easy is it to set up a bank account in India in 2024?

At the level of 2024, 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 2024 and want to use various services. If you need guidance on how to choose a bank, you can rely on our consultants.

Banking landscape in India (November 2023)

Please find below information about Indian banking sector:

• As of November 2023, India had 33 licensed private and public banks operating within its financial sector;
• In comparison to 2017, there was a decrease in the number of public banks, primarily attributed to merger activities;
• Prior to the market liberalization of the early 1990s, the majority of banks in India had been nationalized;
• Apart from these major banks, India also boasts nearly 100,000 urban and rural cooperative banks, contributing to the diverse banking ecosystem of the country;
• This diverse banking landscape underscores India’s dynamic financial sector, providing a range of services to meet the needs of its vast population and growing economy.

Foreign businessmen can contact our team of consultants in company formation in India for personalized advice on how to open a bank account.