India: corporate bank account opening
The company documents, ownership test and authorised-person checks used for corporate bank accounts in India.
India · Banks · RBI
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Registry: Ministry of Corporate Affairs (MCA), Registrar of Companies
RBI's KYC Master Direction specifies the documents for an incorporated company:
- Certificate of incorporation and memorandum and articles of association.
- Company PAN, registered-office address and principal-business address.
- Board resolution and any power of attorney for authorised people.
- Required identity documents for beneficial owners and authorised persons.
The MCA guide explains company master data and filed records.
Trace ownership above 10%
For companies, the beneficial-owner definition includes individuals entitled to more than 10% of shares, capital or profits, and those controlling the company through other means. Obtain shareholder records for the relevant layers and agreements conferring management or voting rights. Use the senior-managing-official fallback only where the preceding tests identify no individual.
A sole proprietorship follows a different route: conduct CDD on the proprietor and obtain the business/activity evidence required for that form. Do not request an incorporation certificate from an unincorporated proprietor.
Complete the opening review
Record the business, expected account activity and funding. Check sanctions and PEP status and apply the enhanced measures and approvals required for the risk identified. If a shareholder funds the opening balance, obtain the investment or loan documentation and remittance details where needed.
Preserve the verification results and account mandate. Apply RBI's risk-based periodic KYC updates and event-driven changes to ownership or signatories, using the current update procedures rather than demanding a full new incorporation pack for every update.