Steps to open a business bank account in India.
Follow these steps to open your business bank account.
1. Gather the required documents:
To open a business bank account in India, you will need certain documents such as proof of identity (PAN card, Aadhaar card, Voter ID, Driving License etc.), address proof (Aadhaar card, Voter ID, Driving License, Electricity Bill, Rental Agreement etc.), proof of business (Registration Certificate with MOA/AOA, GSTIN, Shop and Establishment Certificate etc.) and two passport size photographs.
2. Choose the type of business bank account:
There are different types of business bank accounts such as savings, current, and cash credit accounts. Choose the one that best suits your business needs.
Types of Business bank Accounts
1. Checking Account: This type of business bank account is used for day-to-day transactions such as deposits, payments, and withdrawals.
2. Savings Account: This account is designed to help businesses grow their funds by earning interest on their deposits.
3. Money Market Account: This account is a combination of a savings and checking account, and is designed to provide businesses with higher interest rates and more liquidity.
4. Certificate of Deposit (CD): This account offers higher interest rates than savings accounts, but requires businesses to deposit and keep their funds in the account for a specified amount of time.
5. Merchant Account: This type of account allows businesses to accept credit and debit cards for payment.
6. Business Line of Credit: This type of account offers businesses access to a certain amount of funds at any given time. The funds can be used to cover operational costs or take advantage of short-term opportunities.
8. Business Loan
9. Business Debit Card
10. Business Overdraft Protection Account
3. Choose a bank:
Once you have decided on the type of account, select a bank where you want to open the account.
All Government banks in India.
• State Bank of India (SBI)
• Punjab National Bank (PNB)
• Bank of Baroda (BOB)
• Canara Bank
• Union Bank of India
• Central Bank of India
• Bank of India
• Indian Bank
• Indian Overseas Bank
• Oriental Bank of Commerce
• UCO Bank
• Allahabad Bank
• Syndicate Bank
• Andhra Bank
• Corporation Bank
• Dena Bank
• Vijaya Bank
• IDBI Bank
• United Bank of India
• State Bank of Bikaner & Jaipur (SBBJ)
• State Bank of Hyderabad (SBH)
• State Bank of Mysore (SBM)
• State Bank of Patiala (SBP)
• State Bank of Travancore (SBT)
All Private banks in India.
1. Axis Bank
2. ICICI Bank
3. HDFC Bank
4. Kotak Mahindra Bank
5. IndusInd Bank
6. Yes Bank
7. IDFC First Bank
8. Federal Bank
9. City Union Bank
10. RBL Bank
11. South Indian Bank
12. Karnataka Bank
13. Karur Vysya Bank
14. Tamilnad Mercantile Bank
15. DCB Bank
16. Dhanlaxmi Bank
17. Bandhan Bank
18. IDBI Bank
19. Catholic Syrian Bank
20. Jammu & Kashmir Bank
4. Fill out the application form:
Most banks will provide you with an application form. Fill the form with accurate information.
5. Submit the application form and required documents:
Submit the application form along with the required documents to the bank.
6. Make the initial deposit:
Most banks require you to make an initial deposit to open a business bank account.
7. Receive the business bank account number:
After the process is complete, you will receive a business bank account number. You can now use this account to conduct business transactions.