Current Account KYC Documents

Public/Private Companies, LLPs and Partnership firms

Entity Proof 1

Any certificate issued for registration/operations/Trade License/business by Local/State/ Central Government/Government Agency/SEBI/IRDA/ICAI/ICSI/ICWAI/Office of Registrar of Newspapers for India in the name of entity/firm. E.g.: Sales Tax, TIN/VAT/TAN etc.
APMC/Mandi License/Certificate
Labour License/Certificate
Professional Tax Registration Certificate
Trade Mark Registration Certificate
Liquor License/Registration Certificate
Drug License
Registration Certificate issued by Excise & Customs Department.
License/Certificate to Sell/Stock/Exhibit for Sale or Distribute Insecticide/Pesticide
Registration Certificate issued under Weight & Measurement Act
Police Department Permission/License/Certificate
Regional Transport Office Permit/Registration Certificate
Consent to Operate document issued by State/Central Pollution Control Board
Sales Tax Registration Certificate/TIN Certificate/VAT Certificate/Service Tax certificate/TAN certificate/Allotment letter for new firms not older than six months. BSM/BM/CBM/DBM/ RHS to visit communication address and submit report as per Annexure 3 in case details of TIN/VAT/ST etc. could not be verified from official website of issuing authority
Valid Shops & Establishment Certificate/Trade License. Validity can be extended up to the grace period for renewal as mentioned in such certificate.
Certificate Issued by SEZ(Special Economic Zone), STP(Software Technology Park), EHTP(Electronic Hardware Technology park), DTA(Domestic Tariff Area) and EPZ (Export Processing Zone) in the name of the entity mentioning the address allotted
Importer–Exporter Code Certificate along with PAN Card (if PAN is quoted on the IEC Certificate)
Certificate/License issued by Indian Medical Council
License issued by Food and Drug Control Authorities
Letter/certificate issued by Village Administrative officers/ Panchayat Head/Mukhiya/ Village Development Officer/ Block Development Officer for customers in rural/village areas stating the details of existence of the firm (should be on letterhead and not more than 3 month old) to be accepted with BM/BSM/DBM/CBM/RHS site visit report as per Annexure 3 along with bank officials details mentioned on AOF. Certificate should be used as entity proof for entities registered and operating from rural areas only
Trade License in the name of entity
Factory Registration Certificate in the name of entity
SEBI Registration Certificate in the name of the entity Certificate of enlistment/license/shop allotment letter issued by Municipal Corporation (Kolkata, Ludhiana and others)
Shops & Establishment Certificate issued by E-Seva Kendra’s (Andhra Pradesh). Receipt issued only by Municipal Corporation of Hyderabad (MCH) to be accepted along with Shops & Establishment Certificate.
The Shops and Establishment Certificate issued by the Municipal Corporations in West Bengal are valid till March 31 every year. The entities are given time up to July 31st to renew the certificate. On application, the Municipal Corporation starts issuing the certificate from August 1st. Expired certificate (for last financial year) and the latest renewal fee receipt copy duly acknowledged by the MC to be taken.
Provision trade license issued by Agartala Municipal Council/ Grampanchayat in West Bengal
Copy of PAN Card in the name of firm (only for Partnership firms, HUF & JV)
Partnership registration certificate issued by Registrar of Firms. (Only for Partnership firm)
License issued under Explosive Act in the name of Firm

Best Practices

Any entity proofs given as KYC documents for opening current account should be signed & stamped by issuing authority/department.
A step towards online registration, whereby many registering authorities across India have started issuing registration certificate/licenses which are issued online and/or physical copies are not issued to the customer. In such scenarios Online Certificates/Licences will be accepted as entity proofs/address proof of firms. Wherever online certificates/licence are collected as entity/address proof, the customer to provide the copy of downloaded certificate/licence and following process should be followed:
- Certificates/Licences should be authenticated by the customer under firm's/entity rubber stamp/stamp confirming the ownership of the said document.
- The bank official (BSM/BM/DBM/CBM/RHS) will cross verify the details available on the certificate from the website of the issuing authority and will put the declaration on the photocopy that “Copy of License / Registration Certificate is issued online and the details of License/Registration Certificate is verified from website of the issuing authority “instead of putting Original seen and verified stamp.
- Printout of the desktop due diligence conducted by the bank official to be attached with the certificate and the same should be supported by BM/CBM/RHS approval on usage of the online registration certificate as an entity proof.
- Details of the firm available on online issued certificate/license should exactly match with details available on website of the authority.
- Above guidelines in note, point 2 on website due diligence can also be considered for accepting electricity/telephone bills while accepting as second entity proof, the name & address must match with first entity proof. It should be self-attested by the customer and BSM/BM/DBM/CBM/RHS will put the declaration on the photocopy that “Bill copy is issued online and the details on the is verified from website of the issuing authority “instead of putting Original seen and verified stamp This will not be considered as address proof independently.
The document must be valid at the time of account opening.
In case of accepting entity proof for proprietorship entity and entity owned by HUF, utility bills & Service/professional tax certificate/Food License confirming Name of Proprietor, Firm’s name and address of Entity can be taken as valid proof of entity for sole proprietorship concerns. Name of the proprietary concern should necessarily match with the second entity proof collected. It has to be backed by the Bank official Visit.

Sole Proprietorship

Entity proof 1

Any certificate issued for registration/operations/Trade License/business by Local/State/ Central Government/Government Agency/SEBI/IRDA/ICAI/ICSI/ICWAI/Office of Registrar of Newspapers for India in the name of entity/firm. E.g.: Sales Tax, TIN/VAT/TAN etc.
APMC/Mandi License/Certificate
Labour License/Certificate
Professional Tax Registration Certificate
Trade Mark Registration Certificate
Liquor License/Registration Certificate
Drug License
Registration Certificate issued by Excise & Customs Department.
License/Certificate to Sell/Stock/Exhibit for Sale or Distribute Insecticide/Pesticide
Registration Certificate issued under Weight & Measurement Act
Police Department Permission/License/Certificate
Regional Transport Office Permit/Registration Certificate
Consent to Operate document issued by State/Central Pollution Control Board
Sales Tax Registration Certificate/TIN Certificate/VAT Certificate/Service Tax certificate/TAN certificate/Allotment letter for new firms not older than six months. BSM/BM/CBM/DBM/ RHS to visit communication address and submit report as per Annexure 3 in case details of TIN/VAT/ST etc. could not be verified from official website of issuing authority
Valid Shops & Establishment Certificate/Trade License. Validity can be extended up to the grace period for renewal as mentioned in such certificate.
Certificate Issued by SEZ(Special Economic Zone), STP(Software Technology Park), EHTP(Electronic Hardware Technology park), DTA(Domestic Tariff Area) and EPZ (Export Processing Zone) in the name of the entity mentioning the address allotted
Importer–Exporter Code Certificate along with PAN Card (if PAN is quoted on the IEC Certificate)
Certificate/License issued by Indian Medical Council
License issued by Food and Drug Control Authorities
Letter/certificate issued by Village Administrative officers/ Panchayat Head/Mukhiya/ Village Development Officer/ Block Development Officer for customers in rural/village areas stating the details of existence of the firm (should be on letterhead and not more than 3 month old) to be accepted with BM/BSM/DBM/CBM/RHS site visit report as per Annexure 3 along with bank officials details mentioned on AOF. Certificate should be used as entity proof for entities registered and operating from rural areas only
Trade License in the name of entity
Factory Registration Certificate in the name of entity
SEBI Registration Certificate in the name of the entity
Certificate of enlistment/license/shop allotment letter issued by Municipal Corporation (Kolkata, Ludhiana and others)
Shops & Establishment Certificate issued by E-Seva Kendra’s (Andhra Pradesh). Receipt issued only by Municipal Corporation of Hyderabad (MCH) to be accepted along with Shops & Establishment Certificate.
The Shops and Establishment Certificate issued by the Municipal Corporations in West Bengal are valid till March 31 every year. The entities are given time up to July 31st to renew the certificate. On application, the Municipal Corporation starts issuing the certificate from August 1st. Expired certificate (for last financial year) and the latest renewal fee receipt copy duly acknowledged by the MC to be taken.
Provision trade license issued by Agartala Municipal Council/ Grampanchayat in West Bengal
Copy of PAN Card in the name of firm (only for Partnership firms, HUF & JV)
Partnership registration certificate issued by Registrar of Firms. (Only for Partnership firm)
License issued under Explosive Act in the name of Firm

Entity proof 2

Following documents can be accepted as 2nd Entity proof only for sole proprietorship firm:

Registration of firm with Employee Provident Fund Organization.
Any one document from fowling - Latest copy of Electricity Bill, not more than 3 months old OR Latest copy of Telephone Bill from Telecom operator, not more than 3 months old OR True copy of gas connection book in the name of entity along with latest gas receipt not more than 3 months old or Gas bill in case of pipe connection OR Water Tax bill paid to Municipal Body/Corporations, not more than 6 months old along with the Tax receipt should stand in the name of the firm. OR Property Tax bill should not be more than calendar one year old from the bill issuance date along with Tax receipts for property tax paid to Municipal Body / Corporations. The Tax receipt should stand in the name of the firm.
Complete Sales tax return in the name of the firm duly acknowledged. Note: The portion of the sales tax return showing the name of the firm should be duly acknowledged by the accepting authority License issued under Explosive Act in the name of Firm
Registration of firm with Employee State Insurance Corporation.
Letter or Certificate (should be on letterhead and not more than 3 month old) confirming existence of business issued by Chairman/President/CEO/ Head of the Nagar Panchayat/Parishad, and not by local councilors/corporators to be accepted with BM/BSM/DBM/CBM/RHS site visit report as per Annexure 3 along with bank officials details mentioned on AOF.
Last available Income/Wealth Tax Assessment order in the name of firm.
Certificate issued by Municipal Corporation/Local Self Government Bodies confirming address of the firm.
Certificate of Verification issued under Weight & Measurement Act–This document will not be considered if Registration Certificate issued under the same act has being taken as 1st entity proof document.
District Industries Center (DIC)/ Small Scale Industries (SSI) Certificate - Acknowledgment Part -II issued by DIC/SSI containing Entrepreneur's Memorandum Number. Duly stamped and signed by issuing authority.

Best Practices

Any entity proofs given as KYC documents for opening current account should be signed & stamped by issuing authority/department.
A step towards online registration, whereby many registering authorities across India have started issuing registration certificate/licenses which are issued online and/or physical copies are not issued to the customer. In such scenarios Online Certificates/Licences will be accepted as entity proofs/address proof of firms. Wherever online certificates/licence are collected as entity/address proof, the customer to provide the copy of downloaded certificate/licence and following process should be followed :-
- Certificates/Licences should be authenticated by the customer under firm's/entity rubber stamp/stamp confirming the ownership of the said document.
- The bank official (BSM/BM/DBM/CBM/RHS) will cross verify the details available on the certificate from the website of the issuing authority and will put the declaration on the photocopy that “Copy of License / Registration Certificate is issued online and the details of License/Registration Certificate is verified from website of the issuing authority “instead of putting Original seen and verified stamp.
- Print out of the desktop due diligence conducted by the bank official to be attached with the certificate and the same should be supported by BM/CBM/RHS approval on usage of the online registration certificate as an entity proof.
- Details of the firm available on online issued certificate/license should exactly match with details available on website of the authority.
- Above guidelines in note, point 2 on website due diligence can also be considered for accepting electricity/telephone bills while accepting as second entity proof, the name & address must match with first entity proof. It should be self-attested by the customer and BSM/BM/DBM/CBM/RHS will put the declaration on the photocopy that “Bill copy is issued online and the details on the is verified from website of the issuing authority “instead of putting Original seen and verified stamp This will not be considered as address proof independently.
The document must be valid at the time of account opening.
In case of accepting entity proof for proprietorship entity and entity owned by HUF, utility bills & Service/professional tax certificate/Food License confirming Name of Proprietor, Firm’s name and address of Entity can be taken as valid proof of entity for sole proprietorship concerns. Name of the proprietary concern should necessarily match with the second entity proof collected. It has to be backed by the Bank official Visit.

Open a Current Account

Current Account Documents