How to open a bank account in India?

You would need a bank account in India, if you wish to make investments here or receive payments for your business. However getting proper information as to how to go about opening a account is very difficult. Keeping this in mind, we have compiled this informative article that might help you. The significant boom in the Indian banking sector has made it easier for people to reach banks for any requirements. Now you only have to follow some basic steps to open a bank account in any of the Indian banks, provided you have the complete documents.

How to choose the bank?

India has a strong banking sector, with 88 scheduled commercial banks, 27 public sector banks, 31 private banks and 38 foreign banks. Choosing the bank in which the account should be opened will make it easier to gather information. Some of the points you need to remember while selecting a bank includes:

Branches: While selecting banks for opening account, you should look for the banks who have both onshore and offshore branches to facilitate you in case you need a prompt service when anything goes wrong with your account.

Fees: You should be informed about how much fees your bank will charge for various transactions like money transfers, ATM withdrawals, U.S. currency deposits etc. Compare the charges with other banks if the fees seem too high.

Process to open a bank account in India: Opening a bank account in India is not a task as long as you have enough money for initial deposit and the required documents for the application. The initial procedure is to fill up the application form and submit some documents to the bank as a part of their procedure in knowing their customers. These documents are required whether you are applying a savings, checking or any types of bank accounts.

Documents required for opening anaccount for an international company or individuals:

1. For Proof of Identity requirements, you can prepare at least two of any of the following ID:

·     PAN card

·     Voter’s ID card

·     Passport where address differs in the application form

·     ID card of the current employer

·     Driver’s License

·     Government ID card

·     Photo ID card issued by Post Office

>> For companies: Business incorporation certificate copy + company address proof - attested by the Indian embassy.

2. For validating the proof of address, you must bring any one of the following:

·     Electricity Bill

·     Income Tax

·     Credit card statement

·     Salary slip with address

·     Telephone Bill

·     Letter from a reputed employer

·     Bank Account Statement

·     Letter from any recognized public authority

·     Ration card

3. Two recent photographs with a size of 2.5 cm x 3.5 cm

4. Initial deposit of your account

Every bank has its own minimum initial deposit for opening a new bank account. You can visit the website of the bank to get the specifics.

5. Signature verification