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What are the documents required to open a current account for a proprietorship firm?


Akash Mehta

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Proprietorship firm is a growing form of a trading factor in India. Even though a proprietor and the firm are entirely different concerns, they are both recognized as one legal asset when it comes to proprietorship., But, an owner or proprietor must open an account in a bank in the name of proprietorship firm. 

You need the mentioned documents to prove your proof of identity, residence address, and Date of Birth to change DOB in PAN card or any other corrections.

1.An OVD( Officially Valid Document ) which can be one of:

  • Driving license
  • Voter’s ID Card published by the Election Commission of India.
  • PAN Card (Permanent Account Number)
  • Job sheet dispensed by NREGA properly approved by a State Government officer.
  • Passport
  • Validation letter published by the Unique Identification Authority(UIA) of India comprising particulars of address, Adhar number, and Name.

2.Address Proof (Any one of listed)

  • Utility bill of any service provider not older than 2 months (electricity, telephone, water bill, etc).
  • Transaction statement of Bank account.
  • Property or Corporate Tax receipt.
  • Pension Payment Orders (PPOs) proceeded to resigned employees from Government Departments.
  • Accommodation allotment letter provided by the employer, which is issued by the Central or State Government.
  • Likewise, leave and permit agreements with before-mentioned employers assigning endorsed accommodation.
  • Documents issued by Mission in India or Foreign Embassy.

3.If the opening account is in Sole Proprietary Firm Name

If the bank account is being made in the name of a sole proprietory firm, a verified OVD copy as specified above with one of the two below mentioned documents need to be submitted.

  • GST Registration

  • Comprehensive Income Tax Return in the sole proprietor's name authenticated by corresponding authorities of the Income Tax.

  • Certificate of Practice published by an expert body consolidated under an enactment.

  • Shop and Establishment Act License.

If some are not able to present two documents, banks may assist you in initiating an account with just one supporting document. But the bank ill authorizes someone to verify the permanence of the proprietory firm in the described address.

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