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21 October, 2021

Describe the procedure for opening the following types of accounts, Joint Stock Company, Partnership Firm

 Joint Stock Company

   Banks prescribed Account Opening application form,

   Certified copy of the Memorandum & Articles of Association of the Company,

   Certificate of incorporation,

   Certificate of commencement of Business (For Public Limited Companies only),

      Extract of the Board resolution sanctioning the account opening and signing authority,

   List of the Director with address in specified from,

   Photograph of the signatories,

   Copy of valid Trade License,

   Introducers signature in the A/C opening form and at the back of the photograph(s) of Account holder(s),

   List of names with Appointment letter and Specimen Signature of the Persons authorized to operate the Account, and

      The personal identity of all the directors or beneficial owner(s) proprietor of the Firm has to be


established by any of the documents as mentioned in Individual or Joint Customer category

 

Partnership Firm

 

          Banks prescribed Account Opening application form signed by the partners in front of

respective bank personnel,

          Certified copy of Partnership Deed/ Agreement,

          List of the Partners with Address,

          Extract of resolution of the partners Meeting,

          Copy of valid Trade License,

          Photograph of the signatories/ Partners,

          Specimen signature card (To be signed by the signatories in front of respective bank personnel,

          Introducers signature in the A/C opening form and at the back of the photograph(s) of Account

holder(s),

     Identity of all Partners/ Directors must be verified in line with the requirements for personal customers. Where a formal partnership agreement exists, a mandate from the partnership

authorizing the opening of an account and conferring authority on those who will operate it should be obtained,

          Evidence of the trading address of the business or partnership should be obtained and a copy

of the latest report and accounts (audited where applicable), and

     An explanation of the nature of the business or partnership should be ascertained (but not necessarily verified from a partnership deed) to ensure that it has a legitimate purpose.