Article · Regulation (updated August 2025)

Master Direction: Know Your Customer (KYC) Direction, 2016

Reserve Bank of India · rbi.org.in Free Intermediate India

The RBI rule every bank follows when it opens a business account: the documents for a proprietary firm, a company, an LLP and a partnership, which is why every bank asks for roughly the same papers.

  • A proprietary firm needs any two proofs of business in its name, such as the Udyam certificate, a Shop and Establishment licence, a GST certificate or utility bills.
  • A bank may accept only one such document if it verifies the business at your address.
  • For a company the bank must collect the certificate of incorporation, MOA and AOA, PAN and a board resolution.
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It answers 2 questions

  1. Which bank is best for a startup current account in India?
  2. How do I open a current account for my business?

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