Register the business first, since the account is opened in its name, then apply with the papers RBI's KYC rules require. A private limited company or LLP brings its certificate of incorporation, MOA and AOA (or LLP agreement), the entity's PAN, a board resolution authorising the account and naming who signs, the list of directors, and each signatory's PAN, address proof and photograph. A sole proprietorship brings the proprietor's own KYC plus any two documents in the firm's name, such as the Udyam certificate, GST certificate, Shop and Establishment licence or a utility bill; a bank may accept one if it verifies the business at your address. Udyam registration is free and online, which makes it the quickest second document. Expect an initial deposit at opening, and compare the minimum balance after any waiver: IDFC FIRST's startup account has none for 3 years, HDFC's asks Rs 50,000 a quarter from the fifth quarter.
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.
From
rbi.org.inby Reserve Bank of IndiaRegulation (updated August 2025)
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.
ICICI Bank's own checklist of what to bring for each kind of business: an individual, a sole proprietorship, a partnership, an LLP and a company, with links to the board resolution format.
A practical, India-specific checklist of what a bank actually asks a private limited company for once you are incorporated: incorporation certificate, board resolution naming the authorized signatory, PAN, and KYC for the directors. It sets expectations so the account-opening visit does not stall on a missing document. Use it as a starting point and confirm the exact list with your chosen bank, since requirements vary slightly by bank.
The government's only portal for registering a micro, small or medium enterprise. It states registration is free and lists the revised limits: a micro enterprise has investment up to ₹2.5 crore and turnover up to ₹10 crore, a small one up to ₹25 crore and ₹100 crore.
IDFC FIRST Bank's startup account: no minimum balance until 3 years from account opening, free IMPS, NEFT and RTGS, for a Pvt Ltd, LLP or OPC incorporated within the last 3 years.
HDFC Bank's current account for startups, with the fees on the page: an average quarterly balance of Rs 50,000 waived for the first 4 quarters and a non-maintenance charge of Rs 3,000 a quarter after that. A DPIIT certificate is asked for only if you have one.
This is a genuinely startup-first way to open a current account in India online, with the account held by a partner bank (ICICI, Yes Bank, Axis, RBL, IDFC First) rather than by Razorpay itself. It leans into automation founders actually need early: bulk payouts, vendor payments, payroll, and multi-user access with controls. Treat it as one solid option to compare, not the only one, since pricing tiers and per-transaction charges apply.
