Opening a bank Account

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Dilip Kumar (Querist)
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27 April 2009 hi friends,

I am eager to start my new small business with less investment. I am thinking to open a new business account. I found to open a new business, it will take a minimum amount is 1 lakh. Is that true? can anyone tell me how I can open a new account for my small business in any bank?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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27 April 2009 You can start a current account with as much low as Rs.5000/- do not go for a banks like icici or hdfc. Go to banks like canara bank or andhra bank or syndicate bank ask for ordinary current account. It will be rs.5000 only. This will help you to start your business.

Dilip Kumar

Dilip Kumar (Querist)
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27 April 2009 but do they ask for this type of material. like MOA / Board resoulution etc. Does this bank will simply ask to fill the form with simple my address proof? thanks in advance

Dilip Kumar

Dilip Kumar (Querist)
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27 April 2009 but do they ask for this type of material. like MOA / Board resoulution etc. Does this bank will simply ask to fill the form with simple my address proof? thanks in advance

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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27 April 2009 It depends on the type of entity you choose.
If you choose it as proprietory concern then your id proff and address proff is sufficient.

I hope you are at this stage only.

moa and aoa will arise to limited companies and not to proprietory concerns.

Ankur Garg

Ankur Garg (Expert)
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30 April 2009 Agree with Expert.

It depends on the type of entity you choose to start your business.

If you float a company whether public or private then MOA or AOA very much required to open bank account.

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