SBI KYC Documents For Business Entities

Before opening a corporate / business account (Current Account) with SBI, bank will request you to submit your KYC (Know Your Customer) documentation. It's the first step bank can do to prevent Money Laundering or meeting statutory requirement, a corporate entity should follow. Here is the comprehensive document list that various type of account should submit in order to start and function seamlesly a current account facilitate.

Banking KYC for Corporate / Business accounts

KYC Documents for Current Account Under Proprietorship Business

  1. Proof of the name, address and activity of the concern like registration certificate (in the case of a registered concern).
  2. Certificate / license issued by the Municipal authorities under Shop and Establishment Act.
  3. Sales / GST / VAT and income tax returns.
  4. GST / CST / VAT certificate, certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities.
  5. License / Certificate of practice issued in the name of the proprietary concern by any professional body incorporated under statue (eg: Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, etc.).
  6. The complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the Income Tax authorities.
  7. Utility bills such as electricity, water and landline telephone bills in the name of the proprietary concern.

KYC Documents for Current Account Under Partnership/ Limited Liability Partnership Business

  1. Registration Certificate (in case of registered firms).
  2. Partnership deed dated.
  3. An officially valid document in respect of the partners and persons holding Power of Attorney to transact on its behalf.
  4. Mode of operation in case of Partnership to be indicated (Viz. All Partners jointly / severally (singly), Partner 1 & 2 jointly / severally (singly) etc.).
  5. Partnership letter with date and number obtained signed by all partners (To be compulsorily obtained in case of partnership firms).
  6. Addresses of the Power of Attorney holders
  7. Power of Attorney (PoA) granted to a partner or employee of the firm to transact business on its behalf.
  8. KYC of all partners and beneficial owners.

KYC Documents for Current Account Under Business of Limited Companies

  1. Original Certificate of Incorporation (for inspection and return) and a copy of the same is retained.
  2. Memorandum of Association registered and Articles of Association obtained.
  3. A resolution from the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf.
  4. Any officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf.
  5. Certificate of commencement of business (in case of Public Limited Company).
  6. CIN Number
  7. Copy of PAN of Company
  8. Proof of current address
  9. Any officially valid document / Identification of those who have authority as per POA granted to operate the account (as applicable to individual accounts) and KYC of all such persons operating the account and beneficial owners.
  10. Original Certificate of Registrar of Joint Stock Companies (for inspection and return) and a copy of the same is retained. (This certificated is not required when, a. The company is a private company; b. The company was registered before 1913 and does not invite the public to subscribe for shares; c. The company is Limited by guarantee and does not have a share capital).
  11. Company is entitled to commence business (for inspection, entry in the Power of Attorney Register and Certified copy of a resolution, regulating the conduct of the account.
  12. Personal Information Sheet of the Chairman / Managing Director / Chief Promoter obtained.