🇮🇳 Opening a Bank Account in India
Honest assessment of business banking for foreign founders in India.
India has a large banking sector with major private banks (HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra) and public sector banks (SBI, PNB, Bank of Baroda). Opening a current account for a Pvt Ltd requires the Certificate of Incorporation, PAN, board resolution, KYC of all directors, and the registered office proof. Most banks require an in-person visit. For companies with foreign directors, additional documentation (apostilled passport, overseas address proof) is required. Digital banking options are improving (RazorpayX, Open), but most corporate banking still runs through traditional banks. FEMA regulations govern all foreign exchange transactions — ensure your bank is informed about the nature and source of foreign remittances.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.