How Do I Open a Company Bank Account for Employees in a Small Business?

Hi, I'm Keerthi, working as an HR in a small company. Up to now, this company does not have any bank account. However, now they want to open a bank account. Could you please let me know what the procedure is to open a company bank account for all the employees?

First, you need to decide from which bank you want to operate the salary account for your employees. Every bank has its own set of policies to open the salary account. It is better to discuss this with the banker. If you decide to open a salary account, you should have a current account, and from that current account, you should disburse the salaries.

To open a company bank account, necessary formalities must be adhered to, and the account can be opened at any bank. The documents required for opening a company account are as follows:

1. Ownership proof of the company
2. Address proof
3. Three photos
4. Letter pad duly signed by the owner with the company seal for opening a current account
5. TIN number, etc.
6. Xerox copy of tax forms
7. Current account opening form to be provided by the bank authorities; otherwise, kindly get in touch with the bank, who will certainly assist you.

With regards,