Indian Bank Common account opening Form Non Individual

Indian Bank Common account opening Form Non Individual from Download

Here are the key points from the Indian Bank Common Account Opening Form for non-individuals:

Target Audience: Strictly for non-individual entities like companies, partnerships, trusts, and societies (pp. 1, 16).
Standardized Use: Serves as a uniform KYC and account opening format across public sector banks (p. 1).

Tax Identifiers: PAN or Form 60 registration is mandatory for all domestic entities (p. 1).
Business Details: Captures incorporation dates, country of formation, and GST numbers (p. 1).

Global Tax Laws: Includes exhaustive declarations for FATCA and CRS compliance to capture international tax residencies (p. 3).
Legal Entity Identifier: Demands an LEI code for tracking large-value financial transactions when applicable (p. 3).

Beneficial Owners: Requires separate declarations to reveal natural persons holding ultimate ownership or controlling stakes (pp. 1, 12).
Thresholds for Control: Definitive ownership stakes trigger controlling status (e.g., >25% for companies, >15% for partnerships and trusts) (pp. 12, 17).
Risk Categorization: Evaluates applicants based on High, Medium, or Low-risk profiles (Trust accounts default to High Risk) (pp. 6, 17).

If you want to look at specific entity setups, tell me:

What type of legal entity (e.g., private company, trust, partnership) you are registering?
Which specific documents or sections you would like to clarify?

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