[Inpycon] Bank account for Python India
ramdaz at gmail.com
Mon Mar 1 04:45:17 CET 2010
I believe without having a legal entity in place, we cannot start a bank
account. I don't think any bank will allow you start an account otherwise
because of stringent RBI guidelines.
- The account should have atleast two people who have complete
> power over it. We can't have the entire machinery depend on just a
> single person.
Yes. We need to have two authorized signatories, with any one's signature
> - The two people mentioned above should be contactable and
> preferably in large cities.
We can have one person from Bangalore, and another person say from Chennai,
since Chennai is going to be handling next event
> - The bank should have a major branch in most of the larger cities
> and definitely one in Bangalore - I think the latter point is
> important because most of the active members of the society are in
We can opt for an account with any of these banks --ICICI, HDFC, Axis or
SBI. All of them are equally good and bad, and individualistic opions will
differ. I know people want to debate on it. But unless you plan to transact
crores of Rupees, the services offered by any of these banks will not
differ. The account can be started anywhere, as long as they issue check
books that is payable at par.I guess we can also have net banking, and since
we have quite a few tech savvy guys, it may be safe also.
> If there are any other points that are relevant, please pitch in.
> After we're decided on the details, let's see how we can get this
All said and done without a legal entity in place, it will not be worthwhile
even discussing it right away. The easiest is once Kenneth gets papers, he
can approach any of the above said banks in Ooty, and discuss with them the
options of starting payable at par, business account with a minimum balance.
Kausik and you can travel across and sign and become the authorized
signatories, that will also resolve the issues, and in 7 days we can have a
bank account. Or you guys can pool in Bangalore, and do the same.
Trust me this is the least complicated among all tasks in hand. Any bank
will have peiople who'll assist you with the process, and they'll take care
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