U & P wants to create a Trust. Advise them in the following matters: Can a Trust open a Bank Account in its name, if yes, then other than Trust deed what other documents are required to open the bank account?

CS Executive · Setting up of Business Entities and Closure · PYQS · June 2021
U & P wants to create a Trust. Advise them in the following matters: Can a Trust open a Bank Account in its name, if yes, then other than Trust deed what other documents are required to open the bank account?

Answer & Explanation:

IV) Trust can apply for a permanent account number for the trust and open a bank account for it as it is a separate entity. Other than Trust deed, the following documents would be required: Account opening form; Copy of PAN Card in the name of the Trust; Proof of address of the Trust; Certified copy of resolution regarding opening and operation of the account; Details of trustees, settlor, beneficiaries and signatories with their identity and address proof; (KYC documents) Power of attorney, if any, granted to any employee to transact business of the Trust;

Topics: Trusts

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