I have been trying to open a current account for my newly formed company. First, I tried Axis Bank. They seemed to be shocked at the measly transaction amount I estimated per year. Reluctantly, they took my application. But, even after 60 days, the account has not been created and the application is in Limbo.
Now, I am trying to create an account at State Bank. My dad has a few connections there as he used to work in Gramin Bank. Here, we are faced with a weird requirement: GST Number. Nationalized banks seem to be asking for this. The company that helped create my company insists that it is the other way around and one needs a Bank Account to apply for a GST. They themselves offer a GST registration service as such hold no reasons for giving me wrong information. When I asked them why the nationalized banks ask for GST, they told me that’s a norm for them and I should either get in touch with someone higher up or go to a private bank.
My father got hold of a senior manager at State Bank and he helped us get past the insane requirement. However, now we are stuck with an invalid Corporate Identification Number (CIN). We demonstrated several times that the CIN was fine by going to the MCA’s website and looking up the company details. It seems SBI’s software has had a recent update and that is causing this. The banker has assured us that he will get to the bottom of this and open the account.Tags: bank account, cin, gst