IB Account
Required documents for Opening IB Account
Individual Account
- Copy of Valid Photo ID for account holder/
Applicant and Nominee (Such as Passport / National ID/ Birth Certificate etc.) - Passport size Photograph of the Applicant – 2
Copy, Nominee duly attested by the applicant – 1 Copy. - Address Verification Documents if Address not matched
with Applicant Photo ID e.g. Utility Bill etc. - An Undertaking Form duly signed by the Remitter,
required before crediting any foreign currency into the account.
Non-Individual Account
- Extract of Resolution/Board Resolution
- Trade License or alternative document
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Form X & XII
- Photo Identification of Shareholder (Top 5
Shareholder’s details when Share Holder is more than 5. If the shareholder
is less than 5 then all shareholder’s/All authorized Signatories for the
account/The beneficial owners of the Company) - 2 copy Passport size Photo of Shareholder (Top 5
Shareholder’s details when Share Holder is more than 5. If the shareholder
is less than 5 then all shareholder’s/All authorized Signatories for the
account/The beneficial owners of the Company) - An Undertaking Form duly signed by the Remitter.
This will be required before crediting any foreign currency into the account.
OBO Fixed Term Deposit:
- 3 month to 1 Year
- Above 1 Year to 3 Years
- Above 3 Years to 5 Years
Rate of Interest on OBO Fixed Term Deposit:
| Period of Deposit | Ceiling Rate |
| Up to 1 Year not less than 3 months | Benchmark reference rate + 1.5 percent |
| Above 1 year and up to 3 years | Benchmark reference rate + 2.25 percent |
| Above 3 years and up to 5 years | Benchmark reference rate + 3.25 percent |
Application to Open IB / Foreign Account (Individual)
Application to Open IB / Foreign Account (Non-Individual)
