Board Resolution Format for Opening Bank Account in Sbi

CORPORATE RESOLUTION OF THE BOARD OF DIRECTORS

FOR THE ESTABLISHMENT AND OPERATION OF BANK ACCOUNTS WITH STATE BANK OF INDIA (SBI)

DOCUMENT CONTROL & METADATA

• Effective Date: [Effective Date, e.g., November 14, 2023]
• Document Version: 1.0.0
• Jurisdiction/Scope: Corporate Governance & Banking Operations ([Insert Country/State of Incorporation, e.g., Republic of India])
• Governing Entity: [Full Legal Name of Company], a [Jurisdiction, e.g., Delaware Corporation / Indian Private Limited Company]

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OFFICIAL NOTICE & LEGAL DISCLAIMER

This document is a standardized corporate template designed to facilitate the opening and operation of a corporate bank account with State Bank of India (SBI). It imposes binding legal obligations on the Corporation upon execution. Modifications to this text may invalidate compliance with SBI’s institutional Know Your Customer (KYC), Anti-Money Laundering (AML), and corporate governance underwriting standards. Legal counsel and company secretaries should verify that the authorized signatories and quorum requirements strictly mirror the Corporation’s Articles of Association (AoA), Bylaws, or Shareholders' Agreement prior to execution.

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1. PARTIES & DEFINITIONS

• "Corporation": [Full Legal Name of the Company], having its registered office at [Registered Office Address], and Corporate Identification Number (CIN) / Registration Number [Insert CIN/Registration Number].
• "Bank": State Bank of India (SBI), including any of its domestic or international branches, subsidiaries, or authorized processing centers.
• "Board": The duly constituted Board of Directors of the Corporation.
• "Designated Accounts": Any current, savings, overdraft, cash credit, foreign currency, or collection accounts opened or to be opened in the name of the Corporation with the Bank.
• "Authorized Signatories": The specific directors, officers, or designated representatives authorized herein to operate the Designated Accounts pursuant to the operational mandates set forth in Section 4.

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2. RECITALS & PRELIMINARY MATTERS

WHEREAS, the Board of Directors of the Corporation has convened a duly noticed and constituted meeting (or executed a unanimous written consent in lieu thereof) in accordance with the applicable corporate statutes and the organizational documents of the Corporation;

WHEREAS, it is deemed to be in the commercial interest and best operational interests of the Corporation to establish and maintain banking relationships with State Bank of India (SBI) for the handling of corporate funds, credit facilities, trade finance, and treasury operations;

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby adopts the following operational and legal resolutions with full force and effect:

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3. OPERATIVE CLAUSES & TERMS

3.1 Authorization to Open Accounts

The Corporation is hereby authorized to open, maintain, and operate one or more current, savings, loan, or foreign currency accounts in the legal name of the Corporation with State Bank of India (SBI), located at [Insert SBI Branch Name, Address, or IFSC Code, if known].

3.2 Designation of Authorized Signatories and Operational Mandates

The Bank is authorized and directed to honor, pay, and draw upon any and all checks, drafts, bills of exchange, electronic fund transfers (ACH, NEFT, RTGS, SWIFT), wire instructions, and orders for the payment of money drawn in the name of the Corporation, signed, accepted, endorsed, or executed via digital signatures or electronic credentials by the following Designated Person(s):

Operational Matrix ([Select One Mode of Operation]):

• Solely by any [one] of the above-named individuals.
• Jointly by any [two] of the above-named individuals.
• As per specific internal delegation matrix attached hereto as Schedule A.

3.3 Acceptance of Bank Terms, Fees, and General Conditions

The Corporation hereby formally adopts and agrees to be bound by the standard terms, conditions, schedule of charges, digital banking agreements, and account rules of State Bank of India (SBI) governing commercial accounts, and authorizes the Designated Signatories to execute all account opening forms, KYC documentation, risk disclosures, and master service agreements required by SBI.

3.4 Borrowing and Credit Facilities (Optional / Contingent)

If applicable: The Corporation is authorized to request, negotiate, and secure credit facilities, overdrafts, working capital limits, letters of credit (LCs), and bank guarantees (BGs) from SBI up to an aggregate limit of [Insert Currency and Amount, e.g., USD 500,000 / INR 5,00,00,000], and the Authorized Signatories are empowered to execute all loan agreements, promissory notes, hypothecation deeds, and security documents required to perfect such facilities.

3.5 Electronic Banking and Treasury Services

The Bank is authorized to provide electronic banking services (such as SBI Corporate Internet Banking - CINB / Yono Business), and the persons listed in Section 3.2 are authorized to act as administrators and users to initiate transactions, download statements, and manage corporate liquidity online, subject to two-factor authentication and corporate security controls.

3.6 Ratification of Prior Acts

Any and all acts performed, documents executed, and applications submitted by any Director, Officer, or Designated Signatory of the Corporation prior to the date of this Resolution in connection with the opening of the Designated Accounts with SBI are hereby ratified, confirmed, and approved in all respects as the official acts and deeds of the Corporation.

3.7 Certification and Duration of Authority

The Chairperson, Managing Director, or Company Secretary of the Corporation is hereby authorized and directed to certify this Resolution to SBI. This Resolution shall remain in full force and effect until written notice of revocation, modification, or amendment, duly executed under the corporate seal (if applicable), is formally delivered to the authorized branch manager of SBI.

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4. EXECUTION & SIGNATURES BLOCK

IN WITNESS WHEREOF, the undersigned have executed this Corporate Resolution as of the Effective Date written above.

ATTESTED BY:

_____________________________________________
Signature of Chairperson / Managing Director
Name: [Insert Name]
Title: [Insert Title]
Date: [Insert Date]

_____________________________________________
Signature of Company Secretary / Director
Name: [Insert Name]
Title: [Insert Title]
Date: [Insert Date]

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5. STEP-BY-STEP EXECUTION & ENFORCEMENT GUIDE

1. Verify Quorum and Governance Requirements:
   • Review the Corporation’s Articles of Association, Bylaws, or Shareholders’ Agreement to ensure the meeting quorum was met and that the voting threshold required to pass board resolutions for opening banking relationships has been satisfied.
2. Complete Fillable Blanks:
   • Replace all bracketed placeholders (e.g., [Company Name], [Full Legal Name]) with accurate, legally verified data matching the Corporation's constitutional documents and government-issued identification.
3. Execution and Witnessing:
   • Ensure the document is signed by the designated corporate officers (typically the Managing Director, CEO, Director, and/or Company Secretary) in accordance with local corporate registration laws. Affix the official corporate seal if required by jurisdiction or company bylaws.
4. Compile Supporting KYC Documentation for SBI:
   • Certificate of Incorporation / Articles of Association: Certified true copies showing the legal existence of the entity.
   • PAN Card / Tax ID: Corporation tax identification documents.
   • Proof of Registered Address: Utility bill, lease agreement, or government registry extract not older than 3 months.
   • Identity Proof of Signatories: Valid passports, driver's licenses, or national ID cards of all authorized signatories along with passport-size photographs.
   • Ultimate Beneficial Ownership (UBO) Declaration: Information on any individual holding significant control or ownership (typically ≥25% or statutory threshold).
5. Submission to State Bank of India (SBI):
   • Submit the executed original resolution along with the corporate KYC package directly to the target SBI branch relationship manager or via the official SBI corporate portal. Obtain a stamped and acknowledged receipt copy for corporate records.