šŸš€ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. šŸ”„
Login

Back

Mohammad Arshad

Be SubtleĀ ā€¢Ā 23h

Need Help on a Paid-Up Capital vs Initial Deposit Confusion Hi everyone! Iā€™ve just incorporated my private limited startup and Iā€™m in the process of opening our company current account. The bank (Kotak Mahindra) requires a mandatory initial deposit of ā‚¹2,00,000 to activate the current account. However, as per our MCA incorporation documents, our declared paid-up capital is only ā‚¹1,00,000 (ā‚¹50K each from two founders). šŸ” My question is: If I deposit ā‚¹2L first (as required by the bank), will that conflict with the requirement to show the ā‚¹1L paid-up capital? Can I still transfer ā‚¹50K + ā‚¹50K after that and treat it as paid-up capital ā€” even though it won't be the first transaction? Also, how should the initial ā‚¹2L be recorded in the books ā€” director loan? advance? Would love clarity from anyone whoā€™s dealt with this! Thanks in advance šŸ™

Reply
2

More like this

Recommendations from Medial

Samanth Shetty

Building NestsureĀ ā€¢Ā 25d

Are there any Bank official who works in loan department? had one doubt. Please answer it below Doubt : If a business needs 45cr capital, and i need 2cr loan from a bank ( Paid-up capital is just 6 crore, and 38cr loan is sanctioned from a bank ). S

See More
Reply
4

Ravi Teja Reddy

Hey I am on MedialĀ ā€¢Ā 3m

Can I Start Up with ā‚¹50K Monthly Income & ā‚¹5 Lakhs Capital? Hey founders and hustlers, Iā€™m currently earning ā‚¹50K per month and have saved up ā‚¹5 lakhs as capital. I'm passionate about starting my own venture ā€” but Iā€™m wondering, is this enough to:

See More
Reply
3
Image Description
Image Description

mayur savaliya

Founder and Entrepre...Ā ā€¢Ā 6m

hello, can anyone suggest the best bank for a startup in initial phase we want to open a bank account, also it would be great if you give suggestions like what to do and what to not would love to hear from you guys.

4 Replies
2

Pravesh Mourya

Young and energetic ...Ā ā€¢Ā 1m

is there any startup on medial whose paid up capital is more than 10 crore rupees

Reply
2
Image Description
Image Description

Akshay Chandromittal

šŸš€Building Wheeloy |...Ā ā€¢Ā 5m

Guys need help, which bank provides the best current account for startups?

3 Replies
14

RAKESH GAJULA

Founder & CEO of REL...Ā ā€¢Ā 3m

Need Suggestion! Which is the best startup friendly bank to open an account.

Reply
1
Image Description

Adithya Pappala

G.P Seed-VC|Investin...Ā ā€¢Ā 8m

#9TDAYVC- DAY10 šŸŽÆWhat is meant by Blind Pool? šŸŽÆWhat is Draw Down? šŸŽÆCapital Commitments: Capital Commitments under less than 1 Crore is not acceptable under AIF.Employees or Directors of the AIF should Invest a minimum of 25 lakhs. 20 Crores

See More
1 Reply
2
Image Description
Image Description

Chamarti Sreekar

Passionate about Pos...Ā ā€¢Ā 2m

8 Startup-Friendly Banks in India 1. YES Bank Startup Banking https://www.yesbank.in/business-banking/startup-banking 2. HDFC Bank SmartUp https://www.hdfcbank.com/personal/pay/cards/startup-services/smartup 3. ICICI Bank InstaBiz for Startups htt

See More
10 Replies
60
46
Image Description

Aadesh Panwar

Co-Founder & CEO at ...Ā ā€¢Ā 3m

Which is the Best option(Bank) to Open Current Account for Startups? Could you share your experience with the Banks if you have Current Account

1 Reply
4
Image Description

Chamarti Sreekar

Passionate about Pos...Ā ā€¢Ā 3m

When we deposit ā‚¹100 in our savings account, we earn ā‚¹4 per annum as interest at a 4% rate. But if we withdraw ā‚¹100 from ATMs (beyond the free limit starting from 1st May), we have to pay ā‚¹23 as charges.

1 Reply
21

Download the medial app to read full posts, comements and news.