MicroStartup Bank Account is Ready

As promised, I will be sharing all the updates about my new company MicroStartup here in this series.

Previously I posted about our company getting incorporated. After incorporation, I had to sign papers and forms to get the bank account opened. There were more than 50 signatures required. I don’t know why we are not yet at a stage where we can open bank accounts online and make digital signatures.

We also had to get a rubber stamp done. I really don’t know what kind of authentication or security a rubber stamp brings. But they insisted on it and we waited another 2 days for that. Anyone can make a rubber stamp in any stationary shop in any name. It doesn’t add any security to anything. But old ways are old ways and the practice still continues.

We chose HDFC bank for opening our current account. Most banks are equally painful to deal with but known devils are better than unknown angels. All bank interfaces have bad UI/UX but I have learned to navigate myself through HDFC’s interface, so we chose HDFC bank. Also the bank is just next to our office and it makes it easy.

I added 25,000 for the minimum balance from my personal account. I am supposed to add a total of 99,000 for the paid up capital before 180 days of the company incorporation. So another 74,000 I should add.

So now you also know my account number and IFSC code, you can send some money if you want to (ha ha).

I am going to get back to work from tomorrow. I have been on a vacation while all this was getting ready. Let’s see where we go from here. A journey of a 1000 miles starts with a single step.