- Deepak Kanakaraju
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- MicroStartup Bank Account is Ready
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.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/afd9789f-d4af-4449-8c66-79420ce91116/seal.jpg?t=1717988817)
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.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bad766d4-2caf-489d-ad4b-c72dfa25fedd/Screenshot_2024-06-10_at_8.41.37_AM.png?t=1717989137)
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.