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What are the documents required to open a partnership account?

A partnership account can only be opened offline, unlike regular accounts that can be opened online.

The documents required to open a partnership account depend on the KYC status of the partnership firm and the partners. To know how to check the KYC status, see What is Know Your Customer(KYC)? How can I check my KYC status?

If the KYC of the partnership firm and the partners is not registered the following documents are required to open a partnership account:

Application form

Equity application form (PDF) and commodity application form (PDF).

Demat Debit and Pledge Instruction (DDPI) form (PDF) - DDPI is a document that allows a broker to debit the securities from the client’s demat account and deliver them to the exchange. The client doesn’t have to enter the CDSL T-PIN and OTP to sell shares once the DDPI is submitted. However, DDPI is optional. If clients do not wish to submit the DDPI, CDSL T-PIN can be used for authorisation. To learn more, see What is Demat Debit and Pledge Instruction (DDPI)?

FATCA Declaration.

Foreign Account Tax Compliance Act (FATCA) declaration (PDF).

Account opening annexures - The annexures should be on the partnership firm letterhead.

Supporting documents

  • A PAN copy of the partnership firm with the seal and signature of the authorised signatory or partner(s).
  • Address proof in the partnership firm name with the seal and signature of the authorised signatory or partner(s). Address proof can be any one of the following: Latest month transaction copy of bank statement, utility bill, lease or rent agreement or registration certificate.
  • Self-attested individual PAN copy of all the authorised signatory or partners.
  • Self-attested individual address proof of all the authorised signatory or partners such as passport, Aadhaar, driving license etc.
  • Individual KYC form (PDF) filled and signed by the authorised signatory or partners. The partners have to sign without the stamp on individual KYCs and supporting docs.
  • Additional copy of PAN and address proof of the authorised signatories with the partnership firm seal and signature
  • A copy of the partnership deed attested by a public notary. The investment clause must be included in the deed. The first 3 pages of the partnership deed (on all pages, if less than three) should have the seal and signature of the authorised signatory.
  • A copy of the certificate of registration if the partnership is registered. (For Registered Partnerships only)
  • A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or director. The balance sheet must be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF). The balance sheet has to be submitted every financial year after the account is opened.
  • If the partnership firm is newly incorporated, a net-worth certificate from a Chartered Accountant with UDIN- Number specified and income tax declaration (PDF) on the partnership firm letterhead with authorised signatory/partner seal and signature.
  • A bank account proof of the partnership firm for linking with the Zerodha account. The bank proof can be one of the following: A personalized cancelled cheque with the partnership firm name printed on it, a bank statement or bank passbook copy with bank account number, MICR, and IFSC code clearly visible.
  • Any one of the following income proof to activate the F&O and Commodity segment:
    • Latest six months bank statement or passbook of the partnership firm account.
    • Latest year audited Profit and Loss statements.
    • Latest year ITR (Income tax return) Acknowledgement.
    • Net-worth Certificate from the Chartered Accountant with UDIN- Number specified.
    • DP Holding statement of the entity.

If a partner is a foreign national or an NRI, then the individual KYC page (PDF) is required and a copy of documents such as PAN, passport, VISA, OCI or PIO or resident permit card, Indian and overseas address proof have to be notarised by authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside.

Refer to the signature guidelines (PDF) to sign all the forms.

IPV

A physical verification, as part of the mandatory In Person Verification (IPV) requirement for all brokers, is required for non-individual accounts. One of the partners would be required to visit a Zerodha branch office or a representative of Zerodha would be required to visit the offices/residence of the client to complete the IPV procedure. See What is in person verification and why is it needed?

UBO (Ultimate Beneficial Owner)

If an individual has 15% or more of capital or profit ratio in the partnership firm, the individual should identify as an ultimate beneficiary and is required to submit UBO annexure.

In case no natural person is identified, the senior managing official may be considered the Ultimate Beneficial Owner.

  • A copy of UBO annexure (PDF) with signature on the 3rd page of such who holding 15% or more.
  • A copy of the PAN and address proof with self-attestation of those holding 15% or more.

If an entity is having more than 15% of shareholding, capital or profits in the firm. In that case, the entity should identify as an ultimate beneficiary, and is required to submit UBO annexure.

  • A copy of UBO annexure (PDF) with signature on the 3rd page of the partner or whole time director or individual promoters of such an entity holding 15% or more.
  • A copy of the PAN and address proof with self-attestation of the whole time director or individual promoters of such an entity holding 15% or more.

Latest shareholding pattern (PDF) (on the company letterhead) of such an entity holding 15% or more, with signature of the whole time director or idividual promoters

Additional documents to be provided for opening a partnership account in case another private limited or public limited company is a partner in this firm-

In case the company is KYC registered, a board resolution is required to verify the authorised signatories.

In case the company is not KYC registered, the following documents and annexures should be signed by authorised directors with the company 's stamp:

  • KYC (PDF) of the company and the promoters or directors of the company.
  • PAN copy and address proof of the company with seal and signature of the authorised signatory or director.
  • PAN copy and address proof of the directors with self-attestation, without the company seal.
  • Memorandum Of Association (MOA) and Articles Of Association (AOA) of the company . The company 's MOA should authorise the company to be a partner in the partnership firm.
  • A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or director. The balance sheet must also be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF).
  • If the company is newly incorporated, then a net worth certificate from Chartered Accountant along with the ITR Declaration annexure (PDF) are required.
  • Board Resolution, the latest shareholding pattern (PDF), list of directors Annexure (PDF), Annexure-A (PDF) with specimen signature and photograph. These annexures and board resolutions are to be provided on the company 's letterhead.
  • Certificate of incorporation with authorised director seal and signature.

Account opening cheque in favour of Zerodha Broking Limited:

  • ₹500 towards Equity trading account opening charges.
  • ₹300 towards Commodity trading account opening charges.

If the KYC of the partnership firm and the partners is registered, the following documents are required to open a partnership account:

Application form

Equity application (PDF) and Commodity application (PDF).

Demat Debit and Pledge Instruction (DDPI) form (PDF) - DDPI is a document that allows a broker to debit the securities from the client’s demat account and deliver them to the exchange. The client doesn’t have to enter the CDSL T-PIN and OTP to sell shares once the DDPI is submitted. However, DDPI is optional. If clients do not wish to submit the DDPI, CDSL T-PIN can be used for authorisation. To learn more, see What is Demat Debit and Pledge Instruction (DDPI)?

FATCA Declaration.

Foreign Account Tax Compliance Act (FATCA) declaration (PDF).

Supporting documents

  • A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or director. The balance sheet must also be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF). The balance sheet has to be submitted every financial year after the account is opened.
  • If the partnership firm is newly incorporated, then a net-worth certificate from the chartered accountant with UDIN- number specified and income tax declaration (PDF) on the partnership firm letterhead with authorised signatory or director seal and signature.
  • A bank account proof of the partnership firm for linking with Zerodha. The proof can be any one of the following: A personalized cancelled cheque with the partnership firm name printed on it, a bank statement, a bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.
  • Any one of the following income proof to activate the F&O and commodity segment:
    • Latest six months bank statement or passbook of the partnership firm account.
    • Latest year audited profit and loss statement.
    • Latest year Income Tax Return (ITR) acknowledgement.
    • Net-worth certificate from the chartered accountant with UDIN number specified.
    • DP holding statement of the entity.

Account opening annexures - The annexures should be on the partnership firm letterhead.

Need help? Call our partnership desk on +91-080 4719 2020 or create a ticket.

Once the documents have been filled and signed, email the soft copy of all the forms to [email protected] Zerodha’s team will review the documents and revert for corrections before they are sent to avoid delays in the account opening process. After confirmation, the documents can be couriered to the following address:

Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078

To know the charges applicable to a partnership account, see What are the account opening, brokerage and other transactional charges applicable to a Partnership account at Zerodha?