Opening Company Bank Account through MCA Portal
The MCA Portal allows for the opening of company bank account to reduce paperwork and service times. Private limited company or One Person Company or Limited incorporated in India can use this feature to quickly open a company bank account with some of the major banks in India. In this article, we look at the procedure for opening a company bank account through MCA Portal.
Opening Company Bank Account Online – PAN Card
Company bank account is one of the first requirement after incorporation of a company – as it is required for transacting. After incorporation of company, one of the first tasks is to apply for PAN for the company.
Once, PAN is applied – the PAN application acknowledgement can be used to open a bank account in some Banks. Many banks require a copy of the actual PAN Card. To use the MCA portal for opening company bank account, a copy of the actual PAN Card of the company is required.
Banks available through MCA Portal
A company bank account can be opened in the following Banks through the MCA Portal:
- Andhra Bank
- Citi Bank
- HDFC Bank
- ICICI Bank
- Kotak Mahindra Bank
- Yes Bank
Irrespective of city or state or branch, company bank account can be opened through the MCA Portal. Once an application for bank account opening is submitted through the MCA Portal, it is forwarded to the concerned bank for approval and opening of account. It is important to note that the MCA does not approve the opening of company bank account, the responsibility still rests with the concerned bank. MCA acts only as an enabling agent. Also, after filing of form for opening of company bank account through MCA, all other activities for operation of the bank account account needs to be taken up with the bank directly.
It is also important to note that this procedure for opening a company bank account through the MCA Portal is only an option and Directors of a Private Limited Company or One Person Company or Limited Company can still approach the bank directly for opening of bank accounts.
Document & Information Required for Opening Company Bank Account
To open a company bank account through the MCA Portal, the following information must be submitted:
- Name of the Bank in which account is to be opened (From the options available)
- Branch Location Information
- Corporate Identity Number (CIN) of the Company
- Business Address
- Email Id for the Company
- PAN Number of the Company
- Details of the Directors along with DIN Number
- Details of authorised person(s) allowed to operate the bank account
- Type of Account to be opened
- Purpose of account
- Source of funds
- Expected turnover
- Expected balance in the bank account
- Whether there are any loans from other banks?
The following documents must be submitted for the opening of the Company Bank account:
Resolution of the board of directors delegating power to opening and to operate the account(s) of the company/ corporation.
- Proof of work/office address from where account is to be operated (Telephone bill, Rental Agreement)
- Proof of identity and proof of address of the authorised persons
- Copy of Income Tax PAN of the Company
Submitting Form for Opening Company Bank Account Online
Once the application form is prepared, the eForm must be digitally signed using a digital signature by Managing Director or Director or Manager or Secretary of the Company authorised by the Board of Directors. On digitally signed, the eform can be uploaded to the MCA portal for forwarding to the concerned bank authorities and enabling the opening of bank account in the name of the company.
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