Frequently Asked Questions (FAQs) on Corporate Bank Account

Posted: 09/02/2012 in Banks, Company, DIN, Directors, Frequently Asked Questions (FAQs), MCA, PAN

1. Is this form applicable for opening account in any bank/branch anywhere in India?

Presently, only following banks are covered opening of corporate bank account through MCA:

  • ICICI Bank
  • HDFC Bank
  • Andhra Bank
  • Kotak Mahindra Bank

2. Whether only director can be assigned as an authorized person on behalf of the Company?

No, it is not mandatory to assign the director to act as a authorized person. Any other person associated with the company can also be assigned as a authorized person. In case the authorized person is a director, then his/ her DIN shall also need to be provided along with the income tax PAN.

3. What information to be given under ‘Sources of Fund’, if company is newly incorporated?

User shall provide the information related to the main source of future income i.e. either through trading business, manufacturing unit, provisioning/ rendering of services, etc under ‘Sources of Fund’.

4. Under ‘Expected Balance’ whether Minimum Balance or Maximum Balance is to be given?

User shall provide the minimum balance which he/ she is expecting to maintain in the bank account to be opened.

5. How to update the details in case of any changes made relating to Authorised Person/Address/Bank Branch etc?

There is no facility to make any changes/ updations through this form. User is required to contact the concerned bank branch for such corrections/updations.

6. Who will be the approval authority of the form?

Concerned bank in which the bank account is to be opened shall be the approval authority of the form.

7. Is it a mandatory to file this form for every company being incorporated in MCA21 system?

No, It is not mandatory for every company to file this form. This is an additional facility provided to the corporate for opening of their bank account through MCA portal without the need of submitting physical papers with the bank and thereby reducing the overall service delivery time.

8. Is it possible to open the account in the earlier process (submission of physical documents) after implementation of the new process?

Yes, User has the option either to open the bank account through the earlier process (submission of form physically in the bank) or through the new process (online submission of form on the MCA portal).

9. Can a company change the bank and/or branch through the MCA21 system?

There is no facility to make any changes/ updations in bank / branch details through the MCA21 system. User has to contact the concerned bank/ branch for any changes/ updations in the details.

10. Can an existing account holder change the bank and branch details by filing such form?

No, this form is for opening of a new corporate bank account only. For correction/modification in details of already opened bank account, the user shall be required to contact the concerned bank/ branch.

Source: Ministry of Corporate Affairs.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s