Opening Company Bank Account through MCA Portal

Last updated : February 10th, 2020 05:15 pm

Opening Company Bank Account through MCA Portal

The MCA Portal allows for the opening of the 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 the MCA Portal.

Opening Company Bank Account Online – PAN Card

The company bank account is one of the first requirement after incorporation of a company – as it is required for transacting. After incorporation of the company, one of the first tasks is to apply for PAN for the company. The following video shows the procedure for applying PAN for a private limited company or one person 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 the opening company bank account, it requires a copy of the actual PAN Card of the company.

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, a company bank account can be opened through the MCA Portal. After submitting the application for bank account opening through the MCA Portal, it forwards the application to the relevant bank for approval and opening of the account. It is important to note that the MCA does not approve the opening of a 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 the operation of the bank 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 the 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 the 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 open and to operate the account(s) of the company/ corporation.
Proof of work/office address from where the 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

After preparing the application form, digitally sign the e-Form using a digital signature by the Managing Director or Director or Manager or Secretary of the Company authorised by the Board of Directors. On digitally signed, upload the e-Form to the MCA portal for forwarding to the concerned bank authorities and enabling the opening of the bank account in the name of the company.