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

•ICICI Bank

•HDFC Bank

•Andhra Bank

•Kotak Mahindra Bank

•Yes Bank

•Citi Bank

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.

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'.

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

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.

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

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.

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).

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.

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.

No, there is no filing fee as of now to file this form.

No, this form is not applicable for opening savings account in the name of the company.

The expected time for completion of whole process for opening of bank account is estimated to be 3 days, if all required documentary proofs are provided and the information matching; In case there is any discrepancy in the forms provided then the account will be opened in 'Debit Freeze' and be made live only after all the discrepancies are sorted out.

Following is the list of attachments to be made while filing the application for opening of corporate bank account in MCA system:

•Memorandum of Association ( MOA ) &

•Articles of Association (AOA ) &

•Certificate of Incorporation &

•Board Resolution (BR) - duly signed &

•PAN Card in the name of the company &

•Certificate of commencement of business (Only in case of Public Ltd Co)

•Any documents as mentioned above (except BR) containing address will be acceptable as address proof also.