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Bank Account

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How to Change Authorised Signatory in Bank Account of Company

Posted on April 23, 2020 by Fastlegal Team

In this article we will discuss the process of changing of authorized signatory in the bank account of the company in India, there may be a situation that either Director of the company has resigned from the Board who was also acting as an authorized signatory in the Company bank account or any other person has resigned from the post of the authorised signatory or he has been assigned other duties or any other case, the company has to intimate the same to the respective bank that such person who was acting as authorized signatory has been changed and the following new person has been appointed to act as an authorised signatory to the bank account of the company, in this case following step by step procedure is required to be followed

Certified copy of Board Resolution

In this case the first step is to take certified copy of resoltuoin passed for change in authoired signatry ,any of Directors can provide or any Director specially auhtoirued will provide the signed copy of resoltuoin, The Board Resolution should contain all the information that following person was authorised signatorty in the bank on behalf of company and now he has resigned and powers has been vested to such other person.

Prepare Covering Letter for Change in Authorised Signatory

Now company is requried to prepare the Covering letter to the Branch Manager of Bank in which company wants to change the authorised signatory
Following information is requrired to be mentioned in covering Letter :
1. Name of Bank and Bracnh
2. Account no of the Company
3. Account Type, Current or CC etc
4. Name of Existing Authorised Signatory
5. Name of New Auhorised Signatory
6. Designation of New and Existing Auhorised Signatory
7. Date an Time when Existing Authorised Signatory Ceased to act as Authoirsed Signatory
8. Effective Date from which New Authorised Signatory will act as Authorised signatory or with immediate effect
9. Date and Place
10. Stamp of Company
11. Signature of Director Authorised

Enclose Necessary Supporting Documents

Along with covering letter , enclose necessary Supportig documents like:
1. Resignation Letter
2. New Appointment Letter
3. Board Resolution for Change in Signatory
4. If, Resignation of Director of Company Form DIR-12
5. Any other supporting documents which are necessary

Submit to Bank Branch

Once all the above are compelte than submit it to bank and let the bank process the application

Follow up with Bank Branch

After 2-3 days follow up with Bank Branch on the status of application submiited

Bank Account Change in Authorsied Signatory in Bank Account by Company, How to Change Director of Company in Bank Account, Process for Change in Authorised Signatory in Bank Account, Step by Step Procedure for Change in Auhtorised Signatory in Bank Account
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How to Open Bank Account of Private Limited Company (5 Steps)

Posted on April 19, 2020 by Fastlegal Team

bank Account

In this article we will talk about how to open Bank Account for Private Limited Company in India, a bank account for private limited company in India can be opened anywhere in India and authority for such vests with Directors of the Company for which Following procedure is required to be followed

Estimated Time Required to Open Bank Account in India 5 days

Explore Different Bank’s as per requirements

how to open bank account

Choosing of Bank in which you want to open a bank account is the first step for opening of new Bank account, for this you can get in touch with Bank by Searching Bank nearest to your office address or place of business, you can now put online request from Bank website and than Bank will designate you sales person, who will get in touch with you.

It is always advisable to get in touch with two or three bank for this process

Terms and Conditions for Current Bank Account

Terms and Conditions

Once Sales person get in touch with you, you are required to let him know the important terms for maintaining Bank account of the Company

Following questions may be asked by you in this regard :

– Minimum Average Balance Requirement
– Cash Deposit Limit
– Internet Banking availability
– Mobile App Availability
– Inward Remittance procedure ( if your business receives foreign inward remittances )
-Outward Remittance procedure
-Online Fixed Deposit
– Premature of Fixed Deposit
-Relationship Manager and many other relevant questions relating to your business

Passing of Board Resolution for Opening of Bank Account in the Name of Company

Once the proposed bank for opening of account is shortlisted than company is required to get approval through board resolution , Board Resolution can be either passed at duly held board meeting or by way of circulation. Board Resolution should provide all the details of Bank and Branch, Signatory or signing authority who will operate the operations of bank account and other related requirements.

Signing of Application and Documents for Opening of Bank Account

Once the resolution is passed by board of Directors of the Company for opening of Bank Account than authorised person will arrange and sign the necessary required documents for opening of Bank Account.
Following documents are required for opening of Bank Account:
1. Certificate of Incorporation of Company
2. Copy of MOA and AOA of Company
3. KYC of Directors of Company (PAN/Aadhar )
4. Duly Certified Board Resolution
5. Photo of Authorized Person
6. Mobile no and Email id of Authorized Person

All the documents are required to signed and stamped by authorized person

Submission of Account opening application

Once all the above formalities are completed you are now required to submit the account opening application to Bank in this regard, many banks provide designated sales persons in this regard , if you are in touch with the sales person , sales person will take application and required documents from you and submit the Bank for approval of Bank account

Bank Account Bank Account, Private Limited Company
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