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Step by Step Procedure for Change in Auhtorised Signatory in 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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