How to Change Authorised Signatory in Bank Account of Company

Posted on April 1, 2025 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

How to Open Bank Account of Private Limited Company (5 Steps)

Posted on February 2, 2025 by Fastlegal Team

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

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

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

How to Open Bank Account of Private Limited Company (5 Steps) 1

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

How to Open Bank Account of Private Limited Company (5 Steps) 2

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

How to Open Bank Account of Private Limited Company (5 Steps) 3

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

Top 10 Banks in India

Posted on November 29, 2024 by Fastlegal Team

India is one of the fastest-growing economies in the world, and the banking sector plays a vital role in the development of the country. Banks provide financial services to businesses, individuals, and governments, and help drive the economy forward. In this article, we will take a look at the top 10 banks in India. These banks are some of the largest, most trusted, and most respected banking institutions in the country.

1. State Bank of India (SBI):

State Bank of India is the largest bank in India, with over 25,000 branches and almost 50,000 ATMs. It is also the largest public sector bank in the country, and is owned by the Government of India. It offers banking services to more than 500 million customers.

2. HDFC Bank:

HDFC Bank is the second largest bank in India. It was founded in 1994 and has more than 5,000 branches across the country. It offers a wide range of banking and financial services, including consumer banking, corporate banking, insurance, investment banking, and wealth management.

3. ICICI Bank:

ICICI Bank is the third largest bank in India. It was founded in 1994 and has over 5,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

4. Axis Bank:

Axis Bank is the fourth largest bank in India. It was founded in 1993 and has over 4,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

5. Kotak Mahindra Bank:

Kotak Mahindra Bank is the fifth largest bank in India. It was founded in 1985 and has over 3,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

6. Bank of Baroda:

Bank of Baroda is the sixth largest bank in India. It was founded in 1908 and has over 3,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

7. Punjab National Bank:

Punjab National Bank is the seventh largest bank in India. It was founded in 1895 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

8. Canara Bank:

Canara Bank is the eighth largest bank in India. It was founded in 1906 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

9. Bank of India:

Bank of India is the ninth largest bank in India. It was founded in 1906 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

10. Union Bank of India:

Union Bank of India is the tenth largest bank in India. It was founded in 1919 and has over 2,000 branches across the country. It offers a range of banking and financial services, including consumer banking, corporate banking, investment banking, and wealth management.

These are the top 10 banks in India. They are some of the largest and most trusted banking institutions in the country, and they offer a wide range of banking and financial services.

Bank Account Opening Resolution Draft

Posted on June 12, 2024 by Fastlegal Team

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF _______________________________ LIMITED ON Monday , THE 23^rd DAY OF may , 2022 AT THE REGISTERED OFFICE OF THE COMPANY AT _______________________________________________________ IN, AT 11.00 A.M.

OPENING OF COMPANY’S BANK ACCOUNT WITH BANK, BRANCH NAME:[ NAME OF BANK]

The Chairman explained the need for opening of bank account of the Company with Bank [NAME OF BANK], Branch Address: [BANK BRANCH ADDRESS] . The Board discussed the need to open the Bank Account for operational convenience and passed the following resolution unanimously:

“RESOLVED THAT a current account in the name and style of “
[NAME OF COMPANY] ” for the company be opened with the : [BANK BRANCH ADDRESS] and the said bank be and is hereby authorized to honour all cheques, bills of exchange, promissory notes, and other negotiable instruments, letter of credit application forms, request letter for issuance of guarantee, instructions for negotiation/purchase/discounting of export and inland bills, request letters for booking of forward contracts in foreign currency for payment drawn, accepted or endorsed signed or made on behalf of the Company by the directors/authorized signatories to the extent of the limits mentioned against their name, acting singly or jointly and to act on any instructions so given by them relating to the transactions of the Company or their duly constituted attorney / nominee, whether such account be in credit or overdrawn:

RESOLVED FURTHER THAT the bank is hereby requested to provide BESTBALA NIDHI LIMITED the following services:

Corporate Internet Banking
Phone Banking
Debit/ATM Card Services
Any other services requested by the Company in writing (Incl. E-mail) and agreed by the Bank;

The below mentioned shall act as Authorized Signatory of the Company;

Name	Designation	Limit
_____________________________	Director/Authorized Signatory	Without any limits

RESOLVED FURTHER THAT the bank be requested to hand over the related Corporate Internet Banking ID(s) and Password(s) to any of the above mentioned directors to view the said account, interalia against the terms and conditions for Corporate Internet Banking issued by the Bank from time to time. The related Internet Banking ID(s) and Password(s) will be mailed/ couriered to the address provided by the account holder and recorded with the Bank;

RESOLVED FURTHER THAT this resolution shall remain in force until notice in writing of its withdrawal or cancellation is given to the Bank by the Company;

RESOLVED FURTHER THAT the Directors be and are hereby authorized to issue a copy of this resolution certified to be a true copy be furnished to the said bank for their records and to act thereupon.”

Certified True Copy

For [ NAME OF COMPANY]__________________________________


Director	Director	Director

Date:

SPECIMEN SIGNATURES OF DIRECTORS/AUTHORIZED SIGNATORIES

Name	Specimen Signature
BALESWAR PATRA