Ministry of Corporate Affairs (MCA) has simplified bank account opening process by introducing e-application facility. User shall not be required to submit any physical application form. User can fill Form BAC electronically to open bank account of the company. This is an excellent system to save money and time.
Selection of Bank Name and Branch
User can select desired bank name, State/Union Territory, district of the bank and branch which the account is to be opened.
Filling Company Information
After entering CIN of the company, the system will automatically display name, registered office address, email ID, Date of incorporation, Industrial Activity code, Description of industrial activity of the company, Ownership type and total number of directors as on date of filing of the company. In case there is any change in the email ID, the user has to enter the new valid email ID. It is mandatory to enter the Income Tax PAN of the company in the application form. User has to enter Tax deduction account number (TAN) of the company if applicable.
Filling Director Information
User has to enter the Director Identification Number (DIN) of directors. After putting DIN the system will automatically display the name, father's name, present residential address, designation, date of appointment, nationality, date of birth, mobile, Whether chairman/ executive director/ non-executive director and email ID of the director. In case there is any change in the email ID/ mobile number, the user has to enter the new valid email ID/ mobile number. It is mandatory for Indian director to enter his/her Income tax PAN. In case of foreign director, passport number shall be mandatory. It shall be validated that the Income tax PAN or passport number, as the case may be, should correspond to the DIN of the director. It shall also be validated that the person (whose DIN is entered) is associated with the company as on the date of filing of the form. In case the details do not exist in the system, DIN of that person shall not be allowed to be entered. For such cases, Company would need to ensure that Form DIN-3 or Form 32, as the case may be, has been filed in respect of that person.
Authorised Signatory Details
User has to enter the particulars of Person(s) authorized to sign on behalf of the company. When user enters the total number of authorized person(s), based on the number entered here, number of blocks shall be displayed for entering the details. It is mandatory to enter Income Tax PAN of the authorized person. It is also mandatory to attach a passport size photograph giving front view of the full face of the authorised person(s). User can click on the box provide to attach the photograph. The latest passport size photograph of the applicant should be in JPEG format only. In case authorized person is a director/ managing director of the company, user can enter his/ her Director Identification Number (DIN) and can click on the "Pre-fill" button. System will automatically display the name, father's name, present residential address, city, state, country, pin code, designation, date of birth, nationality and phone number of the director/ managing director based on DIN. If authorized person is other than a director/ managing director of the company then it is mandatory to enter the particulars of authorized person.
Documents required enclose with form BAC
The following documents are to be attached with form BAC in scanned format.
• Resolution of the board of directors delegating power to open and to operate the account (s) of the company (Mandatory)
• Proof of identity and proof of residence of the authorised person (s). (Mandatory)
• Proof of work/ office address from where account is to be operated. (Mandatory)
• Copy of Income-tax PAN of the company (Mandatory)
• Any other attachment can be attached optionally.
Verification of e-form BAC
The e-form should be verified by putting serial number and date of passing resolution authorizing the signatory to sign and submit the form.
Digital Signature on e-form BAC
The e-form should be digitally signed by Managing Director or Director or Manager or Secretary of the company authorized by board of directors.