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Company incorporation and banking in India

MCA Online Application for Company Bank Account Opening: SPICe+ and AGILE-PRO-S

The Ministry of Corporate Affairs (MCA) provides an integrated electronic facility for applying to open a company's bank account while incorporating the company. The current incorporation-linked process uses SPICe+ and Form INC-35 (AGILE-PRO-S), rather than the older standalone Form BAC described in earlier guidance.

Important distinction: Filing the bank-account application through MCA is not the same as automatic activation of a bank account. The selected bank must complete its own verification, know-your-customer (KYC) and account-opening requirements.

1. Applicable law and official framework

Companies Act, 2013: Section 7 governs incorporation of a company, including filing the prescribed incorporation documents and information with the Registrar. Section 10A deals with commencement of business by certain companies having share capital and requires, among other things, a director's declaration concerning payment for shares, within the statutory period. Bank-account application and commencement-of-business compliance are separate matters.

Companies (Incorporation) Rules, 2014, Rule 38A: Provides for the integrated AGILE-PRO-S application, Form INC-35, covering opening a bank account and specified other registrations alongside incorporation. The linked SPICe+ system is used for new company incorporation.

The MCA has stated that companies incorporated through SPICe+ from 23 February 2020 must apply for opening a bank account using the linked form. See the official MCA incorporation FAQs and AGILE-PRO-S instruction kit.

2. Selecting a bank and branch

During the linked AGILE-PRO-S filing, the applicant selects a participating bank from the options available in the MCA form and supplies the required account-opening information. Available banks, branches and onboarding methods can change; use the current MCA portal and selected bank's instructions rather than relying on an old bank list.

3. Entering company information

The incorporation application captures the proposed company's name, registered-office details, business activity, contact information and incorporation particulars. Following incorporation, the Registrar issues the Corporate Identity Number (CIN). PAN and TAN allotment are integrated with SPICe+ as applicable. Verify all pre-filled information and correct any errors using the relevant MCA filing procedure.

The earlier Form BAC process used a CIN to retrieve an existing company's details. That legacy workflow should not be confused with the present incorporation-linked AGILE-PRO-S application.

4. Director information and identification

Director particulars must be consistent with the incorporation documents and MCA records. A Director Identification Number (DIN) is an identification number allotted under the Companies Act, 2013 to an individual intending to act as a director. Depending on the filing, PAN, passport details, identity information and valid contact details may be required. Ensure that all declarations and attachments accurately identify the proposed directors.

References in older procedures to Form DIN-3 and Form 32 relate to historical filing systems. Current director appointment and change filings generally follow the Companies Act, 2013 and the relevant MCA forms, including DIR-12 where applicable.

5. Authorised signatory details

The company should identify the person authorised to deal with the bank and operate the account. Banks may ask for the signatory's PAN, identity proof, address proof, photograph, contact information and specimen signature, depending on applicable KYC requirements. A director signing the incorporation-linked application must use the required valid Digital Signature Certificate (DSC).

The bank may separately seek the authorised signatory's identification and the authority under which that person acts. An authorised signatory need not always be a director, subject to the bank's policy and the company's valid authorisation.

6. Documents for company bank account opening

Although the precise MCA attachments and bank onboarding requirements differ, applicants should be ready with:

  • Certificate of incorporation and CIN, once issued.
  • Company PAN and other tax identifiers, as applicable.
  • Memorandum of Association and Articles of Association.
  • Board resolution or other appropriate authorisation to open and operate the bank account, where required.
  • Identity and address proof of directors, beneficial owners and authorised signatories, as required by the bank.
  • Registered-office or business-address proof and other documents required for customer due diligence.
  • Photographs and other supporting attachments if requested by the selected bank.

These are preparatory document categories, not a claim that every item must be uploaded with Form INC-35. Follow the latest MCA form instructions and the bank's KYC checklist.

7. Verification and board authorisation

The bank may require a board resolution specifying the bank, type of account, persons authorised to sign documents and persons authorised to operate the account. Record the resolution and its date accurately. The company's authority to open and operate a bank account is distinct from the declarations made in the incorporation-linked filing.

8. Digital signature and submission

  1. Access the official MCA portal and prepare SPICe+ incorporation details.
  2. Complete the linked AGILE-PRO-S (INC-35) form, including bank selection and applicable registrations.
  3. Review company, director and authorised-signatory information.
  4. Attach the documents required by the current filing and sign using the prescribed DSC.
  5. Submit the incorporation package and respond to any MCA resubmission request.
  6. Complete additional bank verification and KYC steps before operating the account.

9. What happened to the older Form BAC?

The original MCA e-application facility described a separate Form BAC workflow: selection of bank and branch; CIN-based company pre-fill; director DIN and PAN or passport verification; entry of authorised signatories; attachment of a board resolution, identity and address proofs and company PAN; declaration of the resolution details; and digital signing by an authorised company officer.

That description remains useful as historical background, but applicants should not assume Form BAC is the operative route for new-company incorporation today. SPICe+ and its linked AGILE-PRO-S form supersede that account-opening route for the incorporation process discussed here.

10. Frequently asked questions

Is the bank account automatically opened on incorporation?

No. The MCA form enables the application; the bank must complete its own checks and may require further documents or verification before activating the account.

Is a bank account application mandatory with SPICe+?

Yes. MCA's published incorporation FAQs state that new companies incorporated through SPICe+ must apply through the linked AGILE-PRO-S form.

Can an existing company use AGILE-PRO-S to change banks?

AGILE-PRO-S is an incorporation-linked form. An existing company seeking a new or additional account should follow the chosen bank's account-opening procedure.

Does filing INC-35 replace a board resolution or KYC?

No. Banks may independently require evidence of corporate authority and customer due diligence before permitting account operations.

Official sources and further reading

Updated 8 October 2026. Procedures and participating banks may change. Confirm the current filing requirements on the MCA portal and with the selected bank.