Overview: A company must notify its bank whenever the office address on the account changes, so that statements, cheque books and correspondence reach the correct place. Banks accept such a change only against a board resolution that records the new address and names the person authorised to submit the request and the KYC documents. The board passes this resolution under Section 179 of the Companies Act, 2013, read with the RBI KYC norms that require account records to stay current.
Relevant Legal Provision
Section 179(1) of the Companies Act, 2013 vests the Board of Directors with the power to exercise all such powers, and to do all such acts and things, as the company is authorised to exercise and do, subject to the Articles of Association. Operating the company’s bank accounts, intimating a change of address and authorising a signatory to deal with the bank all fall within this general power and are exercised through a resolution of the Board. Where the Articles permit, the Board may delegate day-to-day banking to a named director or officer.
The Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016 (Master Direction dated 25 February 2016, as amended) require regulated entities to keep customer records, including the address, up to date through ongoing due diligence. A change in the company’s address is treated as a change in KYC information, and the bank asks for a certified copy of the board resolution along with fresh address proof before it updates the account records.
Setindiabiz Services
At Setindiabiz, we draft board resolutions and handle the paperwork banks ask for when a company shifts and its account address needs updating. We prepare the certified true copy, the KYC form and the address-proof set, and coordinate the submission with your branch so the account keeps running without a break. If your registered office has also moved, we file the ROC intimation in the same run. Talk to us through our secretarial retainership plan.
FAQs
Yes. For a company, the bank does not accept a change of address through a simple request letter. It generally requires a certified true copy of a board resolution recording the new address and authorising a person to submit the request, as the bank account belongs to the company rather than an individual director.
No. These are separate processes. Changing the registered office requires filing Form INC-22 (and MGT-14 where a special resolution is applicable) under Section 12 of the Companies Act, 2013. The board resolution for the bank only updates the address maintained in the bank’s records. If the registered office has changed, both procedures must be completed.
Banks generally require a certified true copy of the board resolution, fresh address proof for the new address (such as a recent utility bill, rent agreement, or ownership document), a KYC updation form, and in some cases updated KYC documents of the authorised signatory. The exact requirements may vary between banks and branches.
Any director may be authorised. Most companies nominate a director who already operates the bank account. The authorised signatory will sign the address change request and KYC documents, so it is advisable to choose someone who can complete the bank’s verification process.
No. This is a board matter under Section 179 of the Companies Act, 2013. A board resolution is sufficient, shareholder approval is not required, and no MGT-14 filing arises solely for updating the bank’s address records.
Yes. The resolution may be passed at a board meeting with both directors present to satisfy quorum requirements. Although a resolution by circulation under Section 175 is legally permissible in this case, banks generally prefer a certified copy of a resolution passed at a board meeting.
Yes. The common seal became optional after the Companies (Amendment) Act, 2015. Accordingly, the resolution remains valid, and the bank documents may be signed by the authorised signatory on behalf of the company.
Yes. A single board resolution may cover multiple bank accounts by listing each bank, branch, and account number while authorising the same signatory to complete the address update for all of them.
The bank should be informed as soon as possible after the address changes. Keeping the bank’s records updated ensures that cheque books, account statements, and KYC communications are sent to the correct address and helps avoid delays, transaction issues, or future KYC compliance queries.
