Filter Banks traditionally designed by the factorization method which is complex and time consuming. Singular valued decomposition technique is introduced to design Linear Phase Orthogonal filter bank which yields efficient and fast results in time critical applications. Signal splitting and efficient reconstruction of the original signal is studied achieving perfect reconstruction condition due to the orthogonal nature of designed filter bank. Ultimate aim of proposed methodology is to design two approximation scenarios in terms of square matrices which apparently maps into the filter bank matrix. Singular valued decomposition is iteratively employed to compute both of these square matrices until achievable convergence is achieved between to alternate iterations. Proposed algorithm starts with the design of least square filter bank and ends with the filter bank which ensures orthogonality conditions as well as all filters in the filter bank satisfying linear phase condition. Thus, faster design of the filter bank along with linear phase orthogonal condition yields multiple applications in signal processing, image processing, communication etc. © 2016 IEEE.