A new electroless plating formulation has been optimized based on copper sulphate, formaldehyde and sodium hypophosphite with addition of EDTA+TEA.The new bath was found stable and operated upto 2 hours. It was found that the incorporation of phosphorus in copper matrix increased the corrosion resistance of the coatings both in as plated and annealed condition. The characterization of copper and copper-Phosphorus coatings were carried out by weight gain, Vicker's hardness, potentiodynamic polarization and impedance analysis. The surface morphology of the coatings were analyzed by XRD and SEM.