Dear All. please suggest me whether an trust/NGO is required to open current account under fcra act because one of my client having saving bank under fcra act but the bank has
charged interest and told that NGO or trust is not eligible to open savings account and close the same and open current account. please suggest whether there is any notification of RBI/FCRA ACT to open current account for organization having fcra registration.
Savings Account can be opened for Trusts as per RBI Guidelines as defined in RBI Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts (RBI/2015-16/39 DBR.No.Dir.BC.7/13.03.00/2015-16)
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