Opening bank account for newly formed co-operative hsg. soc.

Vipul Gada (Vipul Gada) (30 Points)

11 July 2018  

Hello Friends,

Query for Opening new bank account for newly formed Co-operative Housing Soceity.

  • Can we open new Bank account of Co-operative Housing Society with any privat bank like HDFC/ ICICI?
  • Is it legally allowed under Maharashtra Co-operative Housing Society Act?
  • What is the implication under Income tax Act for the income we will get on FD or any other investments kept with private bank vs. co-operative bank?

Please advice.  

Thanks & Regards,