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

Statutory Audit 844 views 1 replies

Vipul Gada

30 Points Posted on 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,

Vipul

Replies (1)

Guest

A Banking Account shall be opened by the society in the nearest State or District Central Co-op. Bank or its branch or in any scheduled co-op Bank. if account is to be opened in Nationalised Bank, then prior permission of registering authority shall be necessary and the account shall be operated upon and all acquittances and discharges shall be signed by the Secretary jointly with the Chairman or treasurer After an account is opened, it should be informed to that affect to the Registrar within 15 days. However, investment in long term should be made in the District Central Co-operative Bank only.