in India Maharashtra, can registered housing society open bank account as 'Saving' account type?
In my opinion they should only open the 'Current' account as saving belongs to individuals and not to any profile/non-profit entity.
Please help me to understand.
1 Answer from Attorneys
Dear Sir / Madam,
Yes, prior to the promulgation of the Maharashtra Co-operative Societies Act, 1960 and the Maharashtra Co-operative Societies Rules, 1961 a Co-operative Society was required to open an A/c with a scheduled co-operative bank only.
In 2009, the Ministry of Housing, Government of Maharashtra released an Order signed by Dr. B T Badhan on 25.04.2011 permitting Co-operative Housing Societies who are registered with the Federation in Maharashtra, to open and operate a Saving A/c in the Society's name.
Hence, like individuals can open a savings and / or a current A/c, since funds in the Saving A/c earn interest as opposed to no interest given by the bank in a Current A/c; opening a Saving A/c will be the ideal preferred choice of the Managing Committee of the Society.
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