I recently read about the latest RBI Guidelines for Housing Society Bank accounts in a newspaper so let me tell you about it. As per RBI guidelines, housing societies that are registered under the Societies Registration Act, 1860, have no restrictions on opening savings bank accounts. However, housing co-operative societies, panchayat samitis and different government boards are barred from maintaining one.
You should also know that
Societies usually maintain operating accounts, reserve fund accounts, and fixed deposit accounts.
To open a bank account, a housing society needs to submit a society registration certificate, by-laws, resolution, PAN card, and KYC documents of authorised signatories.
Housing societies are even allowed to maintain several accounts to maintain their money for different purposes
But I will suggest that you visit a bank and ask the officials about the guidelines more precisely if you are planning to open a bank account for the housing society.
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What are the RBI Guidelines for Housing Society Bank Account?
Aniruddh
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9 months
2025-03-24T08:27:02+00:00 2025-03-24T08:27:03+00:00Comment
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