Eligibility for Trust/NGO Savings Account

Savings Account can be opened for Trusts/NGOs in accordance with the RBI Guidelines vide circular number RBI/2015-16/39 DBR.No.Dir.BC.7/13.03.00/2015-16)

Entities eligible for maintaining Savings Account under Trust/NGO segment-

• Primary Co-operative Credit Society (which is being financed by the bank)
• Khadi and Village Industries Boards
• Agriculture Produce Market Committees
• Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory (except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks)
• Section 25 Companies (as per Companies Act, 1956) or Section 8 Companies (as per Companies Act,2013)
• Institutions/entities whose entire income is exempt from payment of Income-tax under Income-Tax Act, 1961
• Government departments/bodies/agencies in respect of grants/ subsidies released for implementation of various programmes/ schemes sponsored by Central/State Government (subject to production of an authorisation from the respective Government departments to open savings bank account)
• Development of Women and Children in Rural Areas (DWCRA)
• Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members
• Farmers' Clubs - Vikas Volunteer Vahini – VVV

General Documentation for opening Savings Account of Trust/NGO

• Registration Certificate of Trust / Society / Association/ Club
• Trust Deed / Bye-laws / Constitutional Document (If unregistered, notarized copy to be obtained)
• Copy of PAN Card
• Income Tax registration u/s 12A for entities as specified in RBI circular
• Certified copy of resolution for opening and operating of the account
• Duly authenticated list of current Trustees / Office bearers on the letter head of the entity
• Address proof of the entity
• Beneficial Ownership declaration
• KYC documents of the authorized signatories