BANK A/C , FIX DEPOSIT, PAN & TAN OF THE SOCIETY

• As per Bye-Laws No. 114 Society shall open the Saving  Bank A/C in the nearest Dist. Central Co-Operative Bank OR Maharashtra State Co-Operative Bank OR it's Branch [This is society Main A/c(CP A/C which is transfer after Proposed Society get its Registration Certificate in the name of Reg. Society)]
• For day to day maintenance Society can open other Saving Bank A/C [if needed , else operate through main A/C only]  in the nearest Scheduled Co-Op. Bank. If A/C has to open in Nationalized Bank then prior permission of Registrar is need and normally Registrar give the permission as per Bye-Laws No. 114
• SOCIETY CAN NOT OPEN ANY A/C IN PRIVATE BANK.
• Many society close the Main A/C in Maharashtra State Co-Op. Bank  OR Dist. Central Co-Op. Bank. This is totally wrong. Once you close your Main A/C in Maharashtra State Co-Op. Bank OR Dist. Central Co-Op. Bank means that your Society is de-register.[This is happen in Mumbai where many Accountant & GDCA suggest the society to close the account from Maharashtra State Co-op. Bank OR from The Greater Bombay Dist.Co-Op.Bank]
• All long term Investment [more then 1 year] Like Sinking Fund, Share capital Fix Deposit has to be done in State OR Dist. Co-Op. Bank Only as per Bye-Laws No. 114 
• After Society get register Society has to apply for PAN & TAN No. in IT Dept. since now both are required PAN for filling IT Return and TAN for Service Tax.