Whether banks can open savings bank accounts in the name of Government Departments/ Government Scheme?
Savings bank account cannot be opened in the name of the Government Department/ Government Scheme, except in respect of deposits of Government organizations/ agencies listed below: 1. Primary Co-operative Credit Society which is being financed by the bank. 2. Khadi and Village Industries Boards. 3. Agriculture Produce Market Committees. 4. Societies registered under Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory. 5. Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the word “Limited” or the words “Private Limited”. 6. Institutions other than those mentioned in clause (i) above and whose entire income is exempt from payment of income tax under Income-Tax Act, 1961. 7. Government departments/ bodies/ agencies in respect of grants/ subsidies re
Related Questions
- Can I use my CPF savings for investment under the CPF Investment Scheme (CPFIS) and then apply for the Government Bridging Loan subsequently?
- Whether banks can open savings bank accounts in the name of Government Departments/Government Scheme?
- Can banks open savings bank accounts in the name of Government Departments/Government Scheme?
