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Gopal K   14 August 2020

Opening Bank account on apartments name

if an apartment with 10 flats is under gunthewari but all residents have not registered (don't have index 2) and only 3 of them pay official property tax.

in this situation can we open a common bank account on apartments name instead of individual person. we are planning to open a bank account for common yearly and monthly expenses

pls advise

 2 Replies

Isaac Gabriel (Advocate)     14 August 2020

You can form an Association of the flat owners/allottees and open account in bank.

bhagwat patil (Property due diligence 9422773303)     18 August 2020

You can open,but for convenience you have to give power of signing the instruments to one or two persons.

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