Authorized Representatives

Signatories must be officially designated members of the society’s governing body.

• Typically includes the President, Secretary, and Treasurer
• Requires formal resolution from the managing committee
• Banks may mandate multiple signatories for large transactions
• Prohibits non-members or unauthorized individuals
• Must update signatories if leadership changes

Documentation Requirements

Banks require proof of authority to operate the account.

• Society’s registration certificate and bylaws
• Board resolution naming authorized signatories
• KYC documents (ID proof, address proof) of signatories
• Minutes of meeting approving bank operations
• PAN card copy of the society

Operational Rules

Signatories must follow society bylaws and banking norms.

• Transactions must align with society’s objectives
• Cannot use account for personal benefits
• Must maintain proper records of withdrawals/deposits
• Joint signatures may be required for large amounts
• Mandatory to inform bank of leadership changes

Best Practices for Signatories

Ensures transparency and prevents misuse.

• Rotate signatories periodically for accountability
• Maintain clear audit trails of all transactions
• Avoid cash transactions where possible
• Use online banking with dual approvals
• Train office-bearers on compliance