Features of the BoM CHS Current Account Scheme

Managing the finances of a Cooperative Housing Society requires proper planning, transparency, and systematic record keeping. From collecting monthly maintenance charges to paying vendors for repairs and services, a society handles multiple financial transactions every day. To manage these activities efficiently, a dedicated banking solution can provide a structured way to handle society funds.

The Bank of Maharashtra offers a specialised banking facility for Cooperative Housing Societies under its Co-operative Housing Society Current Account segment. This account is designed to support the day-to-day financial operations of housing societies and help them maintain better control over their funds.

Quick Answers About the BoM CHS Current Account

1.What is the BoM CHS Current Account Scheme?

The BoM CHS Current Account Scheme is a banking solution offered by Bank of Maharashtra for Cooperative Housing Societies. It is designed to support routine society-related financial transactions and collective fund management.

2.What are the key features of the account?

The key features include a dedicated account for society finances, support for regular transactions, improved financial record keeping, access to digital banking facilities and branch banking support.

3. Who can open a BoM CHS Current Account?

The account is intended for eligible Cooperative Housing Societies. The society should confirm the latest eligibility requirements and documentation with Bank of Maharashtra.

4.What can the account be used for?

A CHS Current Account can be used for society-related activities such as maintenance collections, utility payments, vendor payments, contractor payments and other operational expenses, subject to the applicable account terms.

5.Does the account support digital banking?

Bank of Maharashtra provides digital banking services such as Internet Banking, Mobile Banking through MahaMobile Plus and WhatsApp Banking. Societies should confirm the specific facilities available for their account.

6.What documents are required to open the account?

The society may need documents such as registration papers, authorised signatory details and relevant resolutions. The exact requirements should be confirmed with Bank of Maharashtra.

Key Features of the BoM CHS Current Account Scheme

1.Designed for Cooperative Housing Societies

The account is focused on the banking requirements of Cooperative Housing Societies. It is intended for society-level financial activities rather than individual personal transactions.

Maintaining society-related transactions through a dedicated account can make financial administration more structured and easier to monitor.

2.Supports Society Fund Management and Regular Transactions

A housing society regularly receives maintenance payments from members and makes payments for services, repairs, security, cleaning and utilities.

The CHS Current Account provides a dedicated banking arrangement for managing these inflows and outflows. It is suitable for societies that need to handle regular financial transactions as part of their daily operations.

3.Helps Maintain Financial Transparency

Keeping society funds in a dedicated account can support clearer financial records. The managing committee can track receipts and payments through the account and maintain documentation for internal review, audits and general body meetings.

Clear records can also help improve accountability when multiple committee members are involved in managing the society's finances.

4.Provides Access to Digital Banking Services

Bank of Maharashtra provides digital banking facilities that can make routine banking more convenient. These include Internet Banking, Mobile Banking through MahaMobile Plus and WhatsApp Banking.

The availability of specific digital facilities, transaction limits and applicable conditions should be confirmed with the bank for the particular CHS Current Account.

5.Offers Branch Banking Support

Digital banking can simplify routine activities, but societies may still need branch assistance for documentation, account-related changes, authorised signatory updates and other requirements.

Bank of Maharashtra's branch network provides societies with access to in-person banking support when required.

Why a Cooperative Housing Society Needs a Dedicated Current Account

A Cooperative Housing Society manages collective funds on behalf of its members. Mixing these funds with personal accounts can make financial tracking more difficult and may affect transparency.

A dedicated account can help a society keep its finances organised by separating society funds from personal finances. It can also make it easier to maintain records of maintenance collections, vendor payments, utility bills and other expenses.

For a managing committee, this creates a clearer financial trail and can make routine reporting, reconciliation and auditing more manageable.

Additional Benefits for Individual Flat Owners of the Societies

What Should You Check Before Opening the Account?

Choosing an account for a housing society requires more than looking at the account name. The managing committee should understand the terms and facilities before proceeding.

1.Check the Eligibility Requirements

Confirm whether the society meets the bank's current eligibility criteria and whether its registration status and other details satisfy the applicable requirements.

2.Keep the Required Documents Ready

The society may need registration documents, resolutions, authorised signatory details and other records. The latest document checklist should be obtained directly from Bank of Maharashtra.

3.Understand the Account Operation Rules

The society should clearly establish who is authorised to operate the account. It should also understand the procedure for updating signatories when there is a change in the managing committee.

4.Review Charges and Transaction Conditions

Applicable service charges, transaction-related fees and other conditions should be checked before opening the account. This helps the society understand the cost of maintaining and operating the account.

5.Confirm Available Banking Facilities

Societies should verify which digital banking, transaction and branch services are available under their specific account and understand any applicable limits or conditions.

Is the BoM CHS Current Account Suitable for All Societies?

The suitability of a CHS Current Account depends on the society's financial requirements and transaction activity.

A large housing society with frequent maintenance collections, vendor payments and operational expenses may require a structured banking arrangement to manage its financial activity efficiently. A smaller society may also find a dedicated account useful if it wants to maintain better financial records and separation of funds.

The managing committee should therefore assess its transaction requirements and compare them with the current features and terms offered by Bank of Maharashtra.

Frequently Asked Questions About the BoM CHS Current Account

1.Can a housing society use the account for maintenance collections?

Yes, the account is designed to support society-level financial activities, which can include maintenance collections, subject to the applicable account terms.

2.Can the account be used for vendor and utility payments?

Society-related payments such as vendor bills, contractor payments and utility expenses can be managed through the account, subject to the facilities and transaction conditions applicable to the account.

3.Does maintaining a separate account improve transparency?

A dedicated account can help keep society transactions organised and separate from personal finances. This can make financial records easier to track and review.

4.Can the managing committee operate the account?

The account can be operated by authorised representatives of the society according to the applicable banking mandate and account operation rules.

5.Can account details be updated after a committee change?

Societies should inform the bank when there is a change in authorised signatories or committee members and follow the bank's prescribed process for updating account records.

6.Where can a society get the latest information?

A Cooperative Housing Society can contact or visit a Bank of Maharashtra branch to confirm the latest eligibility criteria, documentation requirements, charges and facilities applicable to the CHS Current Account.

Conclusion

The BoM CHS Current Account Scheme is designed to address the banking requirements of Cooperative Housing Societies. By providing a dedicated account for society finances, it can help managing committees organise collections and payments, maintain clearer financial records and manage routine transactions more systematically.

Digital banking facilities and branch support can further add convenience to the society's banking activities, while proper account operation and record keeping can strengthen financial transparency.

Before opening the account, a society should review the latest eligibility criteria, documentation requirements, charges and available facilities with Bank of Maharashtra. This ensures that the chosen banking arrangement matches the society's actual financial and operational needs.

Author: Bank of Maharashtra
Date of Publish: 04 Sep, 2026