SB Trust, Association, Society and Club (TASC) Account
Introducing a one-stop solution to your collective financial needs. The TASC Account is specially designed for Trusts, Associations, Societies, and Club caters to the specific financial requirements of TASC entities, offering an array of attractive benefits and features to track expenses, file taxes and maintain a financial record with ease and a digital-first account. The account is tailored to streamline your operations, offering corporate internet banking facilities, KBL e-COLLECT for easy fee payments, and a full-fledged payment gateway solution, helping you to achieve your dreams together. Read more Read less
Why this account is for you
Helping you build your dreams together
Maintain a minimum balance of ₹25,000 for free cash deposits/withdrawals and hassle-free NEFT/RTGS
Streamline operations with Corporate Internet Banking and a full-fledged payment gateway solution
Complimentary cheque books and demand drafts, plus discounts on collections and payment solutions
Banking that rewards you
Discover our special and exclusive offers made for you
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Available on Google Play Store and App Store.
Eligibility criteria
- Trusts, associations, societies, clubs, educational and research institutes, as well as Section 25 companies and similar entities as per RBI guidelines
Documents required
- Rules and by-laws
- List of managing committee members
- Valid ID and address proof of the person(s) authorized to open and operate the account
- A copy of the registration certificate (if the club/association/union is a registered body)
- Permission from the main office to open the account (if there are branches at different locations)
- A signed resolution to open the account by the President/Chairman and Secretary
- A copy of the trust deed
- Letter and resolution
- Income tax exemption certificate (if applicable)
- Valid Officially Valid Documents (OVD) of the person(s) authorized to open and operate the account
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Trusts, Associations, Societies, Clubs, Educational and Research Institutes, as well as Section 25 companies and similar entities as per RBI Guidelines are eligible for this account.
Visit any Karnataka Bank branch or get in touch with our 24-hour help desk. You can call our toll-free number at 1800 425 1444 or 080 22021500 for assistance. Our team will guide you through the process and inform you about the documents required.
You will receive a 4.5% interest rate per annum with our salary accounts.
This service is designed for merchants, including educational institutions and temples with ERP ((Enterprise Resource Planning) systems. It facilitates real-time payment and transaction processing directly on the merchant's website, saving time and reducing administrative costs. Merchants can enjoy up to 50% off on setup charges for this service.
Karnataka Bank offers a variety of POS machines that allow merchants to accept payments via credit, debit, and prepaid cards from major networks like VISA, RuPay, and MasterCard. These POS machines ensure fast and secure transactions with a dedicated customer care service and offer next-day settlement of transactions with the KBL POS Manager App.
To download the KBL Mobile Plus app, visit the Google Play Store or Apple App Store on your mobile device. Search for 'KBL Plus' in the store, select the app published by Karnataka Bank, and click 'Install' to download it onto your device.
A savings account is designed for individuals who want to save money and earn interest on their deposits. In contrast, a current account is geared towards businesses and individuals who require frequent and high-volume transactions without interest earnings. Current accounts often come with facilities like overdrafts to accommodate the fluid nature of business transactions.
Your savings account earns interest by applying the annual interest rate to the daily collected balance in your account. The interest is usually compounded quarterly and credited to your account, contributing to the growth of your savings over time.
The MAB for your KBL SB TASC Account is calculated by adding the closing balance of each day in a month, then dividing that total by the number of days in the month. This figure represents the average balance you've maintained throughout the month.
Do set clear objectives for your Task Account to stay focused. Regularly contribute to it to meet your goals. Don't dip into these funds for other expenses; maintain the discipline to keep the account task-specific. Regularly review and adjust your saving strategy as needed.
TASC accounts are tailored for the unique needs of groups like Trusts, Associations, Societies, and Clubs. They offer competitive interest rates, enhancing the value of funds held. Benefits often include low minimum balance requirements, free cash deposits and withdrawals, and complimentary services like cheque books and e-statements. These accounts can also provide discounts on payment solutions, internet banking facilities, and payment gateway solutions, making financial management efficient and cost-effective for such entities.
The interest rates for Task Accounts can vary based on their purpose and tenure. They usually offer competitive rates to motivate savings. The interest is calculated on the daily balance, ensuring that every deposit contributes to your goal. The calculation of interest is usually based on the daily balance in the account, with the interest credited at periodic intervals, often quarterly or annually. This approach ensures that the funds in the account are continually earning, contributing to the financial stability and growth of the organization.
