CSR and Unspent CSR

Make your CSR experience hassle-free with Kotak Mahindra Bank

What is CSR and Unspent CSR Account?

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Why Kotak?

Simplified & Seamless account opening

Account with no minimum balance requirement

Internet banking & Cheque book facility

2 account types available :
- CSR Account
- Unspent CSR Account

Easy conversion of CSR account into Unspent CSR account

Dedicated team support

Option 1

Open Year specific CSR accounts for particular Financial Year Application Submission
After fulfilling CSR obligations for the relevant Financial Year
Convert CSR account into Unspent CSR account

Option 2

Open a Single CSR account to park multiple year CSR funds
After fulfilling CSR obligations for the relevant Financial Year
Use for holding CSR funds for subsequent years

Frequently Asked Questions

1) Should a company open a separate ’Unspent CSR Account’ for each ongoing project?

No, a company can open a single special account, called ‘Unspent Corporate Social Responsibility Account’, for a financial year in any scheduled bank, to transfer the unspent amount w.r.t ongoing project(s) of that financial year. A company needs to open a separate ’Unspent CSR Account’ for each financial year but not for each ongoing project.

2) Which are the funds specified in Schedule VII of the Act for the purpose of CSR contribution?

Contributions to the following funds shall be admissible as CSR expenditure:

(i) Swachh Bharat Kosh

(ii) Clean Ganga Fund

(iii) Prime Minister’s National Relief Fund (PMNRF)

(iv) Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)

(v) Any other fund set up by the Central Government and notified by the Ministry of Corporate Affairs, for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women.

3) What actions need to be taken if a company spends less than the amount required to be spent

If a company spends less than the amount required to be spent under their CSR obligation, the Board shall specify the reasons for not spending in the Board’s report and shall deal with the unspent amount in the following manner:

Nature of

unspent amount

Action required

Timelines

Unspent amount pertains to

‘ongoing projects’

Transfer such unspent amount to a separate bank account of the company to be called as ‘Unspent CSR

Account’.

Within 30 days from the end of the financial year.

Unspent amount pertains to ‘other than ongoing projects’

Transfer unspent amount to any fund included in Schedule VII of the Act.

Within 6 months from the end of the financial year.