As per the laws, HUFs can have an account in their name, which is simply a corpus created to run the expenses of the family. The corpus in the account comes from unequal contributions from the family members, as set by the Karta of the family.
The Karta or the Head of the Family runs the account and his signature would be required for any transaction happening on the account. The accounts are opened under the name of HUF; however, they are similar in nature to that of a saving bank account. Having an HUF account brings several tax benefits for the account holders.
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