Consultancy Services

INTRODUCTION:

Canara Bank has been in the forefront in extending various need based ancillary services to customers. One such specialised service is the Executor, Trustee, Taxation and Attorneyship services that the Bank has been offering for more than three decades now.

A later unique addition to our services to the Corporate Sector is the Debenture Trustee services and Security Trustee services.

These services are unique in nature and are not available at several other banks.
These services are aimed at caring for the personal needs of the customer and enhancing customer satisfaction. For example, drawing up a Will and acting as executor of the Will for a customer, which is crucial to a persons wealth and assets, gives him a great relief and confidence.

Our other services referred above are also of great value.

ADVANTAGES :

The advantages of appointing the Bank as Executors and Trustees are as follows:

Continuity of management: By appointing the bank as Executor/Trustee, the testator or the author of a Trust gets completely relieved of any anxiety of proper management and fulfillment of his wishes.
Individuals do not manage administration; instead, the same is taken care by a full complement of officers.
Efficient administration
Long experience &
Professional training
Courtesy and impartiality , Secrecy, Safety and Security.

Personal tax Assistance & Investment Counselling

Our services include preparation of income tax and wealth tax returns and filing the returns. These services are offered at nominal charges based on the work load involved in each case. The assistance is extended at present only to customers having income under the heads salary, house property, capital gain and income from other sources. This is very useful service to non-residents who have income in India, as their income is subject to tax deduction at source itself even if their total Indian income is less than maximum amount not chargeable to tax. In case of retired persons and other salaried persons also these services will be of immense use as they can rest by entrusting the work of filing income tax and wealth tax return to the institution which possesses the expertise to deal with such situation. Given the authority and details of sources, we ourselves will collect the income details from various sources and ensure proper filing of tax returns within stipulated time.

TAX ASSISTANCE SERVICES:

Come March! Every one gets worried about filing his Tax returns!

Our Bank offers Taxation services to both customers and non-customers.
Our specialised and professionally competent officials advise on Tax planning and filing of returns.
This unique service is offered by us presently at Bangalore only.
We undertake compiling and filing of Income tax returns.
Both NRI and resident customers filing returns at Bangalore can make use of these services.

ESTATE & WILLS SERVICES:

Absence of your Will can result in your wife and children benefiting quite differently from your intentions.

Wisdom lies in making the right choice at right time.
LET CANARA BANK BE YOUR CHOICE, EXECUTOR & TRUSTEE FOR YOUR WILL.

Make your Will today and relieve your dear ones of added troubles and anxieties.

A will is a document where an individual leaves instructions for disposal of his/her properties after his/her death.

CANARA BANK undertakes appointment in the following and similar capacities.

Drafting of "Will" and witnessing execution of the same.
Executor of Will: The Bank if appointed as executor under Will, to administer the estate property, carries out the same after the lifetime of testator/testatrix as per Will.
Extending all possible assistance with its expertise, even in case when there are disputes, tries to safeguard the wishes of the testator/testatrix, wherever necessary. The Bank arranges for obtention of probate orders through the appropriate courts, whenever the same is warranted.
When any Testamentary Trusts are created through the Will, the Bank acts as Trustee and manages the trust of perpetual nature.
Safe custody facility is also available for keeping "Will" where bank is not appointed as executor.

TRUSTEE SERVICES – PRIVATE AND CHARITABLE :

"Share your wealth with the poor and needy for getting salvation" .

Driven by this noble thought, many a customer would like to create a charitable trust for the benefit of poor and needy.

The bank acts as Trustees for public, charitable religious and other trusts. It also acts as trustees of a settlement, Trustees of a minors legacy, custodian trustee of properties held under Trusts of any description like pension, provident and gratuity fund.

The Bank if appointed as Trustee, assists the settler/author in:

Counselling and drafting of trust deeds.
Safekeep of trust property and payment of income to beneficiary/ies on due dates as per the instructions of the settlers.
Managing Religious and Charitable Trust: Making payments of income accrued on Trust corpus, for religious and charitable purpose as per the desire of the settler.
Private settlements where formation of trust is desired for a specific period for providing assistance and support to mentally retarded/physically handicapped persons or other similar objectives. We accept proposals for formation of trust having investment of Rs.1.00 lakh and above.

DEBENTURE TRUSTEESHIP:

We are SEBI registered Debenture Trustees. We accept debenture trusteeship of debentures / bonds issued under private placement.

We advise the Debenture / Bond Issuers (Public / Private company, Govt / Semi Government bodies) on

obtention of rating
appointment of arrangers
guidance on structured payment mechanism
clarification on legal / statutory matters in issue of debentures / bonds
documentation process
preparation of all kinds of related documents
creation of charge, registration and compliance of legal and statutory requirements in this aspect

We are unique in this line and are equipped with

Exclusive software package for Debenture Trusteeship
Well furnished and fully computerized office equipped with modern office appliances
Team of well trained, informative, efficient, experienced and professional staff to handle the work
Expertise in handling rated / unrated debenture / bond issues with/without structured payment mechanism.
Panel of approved external professionals to support legal and statutory requirements
Nationwide network of branches which facilitate the Companies / Government / Semi Government issuers to have security creation process at the place of their convenience and choice.

SECURITY TRUSTEESHIP:

We accept Security Trusteeship assignment for the loans / advances granted by any Bank / Financial Institution (including loan granted by our Bank) to any corporate body.

Under Security Trusteeship ;

The intricacies of security creation passed on to the Security Trustee.
Security Trustee ensures execution of documents for creation of security and enforcement of security in case of default.
Security Trustee is appointed with the consent of all the lenders but at the cost of the borrower.
Monitoring the servicing of loan / advances is out of Security Trustee purview.
Ideal in case of consortium lending and multiple banking.

We are better equipped with

Fully furnished & fully computerized office equipped with modern office appliances.
Availability of standard format of documents.
Expertise, experience and specialization in handling transactions.
Backup of specialized software.
Guidance of in-house and assistance of external, legal and other professionals.
Nationwide network of branches that facilitates lender / borrower to execute document at the place of their convenience and choice.

ATTORNEYSHIP:

Our Power of Attorney service is a specialized service to help both our non-resident and resident customers, who find it difficult to operate / monitor their accounts / investments personally. After we obtain power of attorney from the customer in our favour, we execute his/her instructions regarding his / her investments promptly and meticulously.

Executing a Power of attorney with us for this purpose is a simple and inexpensive process, which can be completed in no time.

ALL THE ABOVE SERVICES ARE FEE BASED AND REASONABLE SERVICE CHARGES, AS PER BANKS TERMS, APPLICABLE FROM TIME TO TIME.

KINDLY TAKE UP WITH CONTACT PERSON FOR ALL YOUR NEEDS.

CONTACT DETAILS:
For any further details, please contact

The Manager
Canara Bank
Executor, Trustee & Taxation Section,
Financial Management Wing,
Head Office, 112, J C Road,
BENGALURU 560 002
Phone: 080-22223165

Email: trustees@canarabank.com

Catalogue on Personal Tax Planning is available both in HTML and PDF formats under the section
Customer Support - Downloads