Supremo Vinod Shah (Adviser) (52 Points)
22 October 2012Dear Experts,
I have started a sole propritorship business and got registred under Indian Registration Act. 1908. Now I want to open an bank account for day-to-day transation record of my business. Can I open a Savings Bank Account in my bisuness name in any nationalised bank??? Which type of bank account will be best to maitain the transaction record?? Kindly suggest...
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 22 October 2012
First of all, National Banks will not allow you to open SB account to transacti day to day business transactions.
U need to open current account to transact business activities for sole proprietorship firm.
CA. Kapil Goel, DISA(ICAI)
(cakapilgoel.wordpress.com)
(2191 Points)
Replied 06 November 2012
Dear Vinod Shah, you should open Current account in any bank for transactions in your proprietory business.
Jaydip H. Trivedi
(Accounting Income Tax Servoces VAT servoces LIC services & Finance consultancy)
(184 Points)
Replied 11 November 2012
You must open a Current A/c for your business.
Saving A/c is not to be used for day-to-day business transactions.
Kazi Md. Sazzad Ali
(Senior Articled Student)
(30 Points)
Replied 11 November 2012
Dear Shah,
You must open a C/A for your daily transaction.
You must open a Current A/c for your business. Saving A/c is not to be used for day-to-day business transactions.
Read more at: /forum/savings-bank-account-in-business-name-225143.asp#.UJ-LwGd9Ukg
CAclubindia
