Current account

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2017 why sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest.

I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it
i am a medical professional.should i need current account ?
..

RAJA P M

RAJA P M (Expert)
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17 September 2017 Yes. You need a Current Account... SB account is individual (own) purpose not business purposes. Also some limits are restricted in SB account....

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