Dear 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...
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.
Dear Vinod Shah, you should open Current account in any bank for transactions in your proprietory business.
You must open a Current A/c for your business.
Saving A/c is not to be used for day-to-day business transactions.
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
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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