Sole proprietorship business bank account

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Dear Members,

   I would like to start a sole proprietorship business in that payment recieved only once in a week(Less number of financial transactions).Is it mandatory to open a current account or is it possible to use personal account(Savings Bank Account).

Thanks In Advancesmiley

Replies (5)

IF NOT gst THEN   SB ACCOUNT

You can use saving account....

But advisable to open current account on getting GSTIN....

My Business involves with GSTIN

Is there any legal/regulatory issuses by using savings account instead of a current account?

Thanks for the Replysmiley

If You ll register under GST then You ll be open A Current Account...

Otherwise You can use your SB account. In case bank will restrict / question then You ll open Current Account...

Thank you so much :)

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