Sole proprietorship business bank account

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CEO
25 Points Joined April 2018

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

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On 25 April 2018 at 19:24 Report
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student
5205 Points Joined February 2009

IF NOT gst THEN   SB ACCOUNT

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On 25 April 2018 at 19:30
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Chartered Accountant
86505 Points Joined April 2011
You can use saving account....

But advisable to open current account on getting GSTIN....
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On 25 April 2018 at 20:00
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CEO
25 Points Joined April 2018

My Business involves with GSTIN

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

Thanks for the Replysmiley

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On 25 April 2018 at 20:17
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"Do the Right Thing...!!!"
128142 Points Joined January 2015
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...
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On 25 April 2018 at 20:20
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CEO
25 Points Joined April 2018

Thank you so much :)

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On 26 April 2018 at 08:43


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