ബിസിനസ് ബാങ്ക് അക്കൗണ്ട് തരങ്ങൾ: കറന്റ് അക്കൗണ്ട്, അനുവദിച്ച സേവിംഗ്സ്, ഓവർഡ്രാഫ്റ്റ്.
Types of bank accounts for business that owners actually use: a current account for daily receipts and payments, sometimes a savings account only where the constitution allows it, an overdraft or cash-credit for working capital, and a separate trail for statutory dues. The comparison people argue about is in current account vs savings account.
What each is for
- Current account: high transaction counts, no interest in the usual design, meant for firms.
- Savings account: interest-bearing, with limits on who should run a business through it. A registered firm or company should not pretend a personal savings account is the company.
- Overdraft / cash credit: a borrowing limit against stock or receivables, not an account you treat as salary.
- Separate pots: even inside one bank, know which balance is GST and salary. Behaviour: using bank services.
Opening cleanly
Carry constitution documents, PAN, and KYC of signatories. Lenders later ask for these statements in the loan process.
Frequently Asked Questions
Can a sole proprietor use a savings account?
Many do at the start. As volume grows, a current account keeps business transactions cleaner and is what most lenders expect. Confirm with your bank what they will open for your constitution.
Do I need one account per business?
Yes if the businesses are separate for tax and liability. Mixing two shops in one personal account makes profit impossible to see.
What about a payment gateway settlement account?
It should settle into the business account you reconcile, not a random personal UPI.