Quick Answer: Can I Open Current Account With Udyog Aadhar?

Can I deposit cash in current account?

There are no restrictions on deposits made in the current account opened in a home branch of a bank.

However, the current account holder can deposit the cash from any other branch of a bank other than the home branch by paying a nominal charge as applicable.

Deposit and withdrawal of money (cash) at any location..

Which bank is best for current account?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows

What is proof of proprietorship?

Registration certificate/license issued by Municipal authorities such as Shop & Establishment. Certificate/Trade License. 6. CST/VAT/Service Tax Certificate or Letter Of Registration for CST/VAT/Service Tax.

What are the documents required for current account opening?

Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving licence. Proof of address for an individual: Telephone bill, electric bill.

Is there any fee for Udyog aadhar?

NEW DELHI: Government today clarified that there is no registration fee for filing Udyog Aadhar Memorandum and it is the only form of registration for MSMEs in India, in view of complaints received regarding fee charged by certain agencies for facilitating the registration.

Is GST required for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

What is the cash deposit limit in current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different BanksBankMonthly Average Balance (MAB)Free deposit limitsHDFC BankRs.75,00010 times the MABICICI BankRs.25,00012 times the MABAxis BankRs.10,000Up to Rs.2 lakhsIndusInd BankRs.10,000Up to Rs.2 lakhs3 more rows

What is the minimum amount to open current account?

Current Account Monthly Average Balance and Withdrawal Limit 2020BankMinimum Average BalanceHDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,000Axis Bank Normal Current AccountRs. 10,0002 more rows

Is MSME certificate valid for opening current account?

you can read here about MSME Department. Now coming to the topic, Udyog Aadhar can also be used to open a bank account as It is looked upon as valid Business registration proof, that means That Any MSME Unit that has Udyog aadhar registration is treated as a registered business entity in India.

Can we open current account in individual name?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts.

Do I need a separate bank account for sole proprietorship?

You need a bank account for business if you operate under a doing business as (DBA) name. … If you operate as a limited liability company (LLC) or a corporation, you must open a separate business account. Sole proprietorships and partnerships without DBAs are not legally required to open a business bank account.

Is current account mandatory for proprietorship?

Current account is not a requirement. You can use savings account. You would need to pay taxes on interest. Savings account have limitation on number of withdrawal in a quarter, hence most sole proprietorship have current account.

Can salaried person open current account?

Salaried individuals should not open a current account, unless they have a business. Conclusion: Another difference between a savings and a current account is that there are various types of saving accounts. … In any case, you do not get interest for maintaining balances in your current account.

Why current account is needed?

A current account is not just a Zero-balance account, it also comes with extra benefits as compared to a saving account. You can get a certain number of free Demand Drafts, Pay Orders and NEFT/RTGS transactions, apart from unlimited number of deposits and withdrawls from your current account.

Who needs a current account?

Current accounts is ideal for carrying out day-to-day business transactions. The main objective of this account is to enable the account holder to run his business smoothly as there is no limit on number of transactions or cash withdrawal. Click to know the difference between savings account and current account.