Current Account for Cash Transactions

[BRB]

Hi guys, I am planning to acquire a retail business in the service sector which would deal with lot of cash transactions a month. If the cash transactions are more than 2 to 3 lakhs, which current bank account should I opt for, with lesser charges like deposit or any other.
Also what other things should I be keeping in mind while opening a Current account. Will it be in my name with my Pan card?
I will be taking a GST number for the business in few days.
Since I am a noob when it comes to this, kindly guide me on the process and the things to keep in mind for a smooth process.

 

[NShah]

@Tejo can help

 

[BRB]

@Tejo can help

Any help would really be appreciated. @Tejo

 

[Tejo]

Hi guys, I am planning to acquire a retail business in the service sector which would deal with lot of cash transactions a month. If the cash transactions are more than 2 to 3 lakhs, which current bank account should I opt for, with lesser charges like deposit or any other.
Also what other things should I be keeping in mind while opening a Current account. Will it be in my name with my Pan card?
I will be taking a GST number for the business in few days.
Since I am a noob when it comes to this, kindly guide me on the process and the things to keep in mind for a smooth process.

All Banks nowadays allow 4 lakhs free cash deposit from a basic current account.

Note: Don't choose Axis and SBI for Current ac. You can choose any other Like BOB, HDFC, Indus, kotak, Pnb etc.

If you have business pan or any docs with business name (consult branch because they some govt. Like bob pnb having cert. from state govt . enough) will allow to change name on current account.

Changing pan, name isn't that issue for CA.

 

[Tejo]

Hi guys, I am planning to acquire a retail business in the service sector which would deal with lot of cash transactions a month. If the cash transactions are more than 2 to 3 lakhs, which current bank account should I opt for, with lesser charges like deposit or any other.
Also what other things should I be keeping in mind while opening a Current account. Will it be in my name with my Pan card?
I will be taking a GST number for the business in few days.
Since I am a noob when it comes to this, kindly guide me on the process and the things to keep in mind for a smooth process.

If you are business has physical presence then yourself can get gst no. Also you should properly and correctly should choose category of business, else you will be fined .

Even you can get gst no. Through local agent or several sites present to help out you.

After getting gst no., a business certificate from state govt like from e-seva else you can get UDYAM certificate which also can help in getting loans, if it's sole proprietorship then you can give your PAN else you need business pan.

Hope you got it.

 

[Vasuki]

H

All Banks nowadays allow 4 lakhs free cash deposit from a basic current account.

Note: Don't choose Axis and SBI for Current ac. You can choose any other Like BOB, HDFC, Indus, kotak, Pnb etc.

If you have business pan or any docs with business name (consult branch because they some govt. Like bob pnb having cert. from state govt . enough) will allow to change name on current account.

Changing pan, name isn't that issue for CA.

Hie .
We have option of hdfc (25k ) , idbi ( said 10* of cash transactions that u maintain) .
Heard icici has different app for current account .
Union Bank is close to home too .

Which one is better ( cash - online transaction mixed) .
Have gst & firm registration as Proprietorship & will open account on same name .

25-30 lpa .
What u suggest for better loan offer etc .
Comes under food processing

 

[Tejo]

H

Hie .
We have option of hdfc (25k ) , idbi ( said 10* of cash transactions that u maintain) .
Heard icici has different app for current account .
Union Bank is close to home too .

Which one is better ( cash - online transaction mixed) .
Have gst & firm registration as Proprietorship & will open account on same name .

25-30 lpa .
What u suggest for better loan offer etc .
Comes under food processing

Business comes under food processing?

Hdfc best for business loan
Icici for personal loan

You are just receiving funds so any bank ... for Current ac