Need Bank account suggestion for Business banking

[mumblebee]

Hi guys,
My cousin operates a Muslim Pilgrimage Tour business and has an annual Turnover of 1Cr+
Most of his customer prefer to transact in cash and so he wastes a lot of time travelling to meet people to pickup cash and then more so to deposit it in his cooperative bank account.

Would highly appreciate suggestions on what bank account would suit his banking needs (eg. Something that has good doorstep cash collection, etc) and if there's any service that can do cash collection from customers?

Also, he isn't much financially literate and so would appreciate if you can flag any point of concerns regarding taxation, regarding his business model of doing large cash deposits.

 

[Survivor35]

Rbl has cash pickup per week and transaction based you could have a look or kotak current account

 

[sxchzy]

these kind of cash deposits would be reported in his ais

 

[mumblebee]

But does he need to report kyc of the customer or any other formality as such?

 

[pothi]

Please contact an auditor for tax related questions.

Banks wouldn't do such cash pickups from customers, from what I know.

1 crore turnover is not a big deal for banks. They don't even ask any questions as long as we use the current account. Find someone trustworthy to collect the payment and deposit it in banks. Find an auditor to streamline the taxes. There is no need to switch banks. All banks are mostly the same. If a bank offers a service that isn't available in another, then you have to pay for that extra service. At the end of the day, hiring a trustworthy person would be most economical. 😂😂