Is GST mandatory to open 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..
Can a normal person open current account?
A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.
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.
How do I open a current account with GST?
CST/VAT/ GST certificate. Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities….Identity and Address of the Sole Proprietor:Passport.Driving License.Voter ID card.Aadhaar card.PAN card.Letter issued by the National Population Register.
What are the documents required to open current account?
Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.
Which bank has lowest minimum balance for current account?
Current Account Monthly Average Balance and Withdrawal Limit 2020BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows