Question: Which Government Bank Is Best For Current 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 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.

Can I register GST without bank account?

Requirement of bank account details has been removed at the time of GST Registration. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field.

What is the minimum balance in HDFC current account?

HDFC Current Account Minimum Balance and ChargesHDFC Bank Current AccountHDFC Bank Current Account Minimum BalanceRegular Current AccountRs.10,000 per quarterPremium Current AccountRs. 25,000 per quarterTrade Current AccountRs. 40,000 per quarterFlexi Current AccountRs. 75,000 per month6 more rows•Nov 26, 2020

Which is the No 1 bank in India?

HDFC Bank: HDFC Bank has been ranked India’s No. 1 Bank in forbes’ world’s Best bank report. It has 88,253 permanent employees as of 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender by assets.

Which savings account is best?

NerdWallet’s Best Savings Accounts of December 2020Nationwide My Savings: 0.40% APY.Sallie Mae Bank High-Yield Savings Account: 0.50% APY.HSBC Direct Savings: 0.15% APY.FNBO Direct Online Savings Account: 0.50% APY.Citizens Access Online Savings Account: 0.50% APY.Barclays Online Savings Account: 0.45% APY.More items…•

Where do millionaires keep their money?

Originally Answered: how do millionaires keep their money secure? They keep it in multiple places. They do not keep any of it in cash. They use several banks and split it between several accounts so as much as possible is covered in deposit insurance.

Which government bank is best for saving account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

How much money should you have in your current account?

A good rule of thumb is to keep at least one month of net pay in your checking at all times. Look for a checking account with no monthly fee and no minimum balance.

Does current account give interest?

Current bank accounts are operated to run a business. It is a non-interest bearing bank account. … There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account. Generally, bank does not pay any interest on current account.

How much money can you legally keep in your house?

It is legal for you to store large amounts of cash at home so long that the source of the money has been declared on your tax returns. There is no limit to the amount of cash, silver and gold a person can keep in their home, the important thing is properly securing it.

Which bank is best for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

Is GST compulsory 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.

Which bank provides zero balance current?

Zero Balance Current Account of Top Banks in IndiaZero Balance Current AccountBank NameCurrent Account TypeICICI BankShubhaarambh Current Account New Start Up Current AccountAxis BankLocal Current AccountBank of BarodaStartup Current Account2 more rows•Feb 28, 2020

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.

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

What are the 3 types of bank accounts?

Three Types of Bank AccountsCentralized accounts (formerly known as “Banking Module” accounts)Branch accounts.Local bank accounts.

What is the minimum balance in BOI current account?

Normal Current AccountBank Of India Current AccountAverage Quarterly Balance (AQB) to be MaintainedNon – Maintenance of Average Quarterly BalanceMetro BranchesUrban/Semi-Urban BranchesNormal Current AccountRs. 5000/-Rs. 500/- per quarter

Which bank is safest in India?

List of Best, Safe Banks in India1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. … 2) State Bank of India. … 3) ICICI Bank. … 4) AXIS Bank. … 7) Kotak Mahindra Bank, IndusInd Bank.

How much cash should I have at home?

“It depends on daily cash needs,” he says. “Figure you need to cover three days of ‘walking around’ money. Whatever you would typically charge or use a debit card for over a three day period, that’s what you need to have on hand.”

What is requirement for current account?

To open a current account, KYC documents like identity proof and address proof are required along with business proof. Documents considered valid for Identity Proof are PAN Card, Aadhaar Card, Passport, Voter’s ID Card, Driving License, Ration Card.