Partnership firm - Savings Bank Account

[Krishnamurthy V]

Dear Experts,

Whether a partnership firm can do their business transaction through 3 separate Savings Bank accounts. If any RBI guidelines exist, please post the same.

Thanks & Regards

Krishna

AI Summary

Partnership Firm Advised to Use Current Account for Business Transactions; Savings Accounts Are for Personal Use Only. A partnership firm inquired about conducting business transactions through three separate savings bank accounts and sought any relevant RBI guidelines. An expert advised that business transactions should be conducted through a current account, as savings accounts are meant for personal savings. The expert suggested providing a partnership deed and firm PAN card to the bank to open a current account, with the option to provide Udhyog Aadhaar if needed. Another expert mentioned that there are no specific guidelines for savings bank accounts, but current accounts can be used for business operations.