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

[Kishan Barai]

Business could be done via Current Account , saving account is ment only for savings, I suggest you to provide Partnership deep + firm pan card to bank to open an Current Account, if more Document is required you can provide Udhyog Addhar (you can get this online for free)

[Ramesh Kothari]

No guideline for S/B A/c

But if current act u can operate

Ramesh Kothari

 

AI Summary

Partnership firm bank account type: use current accounts for business transactions; savings accounts are unsuitable under banking practice. Query whether a partnership firm may use multiple savings bank accounts for business. Respondents advise business should be conducted through a current account rather than savings accounts; savings accounts are intended for personal savings. Banks will typically require partnership deed and firm PAN to open a current account, with Udyog Aadhaar as an optional additional document. No explicit RBI prohibition on multiple savings accounts was cited, but banking practice favors current accounts for firm trading activity.