TaxTMI 
TaxTMI 
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
Partnership firm - Savings Bank Account
04 Jul 2017 
2 Replies 
2432 Views Asked by
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. (AI Summary)
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. (AI Summary)