I wanted to open a current account. But bank denyed saying that you should have a statutory registration either with central goverment or state goverment.

But i am  a chartered accountant and i am not eligible for any registration as of now. As my turnover has not crossed service tax limit. What is the logic used by banks to ask for registration current account. Are current accounts made only for big brothers and not for startups?

Its not that they ask only for individuals but also for company they require some registration. Companies are already registered witn ROC, what else they need?

Posted 3 years, 5 months ago by CA Pulkit Sharma

Though companies are regd with ROC, banks demand for TIN no. In your case you can give either professional tax or shop registration. If these are not applicable then approach yes bank they will open your account but the process is slow since they demand many documents.

Posted 3 years, 5 months ago by Mukesh Jain CA

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