It is often said that a person should keep his personal and professional life apart. Similarly, the person should have a different bank account for his business activities. Proprietorships are business entities that are not registered with the central government. Individuals running such proprietorships can open a current bank account which will strictly be associated with business purposes.
It is not mandatory to open a current account for your business, but it is beneficial than a savings account. In India, there are many benefits given to a current account holder regarding a savings account holder. As current accounts are designed for business entities with benefits like overdraft limit, no limitation on cash withdrawal, same day check submission and many more.
To open a current bank account, you need to submit various documents from the required category:
You need to present at least one of these documents to open a current bank account for your business.
You need to submit these documents that will be used as your identity and address proof.
After submitting all the documents to the bank, you need to make an initial payment of INR 5000 to INR 25000 depending on the bank you have chosen.