Basic Doubt

This query is : Resolved

Guest

Guest (Querist)

09 July 2010 Dear Experts,

I have a very basic doubt, even that also I would like to have it cleared.
Hence, this query.

I am submitting an application to bank, where I am supposed to mention the details under 'Constitution'.

Query 1

If I am an individual using savings bank account, then I should mention 'INDIVIDUAL' under Constitution.

Query 2

If I am doing Sole Proprietary Business through this current account, then I should mention 'SOLE PROPRIETOR' under Constitution.

Though I am sure, I need the Experts to confirm the same or clarify my doubt.

Thank you all in advance.

Jitesh S Jain

Jitesh S Jain (Expert)
Follow

09 July 2010 In Both Cases you Should Use Individual as constitution.

Sole Proprietary & Individual (prop.) are one and the same and does not have Distinct Identity from one another.

Hence, in Majority of Forms you ll see Option under Constitution as Individual/Partnership Firm/Company etc.

Guest

Guest (Querist)

09 July 2010 Thank you for your response.

I still need some clarity, as the above said form is a manual one and it does not have any options.

I have a friend, who has one SB A/c.

- For this SB A/c., as you said, INDIVIDUAL under Constitution is understandable to me.

He also has current account for his business i.e. SRI BIKES PAARK (dealing in automobiles).

- For this current a/c., is it appropriate to put INDIVIDUAL under Constitution instead of SOLE PROPRIETOR under Constitution.

I may request you to once again see the facts and conclude the appropriate one.

Once again, thank you.

Upgrade to CAclubindia Pro. Subscribe Now!