Savings account private ltd.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2012 Dear all

Can some one give me the link and or the reason due to which a private limited company cannot open savings bank account....
And is there any bar on opening Business savings account ???

Reply Asap

Regards

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 April 2012 Banks normally open savings accounts for individuals only.

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2012 @ SIDDHARTHA... YES BANK OPENS ONLY for individuals but i wanted to get a copy of the rbi circular i guess relating to the bar on companies opening it...

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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05 April 2012 RBI vide its directive DBOD No.BC.181.09.07/007/99-2000

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Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2012 Dear
Mr CA Prashant Gupta the directive says the below... can i get the link ... thank you

RBI vide its directive DBOD No.BC.181.09.07/007/99-2000 dated 29.5.2000 enhanced the limit for immediate credit of outstation as well as local cheques from Rs.5000/- to Rs.7500/- subject to the customer maintaining a satisfactory operated account. According to the guidelines banks should not wait for the customer's request for the facility but should as a matter of normal course, provide the service.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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07 April 2012 Read the full circular, it state in one para, who can open a saving account and you cannot.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2012 Thank you.... CA PRASHANT GUPTA