How to get current account in HDFC as freelancer (proprietor account) ? good ways
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Hello Dimers,
Can we get current account in HDFC as freelancer, without business name? i mean as proprietor
any good ideas for this, i mean i dont have GSTIN or MSME registration (udyog aadhaar)
so any good possible way to get current account without these documents
Any suggestions?
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but now i am thinking to add current account as my 3rd account for future usages when it arises , so planning current account with HDFC as their service is top notch i ever faced till now (after good axis degradation)
so thinking to open current account using freelancer without any business proofs (Proprietor just needs personal PAN usually so i dont mind current account in my name and in my PAN) just i need current account for future business income from side Hussle
-> since its expectation of future i dont want to register MSME and things now, want to keep it for future when i get more confident on this side hussle as main Hussle
There is no difference between Savings account and current account now a days.
It used to be there before online banking.
From banks point of view:
Savings account has limitation of number of cash (physical notes) withdrawals and number of cash deposits and number of online transactions. Bank pays interest on account balance amount.
Current account doesn't have the above limitation. But banks doesn't pay interest for account balance amount.
So banks gain from Current accounts.
From Govt point view:
Govt doesn't care the account type. You can run crores of rupees turnover using savings account (as long as you file your ITR)
From Individual point of view:
Individual or proprietary needs to maintain the books for amount of revenues deposited in the account.
If he uses savings account and start taking credits from friends and family, they are considered as income.
Thats why, it is better to use separate account for business/freelance so that you can avoid crediting the amount in this account from family and friends.
If you have too many cash deposits and too many cash withdrawals then go for current account. If you do not have that many transactions, go for savings account.
For registered business, you can not open savings account. You can only open current account so that banks need not to pay the interest.
valuable insights:) thanks for clarifying my basic unknowing's;) it really helps:)
KG+
That would be an individual account in your own name. Some hdfc branches open it and some refuse so better contact your branch. Get msme if your annual turnover isn't going to cross 20lakh, and open proprietor account. It will be better than an individual account.