Hey. Using a single bank account to handle all of your personal and corporate finances would lead to complete chaos. Thus, for business owners who are prepared to expand, having several bank accounts is important. Coming to your query, how many bank accounts should I have for my business? At least three bank accounts you should have for your business.
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How many Bank Accounts Should My Business Have?
The size, transactions, and financial management requirements of a business determine how many bank accounts it should have. For effective operations, a company in India should ideally have three or four bank accounts.
Current Account (Primary Business Account): You can use this account for daily transactions like receiving payments and making business-related expenses.
Tax Account: You must keep this account separate to avoid mixing tax liabilities with working capital.
Expense Account: Used for operational expenses such as salaries, rent, utilities, and vendor payments.
Savings or Investment Account: It is for surplus funds, investments, or business expansion plans. Opt for a high-interest business savings account or fixed deposits.
I hope you found this helpful.
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How many Bank Accounts should I Have for My Business?
priya
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2 months
2025-03-21T08:39:06+00:00 2025-03-21T08:39:07+00:00Comment
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