Can an account be opened in the name of a sole proprietorship firm?
Yes, an account can be
opened in the name of a sole proprietorship firm. The process is similar to
opening an individual account but with some additional requirements.
Steps to Open an Account:
- Online Onboarding Process
- Visit online
platforms such as 5paisa.
- Complete the
onboarding journey online, similar to the individual account process.
2. Required Documentation
- In addition to
the standard documents needed for individual accounts, sole proprietorship
firms must submit proof of the proprietorship bank account.
- The bank proof
must mention both the name of the proprietorship firm and the name of the
proprietor.
By following these steps
and providing the necessary documentation, clients can successfully open an
account for their sole proprietorship firm.