Can an account be opened in the name of a sole proprietorship firm?

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:

  1. 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.



    • Related Articles

    • Can an NRI account be opened online?

      As per the guidelines issued by RBI, an NRI account can be opened online by visiting the respective banks' websites, such as SBI. The user needs to fill out an application form online and send it to the Global NRI Center in India for account opening ...

    • How do I change my name on my account?

      To change your name on your 5Paisa account, you will have to contact 5Paisa support. Email support@5paisa.com with the subject line: “Name Update in 5Paisa Account.” After our team reviews your request, you will be asked to send some vital documents ...

    • Can a trading account be opened without opening a demat account?

      No, 5Paisa does not allow a trading account to be opened without opening a demat account. This is due to the following reasons: A demat account is necessary to settle open equity intraday positions each day that takes place in a trading account. A ...

    • Where can the DP name be viewed?

      To view the DP name easily, you need to login into your 5paisa account and navigate to https://emodify.5paisa.com/customer-dashboard/client-profile Once you are on the page, you will see the DP details, including the name (5paisa Capital Limited).

    • Should physical documents be sent to 5Paisa after the account is opened?

      Once you have opened your 5Paisa account online, there is no need to send offline documents to us. 5Paisa provides an easy option to open your demat account online without the need to provide physical documentation. Open a trading account today and ...