I am asking this question because I was told by two bank employees one from IDBI bank and another from HSBC that for the money from income generated from trades, I need to have a current account. I searched a lot for validation of this point online but unfortunately couldn’t find anything specific saying it needs to be this or that account. I’m looking whether Indian law says that for retail traders or not.Anyone here knows anything about this or are the bankers just bullshitting away to glory?
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If you are a retail trader, trading in an individuals name, a savings bank account serves the purpose.
You will need a current account only if you wish to trade on behalf of a company.
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Savings account is good enough for Individual Trader/Investor. You will need to have a Current account only if your activity is via a company.
Current Account is not mandatory, but if you are a high value trader, Current Account would be the best choice for you. The limits and transactions in a Current A/C is always higher than a Savings bank A/C. Would be a better choice if you are opening a new account for trading purpose and you are a full time trader.
Having said this, you should understand it is not mandatory but your choice.
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Can we connect Individual Current A/c with Zerodha?
Yes, you can link your current bank account to your trading account. You can check the process here: Can a current bank account be linked to a Zerodha account?
its a individual current account with my own name. still I require to do all this procedure or I can do it online?