Is it fine to sell bitcoins and take payments at Savings Bank account?

[TigerMart]

.

[bitcoinisbest]

Well if its occasionally that you sell and get payment then its fine to get in savings. But if you sell it on regular basis and payment in savings then its not allowed since you will have to open a current account with bank. Savings are generally for lesser transactions and its not meant to be for business purpose.

[polynesia]

.

If you do get funds credited into your account, just make sure you have the identity of the bigger.
Try and avoid falling victim to a Man-In the-Middle attack.

https://bitcointalk.org/index.php?topic=1604317.0

[nizamcc]

It's fine as far as you have records. I mean it would be good if you sell through exchanges as they will keep everything in their database so that you can have proof that you sold a "commodity" to get payment against it. And if any scam ever arises, which I don't think will happen unless you go for a deal outside exchange (not guaranteeing you that you won't find scammers on exchanges either), you will have proof that you had it and you will need to show the source for everything to get sorted out.

[MrMerchant]

.

If you do get funds credited into your account, just make sure you have the identity of the bigger.
Try and avoid falling victim to a Man-In-the-Middle attack.

I second that, also try to get a personal current account if you plan to trade regularly.

savings accounts are a big NO!, I once had an ICICI savings account frozen for a week as the transactions were too much in a month according to them.

[TigerMart]

If you do get funds credited into your account, just make sure you have the identity of the bigger.

What are the identity proofs required to be collected from the buyer? Will Name & Mobile No. (verified through talk or social media search) suffice?

I second that, also try to get a personal current account if you plan to trade regularly.

What is a personal current account? Does an user get a current account without trade license?

savings accounts are a big NO!, I once had an ICICI savings account frozen for a week as the transactions were too much in a month according to them.

How did u get that defreezed? Were those transactions related to bitcoin? If yes, did u have to tell them that those are related to bitcoin?

[MrMerchant]

If you do get funds credited into your account, just make sure you have the identity of the bigger.

What are the identity proofs required to be collected from the buyer? Will Name & Mobile No. (verified through talk or social media search) suffice?

Identity Proofs should be a Valid Pan Card or Aadhaar or DV, phone number and social media profile can be faked.

I second that, also try to get a personal current account if you plan to trade regularly.

What is a personal current account? Does an user get a current account without trade license?

Yes you dont need any license for a Personal Current account, just standard KYC.

savings accounts are a big NO!, I once had an ICICI savings account frozen for a week as the transactions were too much in a month according to them.

How did u get that defreezed? Were those transactions related to bitcoin? If yes, did u have to tell them that those are related to bitcoin?

The freeze was just because of the volume of transaction, not due to fraud or something.
Just tell them you are a freelancer and work on web dev, they wont get the bitcoin talk.
they will take the KYC again to unfreeze and ask you to open a current account.

[Blackshadow007]

If you do get funds credited into your account, just make sure you have the identity of the bigger.

What are the identity proofs required to be collected from the buyer? Will Name & Mobile No. (verified through talk or social media search) suffice?

Identity Proofs should be a Valid Pan Card or Aadhaar or DV, phone number and social media profile can be faked.

I second that, also try to get a personal current account if you plan to trade regularly.

What is a personal current account? Does an user get a current account without trade license?

Yes you dont need any license for a Personal Current account, just standard KYC.

savings accounts are a big NO!, I once had an ICICI savings account frozen for a week as the transactions were too much in a month according to them.

How did u get that defreezed? Were those transactions related to bitcoin? If yes, did u have to tell them that those are related to bitcoin?

The freeze was just because of the volume of transaction, not due to fraud or something.
Just tell them you are a freelancer and work on web dev, they wont get the bitcoin talk.
they will take the KYC again to unfreeze and ask you to open a current account.

are you sure about this ? that Personal Current account don't require any Trade license ?
Which bank offers Personal Current account without trade license ?

 

[MrMerchant]

Axis Bank
HDFC Bank
ICICI Bank

Don't know about other banks though.

[Blackshadow007]

Axis Bank
HDFC Bank
ICICI Bank

Don't know about other banks though.

Axis don't offer Personal Current account without Trade License and Proprietorship Stamp at least for Individual . Current account only can be opened as company / business name not for any personal name as per Axis which i talked yesterday . They need general documents , PAN and Trade License .

[lordquanta]

It is true that current account(Cash Credit cc) is available business related account only.  I think it is better to speak with the bank manager or CA/CS  for correct idea.

[taked]

Better not because banks are taxing your profit in bitcoins.

[Blackshadow007]

Better not because banks are taxing your profit in bitcoins.

What you mean Banks are taxing your profit in bitcoins ?
Do you mean Bank submit their customer's record to IT or anything like that ?  didn't understand your post .