Instamojo issue. What to do?

image

They said that they don’t support the services that, I provide. :frowning:
What to do now?

Any solution? I did KYC and they closed my account

Check my services on qdient.com

Tell me what is wrong in that? Why they don’t support. I saw many peoples using instamojo for the same category.

Do you use Saving or Current Account?

  • Personal Saving Bank account
  • Current Bank account

0 voters

Please be informed that as per RBI regulation you are supposed to not conduct any business/frequent transaction with saving account.

Saving account

That’s illegal. I would advise, open a current account first, get GST also if you are doing business under your firm name.

Bank may object time to time from using saving account. Better, be prepared in advanced by having a current account, at least get a Regular one that doesn’t require GST.

Why I need GST? It’s not that big

There are many types of Current accounts, subject to vary as per Bank.

As far I know about SBI, if you want to open Current account under Firm name Qdient, you need to get GST regardless of any transaction limit or whatsoever.

If you don’t want to get into GST, just open a SBI Regular Current account under your name.

https://www.sbi.co.in/portal/web/sme/regular-current-account

Disclaimer: I am no way affiliated with SBI.

There’s no relation between instamojo TOS and Current account

I think there is some other issue for rejecting your account. It is probably due to mismatch between type of payment link & business category of your firm.
I would suggest you to create a business account for individual (not proprietor) or change your business category in your Udyog aadhar.

If you are an organization or a small business employing at least 4 people, getting a current account is recommended. Source: Its blog

Okay. Got it :slight_smile:

@GulshanKumar I was trying to save myself from all these legal things, but I think now I have to dive in and learn everything.

1 Like

I would recommend watching this video

Why not are you trying Razorpay instead Instamojo?

2 Likes

Their website looks mind blowing. :fire::+1:

1 Like

Which type of business should I select here?

@GulshanKumar @sajjad

Individual

Razor pay is not available for individuals I think… only for registered businesses.

I registered under Udhyog Aadhaar