21 Best Banks for Current Account in India 2023

A current account helps you conduct instant business transactions by handling large volumes of receipts and payments.

In the first section, I have shared a list of the best bank for opening a current account in India.

In the second section, you would find the best current accounts in India that offer special services to startups and small businesses.

The parameters on which the banks have been picked are –

• Minimum balance requirements
• Operational Charges
• Ease of Internet Banking
• Ease of Account Opening
• Additional Product Benefits like Loan Approval
• Service & Support

Best Bank for Current Account in India 2023

#1. ICICI Bank Current Account (For Best Technology)

The best interactive technology for banking products is from ICICI Bank.

Whether you need an internet banking platform, online account opening or mobile banking, ICICI has easy-to-operate user-friendly tech features.

Technologically superior banking platforms are the USP of ICICI Bank.

For businesses, ICICI Bank has an iBizz mobile application for a banking facility, CMS payments and trade online approvals for LC, BG, remittances and bill payments.

ICICI Bank also allows cardless cash withdrawal at ATMs which is helpful in payment to the beneficiary who does not have a bank account.

There are three variants of current accounts at ICICI –

• Premium current accounts for domestic businesses with special privileges like free cash deposit of Rs. 2.5 Lacs p.m. and above (up to 75 cr) and higher free limits on daily transactions.
• Special current accounts for startups, CAs, customers registered on eNAM, GeM and escrow purposes.
• One Globe Trade current accounts for import and export businesses, which is a combination of roaming current account and global trade services.

ICICI Bank Current Account Minimum Average Balance

• Premium current accounts – Quarterly Avg. Balance of Rs. 25,000 to Rs. 10 Lacs
• Special current accounts – Quarterly Avg. Bal of Rs. 0 to Rs. 5 Lacs
• One Globe Trade accounts – Monthly Avg. Balance of Rs.50,000 to Rs. 5 Lacs or Monthly throughput from USD 5,000 to USD 80,000

ICICI Bank Current Account Charges

• Premium Current Accounts – Starting from Rs. 1,000 to Rs. 8,000
• Special Current Accounts – Starting from Rs. 0 (for NIL QAB accounts) to Rs. 8,000
• One Globe Trade accounts – Starting from Rs. 1,500 to Rs. 5,000

ICICI Bank Current Account Options

1. Smart Business Account 2.0 Ivy
2. Smart Business Account 2.0 Platinum
3. Smart Business Account 2.0 Gold
4. Smart Business Account 2.0 Silver
5. Classic 2.0 Current account
6. RCA Standard current account
7. Made2Order Current Account
8. Special Current Accounts
9. One Globe Trade Account (Basic, Gold & Platinum variants)

What We Like

• Best technology banking products
• Online banking and apps are smooth and flawless

What We Didn’t Like

• No major benefit for staying a loyal customer
• Additional banking products are average (like no major benefit on business credit cards)

#2. HDFC Bank Current Account (For Best Products)

HDFC Bank has one of the best products like the premium Infinia Credit Card, Loans through ATMs, HDFC on Chat and HDFC Smart Buy.

HDFC has 14 types of a current account, tailor-made for all types of businesses ranging from large corporates to traders, professionals and farmers. Even for startups and e-commerce companies.

The bank has provided a calculator type of tool for choosing the right current account based on turnover and your business requirements.

HDFC Bank Current Account Average Quarterly Balance

• Ranging from Rs. 10,000 to Rs. 5 Lacs for different accounts
• NIL in case of Institutional Current Account

HDFC Bank Current Account Charges

• From Rs. 1500 to Rs. 8,000 depending on the account

HDFC Bank Current Account Options

1. Max Advantage Current Account
2. Ascent Current Account
3. Activ Current Account
4. Plus Current Account
5. Premium Current Account
6. Regular Current Account
7. Smartups for Startups Current Account
8. Saksham Current Account
9. E-commerce Current Account
10. Current Account for Professionals
11. Agri Current Account
12. Institutional Current Account
13. RFC Domestic Current Account
14. EEFC Current Account

What We Like

• Wide range of current accounts
• Best products for valuable and loyal customers

What We Didn’t Like

• Average technology
• Employees with lesser product knowledge

#3. IndusInd Bank Current Account (Lower AMB yet Great Features)

Most of the current account at IndusInd Bank requires lower minimum balance requirements, except the Pioneer current account.

You can have 365 days of banking, choose account number, group your business accounts, doorstep banking and smart cash management services.

IndusInd Bank has current accounts for regular business, large corporate, importers and exporters. They also offer current accounts to specific industries like IT, textile, hotels, SMEs, travel agencies and logistic firms.

Further, the bank offers flexibility to customize the current account and set transaction limits as per business needs.

IndusInd Bank Current Account Average Monthly/ Quarterly Balance

• Range from NIL to Rs. 10 Lacs based on the account

IndusInd Bank Current Account Charges

• From Rs. 0 to Rs. 4,000 depending on the account

IndusInd Bank Current Account Options

1. Indus Premier Current Account
2. Indus Select Current Account
3. Indus Select Plus Current Account
4. Indus Pioneer Current Account
5. Indus Tarakki Current Account
6. Indus Green Current Account
7. Indus Freedom Current Account
8. Indus EEFC Current Account
9. Indus Escrow Current Account
10. Indus Max Current Account
11. Indus Exim Trade Current Account
12. Indus Dollar One Trade Current Account

Niche Current Accounts

1. Indus Grain Merchant Flexi Current Account
2. Indus Textile Current Account
3. Indus Infotech Current Account
4. Indus Merchant Plus Current Account

What We Like

• Lower minimum monthly average balance
• Grouping of multiple current accounts
• 365 days of banking
• Flexibility to design account and choose a number

What We Didn’t Like

• Average technology
• Nil premium products

#4. Axis Bank Current Account

Axis is the only bank that offers up to 1000 reward points on banking transactions like account opening and funding, activation of internet banking and registration for e-statement & e-forex.

The current accounts are categorized on value-based and segment-based current accounts.

Axis Bank has recently launched digital current accounts that can be opened instantly online in 4 simple steps through video KYC.

The account needs initial funding of Rs. 10,000 and gives businesses access to 100+ banking services.

Axis Bank Current Account Minimum Monthly Average Balance

• Value-based current accounts – Rs. 10,000 to Rs. 10 Lac
• Value-based Club 50 current account requires AQB of Rs. 50 Lacs
• Digital Current Account – Rs. 10,000

Axis Bank Current Account Charges

• Starting from Rs. 750 to a maximum of Rs. 25,000.
• Few current accounts carry Rs. 100 of monthly service charge

Axis Bank Current Account Options

Digital Current Account

1. Digi Current Account
2. Liberty Digital Current Account for Sole Proprietorship

Value-Based Current Account

1. Axis Classic Current Account
2. Axis Normal Current Account
3. Axis Advantage Current Account
4. Axis Select Current Account
5. Axis Privilege Current Account
6. Priority Channel OneCurrent Account
7. Wealth Club 50 Current Account

Segment-Based Current Account

1. Current Account Global Economy Business
2. Current Account EFC
3. Current Account Arthiyas
4. Current Account Trust
5. Current Account Jewellers

What We Like

• Reward points for opening current accounts
• Dedicated digital current account for Sole Proprietorship

What We Didn’t Like

• Average technology
• No additional services

#5. Deutsche Bank Current Account Trade (For Global Business)

Deutsche Bank’s current account is for companies doing global business. The current account helps you leverage Deutsche’s global network spread in 74 countries and deal in all major currencies.

The major benefit is – NO minimum balance maintenance requirements.

Additionally, you have access to products for hedging forex transactions, a dedicated relationship manager assisting in Foreign Exchange, Trade Finance and doorstep services.

Best Deutsche Bank Current Account

1. Deutsche Current Account Trade Gold -QTP Rs. 75 Lacs
2. Deutsche Current Account Trade Silver – QTP Rs. 25 Lacs

Deutsche Bank Current Account Charges

• Deutsche penalizes only less than the minimum quarterly throughput (QTP) values. The charges are Rs. 3000 to Rs. 5,000 per quarter.

What We Like

• Global Offices in 74 countries
• Personalized assistance in forex, trade finance transactions
• Instant inward & outward remittances

What We Didn’t Like

• Few physical branches (mostly in metros)
• Ease of operations is average

#6. State Bank of India Current Account (Widespread Reach)

The major benefit of having a current account with SBI is the widespread reach and access to pan India network of 22,000+ branches for a host of services.

Most of the SBI branches and ATMs have a Cash Deposit Machine/ Recycler facility which lets you deposit, transfer and withdraw money instantly.

State Bank of India Current Account Monthly Average Balance

• Vary from Rs. 5,000 to Rs. 10 Lacs depending on the account

State Bank of India Current Account Charges

• From 500 to Rs. 8,000 for different accounts.

State Bank of India Bank Current Account Options

1. SBI Regular Current Account
2. SBI Gold Current Account
3. SBI Diamond Current Account
4. SBI Platinum Current Account
5. SBI Shubharambh Current Account
6. SBI Surbhi Current Account
7. SBI Power Jyoti Current Account
8. SBI Power Jyoti PUL Current Account

What We Like

• Widespread reach
• Best for fund collection and cash management

What We Didn’t Like

• Average services
• Not many premium benefits

#7. Bank of Baroda Current Account (Best PSU Bank)

Bank of Baroda offers quality customer support and service. The bank has one of the lowest current account charges with a maximum charge of Rs. 600 for the premium current account.

The other unique services include auto and reverse sweep facility in current accounts which helps account holders to earn interest.

Bank of Baroda offers rebates and discounts on locker rents, demat services and waiver of car loan processing charges.

Bank of Baroda Current Account Minimum Average Quarterly Balance

• Vary from Rs. 2,500 to Rs. 2.5 Lacs depending on the account

Bank of Baroda Current Account Charges

• From 400 to Rs. 1,000 for different accounts

Bank of Baroda Current Account Options

1. Baroda Premium Current Account
2. Baroda Premium Current Account – Privilege
3. Baroda Small Business Current Account
4. Baroda Advantage Current Account
5. Baroda Current Account for LIC and other insurance companies
6. Current account for other banks
7. Baroda Startup Current Account
8. Baroda Scale Up Current Account

What We Like

• Minimum current account charges
• Best customer support

What We Didn’t Like

• Average technology
• Not many variants of current account

#8. Yes Bank Current Account

Yes bank has a variety of current accounts for various business requirements.

Yes bank has 3 tiered ( Edge/ Prime/ Exclusive) Business Current Accounts which gives the flexibility to move between tiers depending on the usage.

Apart from that Yes Bank gives an option to choose a value-added service package.

The service package has benefits like

• Global trade and remittance services
• Merchant services
• Doorstep banking
• Smart Tally – Automated payments and reconciliation for tally users
• Payment gateway facility and
• Cash management services

Yes Bank Current Account Average Quarterly Balance

• Yes Premia Current Account – Rs. 2 Lacs of CASA or 10 Lacs of Net relationship value
• For other current accounts – vary from Rs. 10,000 to Rs. 5 Lacs depending on the account
• Yes TradeBiz Current Account – QAB of Rs. 1 Lac or Trade throughput of USD 100,000
• Yes Pragati Current Account – Half-yearly balance – Rs. 5,000

Yes Bank Current Account Charges

• Rs. 500 to Rs. 5,000
• For Yes Premia Current account there are no finance charges.  Non-maintenance of balance results in the withdrawal of the benefits.

Yes Bank Current Account Options

1. Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account
2. Yes Premia Current Account
3. Yes First Business Programme
4. Yes Pragati Current Account
5. Yes Business Value Current Account
6. Yes Head Startup Current Account
7. Yes Xtra Gain (Edge/ Prime) Current Account
8. Yes TradeBiz Current Account

What We Like

• 3 tier structure with the freedom to upgrade or downgrade
• Option to choose value-added business services

What We Didn’t Like

• Best services only for the premium account
• Average to poor technology
• The account opening requires a minimum QAB payment

#9. Kotak Mahindra Bank Current Account

Kotak Mahindra Bank has current accounts for all business needs – from startups, growing businesses to large corporations.

All the current account comes with Kotak ActivMoney, an auto sweep and reverse facility which helps you earn interest on the account.

You also have access to an overdraft facility, payment gateway, cash management and forex live services.

Kotak Mahindra Bank has a benefit of Kotak Circle, where businesses can club multiple current and savings accounts. Which helps in better fund utilization and account balance maintenance.

Kotak Mahindra Bank Current Account Average Quarterly Balance

• Vary from Rs. 10,000 to Rs. 15 Lacs depending on the account
• Kotak Global Trade Current Account – Qtr trade throughput from USD 50K to USD 250K

Kotak Mahindra Bank Current Account Charges

• Starting from Rs. 750 to Rs. 8,000 for various accounts

Kotak Mahindra Bank Current Account Options

1. Kotak Edge Current Account
2. Kotak Pro Current Account
3. Kotak Ace Current Account
4. Kotak Neo Current Account
5. Kotak Elite Current Account
6. Kotak Startup Premium Current Account
7. Kotak Astra 05 Current Account
8. Kotak Global Trade Current Account
9. Kotak Astra 15 Current Account
10. Kotak Startup Regular Current Account
11. Merchant One Premium Current Account

What We Like

• Kotak ActivMoney & Kotak Circle for better funds management

What We Didn’t Like

• High account charges
• Average internet banking and technology

#10. RBL Bank Current Account

Almost all the current accounts of RBL Bank has loan offerings for short-term finance and working capital requirements. The offerings are a business loan, small business loan, loan against property and overdraft against the property.

The drawback is that – the bank has fewer branches pan India. Hence, RBL Bank provides doorstep banking at a cost in a few cities.

RBL Bank Current Account Average Quarterly Balance

• Vary from Rs. 10,000 to Rs. 5 Lacs depending on the account
• RBL Exceed Global Extra – Qtr throughput of $ 50K or AMB of Rs. 50,000
• RBL Exceed Global Elite – Qtr throughput $ 200K or AMB Rs. 200,000

RBL Bank Current Account Charges

• Starting from Rs. 250 to Rs. 3,000 for various accounts

RBL Bank Current Account Options

1. RBL Traders Current Account
2. RBL Value Silver 40 Current Account
3. RBL Value+ Gold 100 Current Account
4. RBL Exceed Business Banking – Exceed Global Extra, Exceed Express, Exceed Global Elite
5. RBL Business Current Account
6. RBL Business Plus Current Account
7. RBL India Startup Club Current Account
8. RBL Self-Employed Professional Current Account

What We Like

• Loan offerings with the current account

What We Didn’t Like

• Few branches locations
• Doorstep banking services are charged

Best Current Account for Small Business in India

#11. IDFC First Bank Business Current Account – 10K

A simple current account with 10K AMB requirements for growing needs and aspirations of small businesses.

Average Monthly Balance

• Rs. 10,000

Current Account Charges

• Rs. 100 if balance is between Rs. 7,500 to 10,000
• Rs. 250 if balance is between Rs. 5,000 to 7,500
• Rs. 350 if balances is less than Rs. 5,000

Other benefits

• IDFC Business Visa Platinum Debit Card
• Doorstep banking
• Rs. 2 Lacs per month free cash deposit limit
• Free 25 cheque leaves per month

#12. ICICI Bank Smart Business 2.0 Silver Current Account

ICICI Smart Business 2.0 Silver account helps small businesses to adjust money flow with business cycles. It gives small companies the free cash deposit flexibility by linking QAB to the free transaction limits.

Businesses get free cash deposits of up to 10 times the MAB or Rs. 1.2 Crores whichever is lower. 

They can enjoy free cheque collection & payment, RTGS & NEFT, Business Gold debit card and free cash deposit anywhere in India.

Minimum Quarterly Average Balance

•  Rs. 50,000

Current Account Charges

• Rs. 2,000 per qtr for avg balance > 50% but <100%
• Rs. 3000 per qrt for avg balance <50%

Other benefits

• 100 free branch transactions per month for every 1 Lac of balance maintained
• 150 free cheques leaves per month for every 1 Lac of balance maintained
• Free cheque payment and collection anywhere across the country
• Free Business Gold Debit card
• Free RTGS and NEFT transactions

#13. Baroda Small Business Current Account

Baroda small business current account is best for stores and businesses run by individuals, proprietors and partnership firms.

The drawback is that the current account is available only in metro & urban cities and the yearly turnover is capped at Rs. 20 Lacs.

Minimum Quarterly Average Balance

• Rs. 2,500

Current Account Charges

• Rs. 300 per quarter

Other benefits

• Lowest average quarterly balance and charges
• Unlimited free digital transactions

#14. Kotak Neo Current Account

Kotak Neo is a small business current account designed to help small businesses save and efficiently manage funds through Kotak ActivMoney and Kotak Circle.

Neo account carries the lowest balance requirement of Rs. 10,000. But the account is available at select locations only.

Minimum Average Quarterly Balance

• Rs. 10,000

Current Account Charges

• If AQB < 50% then Rs. 1,200.
• For AQB > 50% but < 100% then Rs. 750.

Other benefits

• Kotak Business Power Platinum debit card with a daily purchase limit of Rs. 2..5 Lacs
• Kotak ActivMoney sweep and reverse sweep facility
• Rs. 15 Lacs overdraft facility
• Free cheque collection through Speed Clearing
• Flexibility to club multiple current and saving accounts
• Cash Management services

Best Bank for Zero Balance Current Account in India

#15. Axis Bank Local Current Account

The local current account from Axis Bank has no minimum balance requirements but the bank charges Rs. 1,999 annual fees. There is a rebate of 15% per quarter on annual charges if the average balance exceeds Rs. 50,000.

Other benefits

• 75 free transactions per month on a combination of services
• Daily account statements through email
• Earn Axis Edge reward points for account opening and funding and registration

#16. Indus Infotech Current Account

The zero balance current account is specifically for IT, ITES, KPOs and BPOs. Indus Infotech includes a current account with services like global trade and forex, salary account and retail forex services.

Other benefits

• Doorstep banking
• Indus Forex card available in eight major currencies
• Free trade and forex services like zero Swift charges, free import/ export bill collection and non-trade outward remittances
• Option to open a salary account of employees

#17. Standard Chartered Smart Business Current Account

Smart Business SC Bank removes the headache of maintaining a monthly minimum balance.

You just need to route a minimum of Rs. 15 Lacs of business credit collections every month through the account. Any shortfall attracts a charge of Rs. 3500.

Other benefits

• Lower charges for various transaction fees with increased credits
• Cash Management Solutions
• Web-based Straight2Bank working capital platform
• SME Cash management solution
• Cheque pick up doorstep service

Best Current Account for Startups in India

#18. ICICI iStartup 2.0 Current Account

The iStartup 2.0 account caters to the specific needs of startup founders and young entrepreneurs through a host of business solutions like –

• Customized and convenient banking experience with QAB waiver for the first 12 months
• 3 variants of current accounts for specific startup needs
• Preferential charges on import and export trade transactions
• Startup Assist package for business incorporation, GST & return filings, web creation, e-commerce setup & digital marketing support
• Dedicated relationship manager for promoters

There are 3 variants of iStartup 2.0 – Silver, Gold & Platinum suited to the level of business activity.

But ICICI allows only businesses incorporated as LLP’s, private & public limited company and one-person company (OPC) to open iStartup 2.0 account.

Note – After 12 months the quarterly average balance requirement range from Rs. 25,000 to 5 Lacs depending on the account variant.

#19. HDFC Bank Smartups for Startups Current Account

The Smartups current account brings smart financial tools, advisory services and technology for business founders.

Startups can open either “StartUp Alpha”, “StartUp Growth” or “StartUp Max” current accounts based on their business needs.

Particulars	StartUp Alpha	StartUp Growth	StartUp Max
Account Type	Zero AQB requirement for 6 months. Rs. 25,000 from 2nd year	50,000 AQB	500,000 AQB
Free Cash Deposit	12 times MAB or 25 transactions, subject to a maximum of 1 Cr p.m	10 times the MAB max Rs. 50 Cr p.m.	12 times MAB or max 75 Cr p.m
Debit Card	Business debit card with no annual fees	Business debit card with no annual fees	Business debit card with no annual fees
Charges	Rs. 1800 per quarter	Rs. 3000 per quarter	AQB equal to and above 50% – Rs. 3,000 AQB less than 50% – Rs. 8,000

The other services for startups at special rates negotiated by HDFC Bank are –

• Co-working spaces
• Tax and Compliances advisory services
• Marketing support by offering products on HDFC Bank Smart Buy portal
• Content writing and Digital marketing services
• Networking facility with SmartUp program to connect with customers, investors and mentors
• Web services, HR solutions and Business & Legal services

#20. Axis Bank StartUp Special Current Account

The startup special current account package at Axis bank is for technology-driven startups. The account requires startups with a zero balance current account for the first 24 months with free

• Forex, NEFT and RTGS payments
• Cash deposits and withdrawals at any branches up to Rs. 10 Lacs per month
• Cheque book, DD and PO issuances

Rest of the other facilities are offered based on the risk profile and needs of the startups, like

• Payment & Collection services
• Forex and trade solutions
• Payment gateway solutions
• Credit facilities & working capital structured for startup needs
• Investment advisory services

#21. Kotak Startup Current Account

Kotak Bank offers a regular and premium current account for startups.

Details	Kotak Startup Regular	Kotak Startup Premium
AQB	Rs. 50,000	Rs. 1 Lac
Free cash deposit (non-home branch	Rs. 100,000 per month	Rs. 300,000 per month
Free cash withdrawal (non-home branch)	Rs. 50,000 per day	Rs. 100,000 per day
Charges	Waiver of charges for 1 year Up to Rs. 2,500 after that	Waiver of charges for 1 year. Up to Rs. 5,000 after that

The other common services include

• Kotak Credit Access, an overdraft facility of Rs. 15 Lacs
• Kotak ActivMoney with sweep and reverse sweep facility
• Kotal Circle for grouping of current and saving accounts
• Cash Management, forex and payment gateway solutions
• Dedicated relationship manager

Difference Between Current Account and Saving Account

The difference lies in the prime underlying objective, the savings accounts are for personal savings and earnings with the basic intention of building a habit for savings. For more details, check out the list of best savings bank account in India

Whereas, current accounts are to facilitate smooth business transactions and accounting.

The other benefits associated with the current account as compared to the savings account are –

• Overdraft facility where more money than the balance can be withdrawn
• A higher number of free transactions
• Unlimited withdrawal and deposit facility thus helpful in handling a large volume of transactions
• Generally, the minimum account balance starts from Rs. 10,000
• Discounts in processing fees & loan offers
• Allows direct payments using cheques, DD and pay orders to vendors and creditors

Popular banks like ICICI, HDFC, and SBI also provide Demat & trading account services. If you want to keep all your accounts under a single Umbrella then you can current account, savings account and Demat account with the same bank for easy management.

If you want to optimize your finance then you can open a current account as per your business requirements with a bank. I have listed the different accounts for different needs.

Open a savings account with a bank like HDFC that provides the best products like Credit card and cashback debit cards.

Open a Demat account with a discount broker like Zerodha to save on high brokerage charges.