A current account helps you conduct prompt 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
You would find the best interactive technology for banking products from ICICI.
Whether you need an internet banking platform, online account opening or mobile banking transaction, ICICI has easy-to-operate user-friendly tech features. Technologically superior banking platforms is 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 account 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 Options
- Smart Business Account 2.0 Ivy
- Smart Business Account 2.0 Platinum
- Smart Business Account 2.0 Gold
- Smart Business Account 2.0 Silver
- Classic 2.0 Current account
- RCA Standard current account
- Made2Order Current Account
- Special Current Accounts
- One Globe Trade Account (Basic, Gold & Platinum variants)
HDFC Bank has one of the best products like the premium Diners Club Black Credit Card, Loans through ATMs, HDFC on Chat and HDFC Smart Buy.
You will be surprised that 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 Options
- Max Advantage Current Account
- Ascent Current Account
- Activ Current Account
- Plus Current Account
- Premium Current Account
- Regular Current Account
- Smartups for Startups Current Account
- Saksham Current Account
- E-commerce Current Account
- Current Account for Professionals
- Agri Current Account
- Institutional Current Account
- RFC Domestic Current Account
- EEFC Current Account
Most of the current account at IndusInd Bank requires lower minimum balance requirements, except prestige 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 Options
- Indus Prestige Current Account
- Indus Gold Plus Current Account
- Indus Gold Current Account
- Indus Silver Plus Current Account
- Indus Silver Current Account
- Indus Blue Current Account
- Indus Freedom Current Account
- Indus Green Current Account
- Indus Escrow Current Account
- Indus Max Current Account
- Indus Premier Current Account
- Indus Dollar One Trade Current Account
Niche Current Accounts
- Indus Grain Merchant Flexi Current Account
- Indus Textile Current Account
- Indus Infotech Current Account
- Indus Merchant Plus 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 “Full Power Digital Current Account” that can be opened online in 4 simple steps through video KYC. The account needs initial funding of Rs. 10,000 and gives businesses access to 250+ banking services.
Axis Bank Current Account Options
Digital Current Account
- Full Power Digital Current Account
Value-Based Current Account
- Prime Normal Current Account
- Prime Advantage Current Account
- Prime Select Current Account
- Prime Business Classic Current Account
- Priority Business Privilege Current Account
- Priority Channel OneCurrent Account
- Wealth Club 50 Current Account
Segment-Based Current Account
- Current Account Global
- Current Account EFC
- Current Account Arthiyas
- Current Account for new economy group
- Current Account for market intermediaries
- Current Account Priority
Citi Bank’s current account is for companies doing global business. The current account helps you leverage Citi’s global network in 100+ countries and deal in all major currencies.
The major benefits are savings on correspondent bank charges, dispensed with the need to confirm LCs, competitive LIBOR denominated rates and instant inward or outward remittances.
Additionally, you have access to treasury products for hedging forex transactions, a dedicated relationship manager assisting in Foreign Exchange, Trade Finance and Cash Management Services.
Best Citi Bank Current Account
- Citibusiness current account
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 Bank Current Account Options
- SBI Regular Current Account
- SBI Gold Current Account
- SBI Diamond Current Account
- SBI Platinum Current Account
- SBI Power POS Current Account
- SBI Surbhi Current Account
- SBI Power Jyoti Current Account
- SBI Power Jyoti PUL Current Account
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. 1,000 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 Options
- Baroda Premium Current Account
- Baroda Premium Current Account – Privilege
- Baroda Small Business Current Account
- Baroda Advantage Current Account
- Baroda Current Account for LIC and other insurance companies
- Current account for other banks
- Baroda Startup Current Account
- Baroda Scale Up Current Account
Yes bank has a variety of current accounts for various business requirements.
The latest being the new Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account 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 Options
- Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account
- Yes Premia Current Account
- Yes First Business Programme
- Yes Pragati Current Account
- Yes Business Value Current Account
- Yes Head Startup Current Account
- Yes Xtra Gain (Edge/ Prime) Current Account
- Yes TradeBiz 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 saving accounts. Which helps in better fund utilization and account balance maintenance.
Kotak Mahindra Bank Current Account Options
- Kotak Edge Current Account
- Kotak Pro Current Account
- Kotak Ace Current Account
- Kotak Neo Current Account
- Kotak Elite Current Account
- Kotak Startup Premium Current Account
- Kotak Astra 05 Current Account
- Kotak Global Trade Current Account
- Kotak Astra 15 Current Account
- Kotak Startup Regular 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 cost at few cities.
RBL Bank Current Account Options
- RBL Traders Current Account
- RBL Value Silver 40 Current Account
- RBL Value+ Gold 100 Current Account
- RBL Value+ Gold 500 Current Account
- RBL Exceed Business Banking – Exceed Global Extra, Exceed Express, Exceed Global Elite
- RBL Business Current Account
- RBL Business Plus Current Account
- RBL India Startup Club Current Account
- RBL Self Employed Professional Current Accout
A simple current account with lower average balance requirements for growing needs and aspirations of small businesses.
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.
Baroda small business current 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.
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.
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.
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.
Standard Chartered Bank does not ask for the maintenance of monthly minimum balance.
But the smart business current account requires your business to route a minimum of Rs. 15 Lacs of business credit collections every month. Any shortfall attracts a charge of Rs. 3500.
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 6 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
ICICI bank helps connecting startups with consulting firms for legal and regulatory requirements. With private equity and venture capital firms through online platform BizCircle.
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 six months the quarterly average balance requirement range from Rs. 25,000 to 5 Lacs depending on the account variant.
The Smartups current account assists startups and business founders with smart financial tools, advisory services and technology.
Startups can open either “StartUp Alpha” or “StartUp Max” current account based on their business needs.
|Particulars||StartUp Alpha||StartUp Max|
|Account Type||Zero AQB requirement for 6 months||Preferred account|
|Free Cash Deposit||12 times MAB or
subject to a maximum of 1 Cr p.m
|12 times MAB or
60 Lacs or 60 transactions,
subject to a maximum of 2 Cr p.m
|Debit Card||Business debit card with no annual fees||Business debit card with no annual fees|
|Rs. 25,000 from 2nd year||Rs. 5 Lacs from 2nd year|
|Charges||Rs. 1800||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
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
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 DD||50 per month||100 per month|
|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
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 2021
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
Let me know your current account requirements in the comments.