The first section contains 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 based on which the banks have been categorized are
- Minimum balance requirements
- Operational Charges
- Ease of Internet Banking
- Ease of Account Opening
- Additional Product Benefits like Loan Approval
- Service & Support
The USP of ICICI Bank is the usage of the best interactive technology for banking products. Whether it is account opening, using internet banking or making a transaction on mobile, the bank has easy to operate user-friendly features.
For businesses, ICICI Bank has an iBizz mobile application for a banking facility, CMS payments and trade online approvals for LC, BG, remittances and Bills payments.
The bank also allows payment through cardless cash withdrawal which is helpful in payment to the beneficiary who does not have a bank account.
ICICI bank offers the current account in three variants
- Regular current accounts for domestic businesses with an annual turnover of less than Rs. 2 Crores.
- Premium current accounts for domestic businesses with special privileges like free cash deposit of Rs. 30 Lacs p.m. and above and higher free limits on daily transactions.
- Current account for import and export businesses, which is a combination of roaming current account and global trade services.
ICICI Bank Current Account Options
- Smart Business Gold Account
- Roaming Current Account Gold
- Roaming Current account premium
- Roaming Current account classic
- Roaming Current account standard
- Club Elite Ivy current account
- Roaming Current Account Elite
- Roaming Current Account Platinum
- Roaming Current Account Gold Plus
- One Globe Trade Account
HDFC Bank has one of the best products like the premium Diners Club Black Credit Card, Loans through ATMs, HDFC On Chat or HDFC Smart Buy.
You will be surprised that HDFC has 19 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 for choosing the right current account as per your business requirements.
HDFC Bank Current Account Options
- Ultima Current Account
- Supreme Current Account
- Apex Current Account
- EZEE Current Account
- Max Current Account
- Agri Current Account
- Plus Current Account
- Trade Current Account
- Current Account for Professionals
- Premium Current Account
- Regular Current Account
- Institutional Current Account
- Startup Current Account
- Ascent Current Account
- RFC Domestic Current Account
- EEFC Current Account
- E-comm Current Account
- Saksham Current Account
- Activ Current Account
Most of the current account at IndusInd Bank requires lower minimum balance requirements, except prestige current account.
The benefits are 365 days banking, choose account number, cheques images on the monthly statement to verify, group business accounts, doorstep banking and smart cash management services.
IndusInd Bank has current accounts for regular business, large corporate, importers and exporters. The bank also has dedicated current account catering to specific industries like Agri-commodities dealers, Textile and IT.
Further, the bank offers flexibility to customize the current account and set transaction limits as per business needs.
IndusInd Bank Current Account Options
Trade and Forex Current Account
- Indus Exim Current Account
- Indus Dollar One Trade Current Account
Indus Edge Current Account
- Indus Prestige Current Account
- Indus Gold Plus Current Account
- Indus Gold Current Account
- Indus Silver Current Account
- Indus Blue Current Account
- Indus Silver Plus Current Account
- Indus Green Current Account
- Indus Escrow Current Account
Niche Current Accounts
- Indus Grain Merchant Flexi Current Account
- Indus Textile Current Account
- Indus Infotech Current Account
- Made to order Current Account
Axis 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.
Axis Bank has value based and segment based current accounts.
Axis Bank Current Account Options
- 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 One
- Current Account Wealth Club 50
- Current Account Global
- Current Account EFC
- Current Account Arthiyas
- Current Account for new economy group
- Current Account for market intermediaries
- Current Account Priority
For global businesses, Citibank has a powerful current account where you can deal in 102 countries 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.
Plus you have a treasury for hedging and dedicated relationship manager assisting in Foreign Exchange, Trade Finance and Cash Management Services.
Best Citi Bank Current Account
- Citibusiness account
The major benefit of having a current account with SBI is the widespread reach and access to pan India network of 24000+ 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. 1000 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
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
- 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 Business Growth Current Account
- Yes Business Benefit Current Account
- Yes Business Edge Current Account
- Yes Business Elite Current Account
- Yes Current Account Trade
- Yes Current Account Smart Trade
- Yes Current Account Business Gain
- Yes First Business Product
The best part of Kotak Mahindra Bank is that the bank has a current account for all business needs from startups, growing businesses to large corporations. Plus all the current account comes with Kotak ActivMoney, a sweep and reverse facility which helps you earn interest on the account.
An overdraft facility, payment gateway, cash management and forex live services for all current accounts.
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 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 Extra, Exceed Express, Exceed Elite Current Account,
- RBL Business Current Account
- RBL Business Plus Current Account
- RBL India Startup Club Current Account
- RBL Self Employed Professional Current Account
- RBL Exceed Global Trade Current Account
- RBL Exceed Global Extra Current Account
- RBL Exceed Global Elite Current Account
A simple current account with lower average balance requirements for growing needs and aspirations of small businesses.
ICICI smart business account gives companies the flexibility by linking average balance maintained to the free transaction limits. With anywhere free cash deposits of up to 12 times the MAB or Rs. 1.2 Crores and free non-cash transactions of up to 50 times the MAB.
Baroda small business current is best for stores and businesses run by individuals, proprietors and firms. The drawback is that the current account is available only in metro and urban cities.
Kotak Neo is a small business current account designed to help small businesses save and efficiently manage funds through Kotak ActivMoney and Kotak Circle.
The local current account from Axis Bank has no minimum balance requirements but the bank charges Rs. 1999 as annual fees. There is a rebate of 15% per quarter on annual charges if 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 companies to route a minimum Rs. 15 Lacs of business credit collections every month. Any shortfall attracts a charge of Rs. 3500.
The iStartup 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 zero balance accounts for the first six months
- Higher variants of current accounts to accelerate business
- Preferential charges on import and export business
- Digital banking platforms
- Dedicated relationship manager for promoters
Note – After six months the monthly average balance requirement is Rs. 25,000 and the charges are Rs. 1000 per month.
ICICI bank helps connecting startups with consulting firms for legal and regulatory requirements. With private equity and venture capital firms through online platform BizCircle.
ICICI bank has an exclusive iStartup garage program in select branches providing startups with working space and advisory services in diverse sectors.
The SmartUp current account assists startups with smart financial tools, advisory services and technology.
The SmartUp current account has two variants “StartUp Alpha” and “StartUp Max”.
|Particulars||StartUp Alpha||StartUp Max|
|Account Type||Zero balance for a year||Preferred account|
|Free Cash Deposit||12 times MAB or|
25 transactions, max 1 Cr
|12 times MAB or|
60 transactions, max 2 Cr
|Debit Card||Platinum debit card|
1 point per Rs. 100 spent
|Times debit card|
2 points per Rs. 150 spent
|Rs. 25,000 from 2nd year||Rs. 5 Lacs from 2nd year|
|Charges||Rs. 1800||Up To Rs. 8000|
The other services for startups at special rates negotiated by HDFC Bank are
- Co-working spaces
- 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
- Digital payment gateway, bulk payments and POS solutions
The startup package at Axis bank is for technology-driven startups. Which starts with a zero balance current account for the first one year with free
- Forex, NEFT and RTGS payments
- Cash deposits and withdrawals at any branches up to Rs. 10 Lacs
- Cheque book, DD and PO issuances
All the other facilities based on the risk profile and needs suited to startups as
- Payment services
- Forex and trade solutions
- Payment gateway solutions
- Credit facilities 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||Waiver of charges for 1 year|
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 inculcating a habit of savings. For more details, check out the list of best savings bank account in India 2020
Whereas, current accounts are to facilitate smooth business transactions and accounting.
The other benefits which you do not find with savings account but are associated with the current account are as under
- Overdraft facility where more money than the balance can be withdrawn
- No interest is paid on the balances maintained
- 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
- Requires a higher minimum balance
- Allows direct payments using cheques, DD and pay orders to vendors and creditors
Let me know your current account requirements in the comments.