While businesses have multiple options today, it sometimes becomes confusing to select the best bank for the current account in india. Therefore, to make things uncomplicated, we’ve listed the top 10 Best current accounts in India.
In this article, you will find details about how to select the best current account for startups, opening a current account, advantages, disadvantages, and minimum balance to be maintained.
At the end of the article, you will find answers to some of the commonly asked questions about the Best private bank for the current account in India. We hope this will simplify the process of choosing the best private bank for the current account in India.
Top 10 Best Current Account In India
In this article
While the current account is the best way to manage business finances, there are many hidden fees that are charged to the account holder. By the end of this article, we hope the process of choosing the Best Bank for Current Account In India will become easy. We have prepared the below list after reviews from various current account holders, speaking to entrepreneurs, and meeting representatives of each bank. Let’s begin! The table gives you a comprehensive idea of 10 best chosen current bank accounts for small and medium businesses. Most of these are the best private bank for the current account in India.
1. ICICI Bank Current Account
ICICI Bank can be your ideal choice if you are on a lookout for the best bank for the regular current account in India. It is highly popular among users because of its interactive technology related to banking products. You can easily use internet banking, open an account, or make a transaction using your smartphone – thanks to the user-friendly features of the bank. ICICI offers multiple facilities like iBizz mobile app for business purposes, CMS payments, online approvals fo BG, LC, bill payments, and remittances. You can also make payment using the facility of cardless cash withdrawal. This proves to be highly advantageous for a beneficiary who does not have a bank account. ICICI bank offers the current account in three variants
- Provision of regular current accounts to domestic businesses having an annual turnover of less than Rs 2 crores.
- Domestic businesses can also have access to premium current accounts. These accounts provide special privileges like free cash deposition worth Rs 30 lakhs or higher every month.
- A perfect concoction of roaming current accounts and global trade services. These types of current accounts are suitable for export and import businesses.
ICICI Bank Current Account Minimum Monthly Average Balance
Regular current accounts | Rs. 10,000 to Rs. 1 Lac |
Premium current accounts | Rs. 3 Lacs to Rs. 10 Lacs |
One Globe Trade account | Rs.50,000 to Rs. 5 Lacs or monthly throughput from USD 5000 to 80,000 |
ICICI Bank Current Account Charges
Regular Current Account | Starting from Rs. 750 to Rs. 2,000 |
Premium Current Account | Starting from Rs. 3000 to Rs. 10,000 |
One Globe Trade account | Starting from Rs. 1500 to Rs. 5000 |
List of various types of Current Account offered by ICICI Bank
- Roaming Current Account Elite
- Roaming Current Account Platinum
- Roaming Current Account Gold Plus
- Smart Business Gold Account
- Roaming Current Account Gold
- Club Elite Ivy current account
- One Globe Trade Account
- Roaming Current account premium
- Roaming Current account classic
- Roaming Current account standard
2. HDFC Bank Current Account
HDFC, the best private bank for the current account in India, never fails to amaze you with its 19 different types of current accounts. There is something for everyone, ranging from farmers, traders, professionals, start-ups, eCommerce companies to large corporates. How to decide which current account suits your needs. Simply use the innovative calculator that they have provided to serve this purpose. You can conveniently select a current account as per your requirement by calculating your business needs.
Eligibility for Current Account in HDFC Bank
You can open a current account if you fall under any of the below classifications –
- Hindu undivided family
- Foreign national residing in India
- Club/Association/Society
- Limited liability partnership
- Foreign institutional investor
- Sole proprietorship
- Limited company
- Partnership
- Resident individual
- Trust
Features & Benefits
- You get the facility to use mobile banking, internet banking, and phone banking services
- You get free unlimited cash withdrawals
- The bank provides free cheque collection services both locally and between cities
List of various types of Current Account offered by HDFC Bank
- E-comm Current Account
- Saksham Current Account
- Activ Current Account
- Current Account for Professionals
- Premium Current Account
- Regular Current Account
- Institutional Current Account
- Startup Current Account
- Ascent Current Account
- Ultima Current Account
- Supreme Current Account
- Apex Current Account
- EZEE Current Account
- Max Current Account
- Agri Current Account
- Plus Current Account
- Trade Current Account
- RFC Domestic Current Account
- EEFC Current Account
3. IndusInd Bank Current Account
It is also considered the best current account for startups. For many reasons, it has been a selective choice among startups and small businesses. The IndusInd bank allows opening a current account at zero balance. Further, IndusInd Bank charges Rs. 0 to Rs. 4000 on Current Account. Except for the prestige current account, the rest of the current account in IndusInd Bank allows zero or very low minimum account balance. Some of the benefits offered by IndusInd Bank for a current account includes choosing account number, 365 days banking, group business accounts, doorstep banking, cheques images on the monthly statement to verify, and smart cash management services. Additionally, the bank offers flexibility to set transaction limits and customize the current account as per business needs. IndusInd Bank provides current accounts to regular businesses, importers & exporters, large corporate, Agri-commodities dealers, Textile and IT sectors.
List of various types of Current Account offered by IndusInd Bank
- Indus Grain Merchant Flexi Current Account
- Indus Infotech Current Account
- Made to order Current Account
- Indus Textile Current Account
4. Axis Bank Current Account
Axis Bank is indeed the best bank for current accounts for small businesses. The best thing about this bank is that it offers up to 1000 reward points for indulging in any kind of banking transactions like account funding and opening. Registration for e-forex and e-statement as well as activation of e-banking. Axis Bank charges Rs. 50 to Rs. 5000 for current account. Axis Bank charges Rs. 50 to Rs. 5000 for the current account.
Sno. | Bank Name | Minimum Balance to be Maintained |
1 | Prime Current Accounts | Rs. 10,000 to Rs. 1 Lac |
2 | Priority Current Accounts | Rs. 5 Lacs to Rs. 10 Lacs |
3 | Wealth Current Account | Rs. 50 Lacs |
5. Citi Bank Current Account
If you are a global entrepreneur, then Citibank can be your ideal choice. With its robust current accounts facility, you can engage in business deals in as many as 102 countries. If you connect with Citi bank, then you are likely to experience multiple advantages like savings on bak charges, competitive LIBOR denominated rates, immediate outward, and inward remittances. The bank will also provide you with a highly dedicated relationship manager. He will guide you regarding foreign exchanges, cash management services, and trade finance.
Citi Bank offers current account under 3 categories
1. A business account with less than minimum relationship value
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- At Tier 1 location with a minimum relationship value of Rs. 5 Lacs
- At Tier 2 locations with a value of Rs. 3 Lacs
2. A business account with relationship value up to Rs. 15 Lacs 3. A business account with relationship value of Rs. 15 Lacs or more.
6. State Bank of India Current Account
The biggest benefit that you can enjoy by opening a current account in SBI, the best government bank for the current account in India, is that it has a wider reach and is easily accessible all across India. The bank has over 24,000 branches that offer dedicated banking services. Also, the majority of SBI branches have a CDM or cash deposit machine or a recycler facility. They allow you to withdraw, deposit, or transfer money effortlessly and swiftly.
List of various types of Current Account offered by State Bank
- SBI Power POS Current Account
- SBI Surbhi Current Account
- SBI Power Jyoti Current Account
- SBI Power Jyoti PUL Current Account
- SBI Regular Current Account
- SBI Gold Current Account
- SBI Diamond Current Account
- SBI Platinum Current Account
7. Bank of Baroda Current Account
Bank of Baroda, the bank that offers the best current account for startups, has a reputation for its customer support system and services. It is indeed one of the best government banks with the lowest current account charges. For opening a premium current account, you need to pay just Rs 1000. Current account holders can earn interest because of services like auto and reverse sweep facility. You can also enjoy facilities like discounts and rebates on locker rents, waivers of car loan processing services, and Demat services.
List of various types of Current Account offered by Bank of Baroda
- Baroda Premium Current Account
- Baroda Advantage Current Account
- Baroda Current Account for LIC and other insurance companies
- Current account for other banks
- Baroda Premium Current Account – Privilege
- Baroda Small Business Current Account
8. Yes Bank Current Account
Yes bank is the best bank for the regular current account in India. It has multiple types of current accounts that cater to different business needs. The Yes 3 tiered Business Current Account (Edge/Prime/Exclusive) is the latest addition to their diverse range of current accounts. This current account provides you with the much-needed flexibility in order to move between tiers as per your usage. Also, you can easily select a value-added service package from Yes bank. List of various types of Current Account offered by Yes Bank:
- Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account
- Yes Business Growth Current Account
- Yes Business Benefit Current Account
- Yes Business Edge Current Account
- Yes Premia Current Account
- Yes First Business Programme
- Yes Current Account Smart Trade
- Yes Current Account Business Gain
- Yes First Business Product
- Yes Pragati Current Account
- Yes Business Value Current Account
- Yes Business Elite Current Account
- Yes Current Account Trade
9. Kotak Mahindra Bank Current Account
Kotak Mahindra bank has a plethora of options when it comes to the current account. No matter whether you have a startup, or the owner of a developing business enter[rise or a corporate giant. Kotak Mahindra is there for everyone. Also, the bank offers a sweep and d=reverse facility, called Kotak ActiveMoney. This helps you in earning interest on your current account. Also, it offers multiple amenities and features like payment gateway, overdraft facility, cash management, and forex live services. Kotak Circle enables business enterprises to club together with their savings as well as current accounts. All these features allow you to make better use of funds and maintain account balance.
List of various types of Current Account offered by Kotak Mahindra Bank
- Kotak Startup Premium Current Account
- Kotak Astra 05 Current Account
- Kotak Startup Regular Current Account
- Kotak Edge Current Account
- Kotak Pro Current Account
- Kotak Ace Current Account
- Kotak Neo Current Account
- Kotak Elite Current Account
- Kotak Global Trade Current Account
- Kotak Astra 15 Current Account
10. RBL Bank Current Account
You can expect loan offerings for working capital related requirements as well as short term finance on the majority of the current accounts of RBL bank. It offers different types of loans, like small business loans, business loans, overdrafts against the property, and loans against property. However, there is a limitation to this bank. It has fewer branches across India. So, to solve this issue, RBL offers doorstep banking services at selected cities in India.
List of various types of Current Account offered by Yes Bank
- RBL Traders Current Account
- RBL Exceed Business Banking Exceed Extra, Exceed Express, Exceed Elite Current Account,
- RBL Business Current Account
- RBL Exceed Global Extra Current Account
- RBL Exceed Global Elite Current Account
- RBL Business Plus Current Account
- RBL Value Silver 40 Current Account
- RBL Value+ Gold 100 Current Account
- RBL Value+ Gold 500 Current Account
- RBL India Startup Club Current Account
- RBL Self Employed Professional Current Account
- RBL Exceed Global Trade Current Account
General Features of Current Account
- Current Account is a 0% interest rate account
- You get an option to avail overdraft facility
- You can ask for unsecured loans to meet capital requirements
- It allows unlimited withdrawals from the home branch
- You can also withdraw from other branches but to a certain limit
- The minimum account balance starts from Rs. 5000 to Rs. 10,000
- Current accounts can be operated by individuals, proprietors, public and private companies, trusts, NGOs, etc.
Offerings & Benefits of a Current Account
- You can enjoy an overdraft facility even if the balance is lesser than the money you need
- No interest is paid on the balances maintained
- Allows direct payments using pay orders, cheques, and Demand Draft to vendors and creditors
Mandatory Documents Required to Open a Current Account
While the list of documents required may vary from bank to bank, we’ve listed the common required by all banks.
- Business Ownership Documents
- Partnership Deed (in case of Partnership Firm)
- MOA & AOA (in case of Companies)
- A cheque for opening bank account
- Firm Certificate of Incorporation
- Certificate by Sales Tax or Service Tax authorities (in case of Proprietorship Firm)
- Passport size photographs of the partners
- Address Proof
- Rent Agreement
- Voter ID card, Ration Card, Passport, Driving License, Utility Bills (water, electricity, etc.)
- Bank Statement
- Identity Proof
- Copy of Passport, Aadhaar Card, Driving License, Voter ID Card
- PAN Card
Best government bank for the current account in India
Sno. | Bank Name | Minimum Balance to be Maintained |
1 | Canara Bank | Rs.1 lakh (quarterly) |
2 | Punjab National Bank | Rs.1 lakh (quarterly) |
3 | Bank of Baroda | Rs. 2500 (Monthly) |
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Really valuable article about the bank for the current account. Thank you so much for sharing with us. Hey if you want to find the details of these banks then you can get them from capital one routing number.