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
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)
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)
Frequently Asked Questions
Q. Which type of Current Account is available in India?
Banks offer basic current accounts in which the minimum balance account requirement is quite high, and also there is a zero rate of interest. But, nowadays, banks offer multiple current account types that cater to different business requirements, for instance, nil or low minimum balance account, an overdraft facility, high transactional capabilities, and so on. In order to choose the best current account that caters to your needs, you have to compare the features offered by different banks regarding their current accounts.
Q. What is the process to switch Current Account?
Unfortunately, you cannot switch current accounts from one bank to another automatically. In order to open a current account in a new bank, you must intimate your present bank. Then, the bank will commence the process of closure of your Current Account. In the meantime, the new bank will start with the process of opening your new Current Account.
Q. How to close a current account?
In order to close your current account, you will have to submit the request for account closure at the account opening branch. Write down the letter on the company’s letterhead and get it signed duly by authorized signatories. In case you have a debit card and unused cheques, submit them too.
Q. Do banks pay interest on current account balances?
The short answer is ‘NO’. Unlike a normal saving bank account, banks deem that a current account shall be strictly used for business purposes only. Hence no interest is payable on current account balances.
Q. Is there any way to earn interest on idle current account balances?
Yes! There is a way by the name of sweep in sweep out facility offered by some banks. Herein any funds in excess of a certain limit automatically get transferred to a liquid FD and you can earn interest till the period you want the funds back.
Q. Can you get a credit card against a current account?
Yes, most banks offer a credit card facility against current accounts which are in fact upgraded versions of credit cards offered against standard savings bank accounts. These cards come with enhanced rewards and facilities.
Q. Is it preferable to open a current account in a government bank?
Government banks in general set a lower AMB or AQB requirement. However, as compared to private banks, the number and extent of facilities may be lower.
Q. Does holding a current account entitles you to locker benefits?
Usually, a locker is offered against savings bank accounts. However, some banks have started to offer locker facilities against current accounts as well.
Q. Can I hold foreign currency in a current account?
Yes! For this purpose, you will have to open a special current account which allows you to hold foreign currency up to a certain limit.
Q. Do current accounts provide any special benefits to startups?
Yes! Some banks offer current accounts customized for new firms wherein the AMB or AQB requirement is waived off for the first 6 months. Also, other charges are reduced for the initial few months.
Q. Will I get a relationship manager?
Yes! Unlike a savings bank account where only some accounts have access to a relationship manager, almost all current accounts come bundled with a personal relationship manager who can ease out any difficulties which you face.
Q. Are current account charges subject to GST?
Unfortunately, taxes are a part of life and cannot be escaped. All charges levied by the bank on a current account attract GST at the rate of 18%.
Q. Can TDS payments be made through a current account?
Yes, most current accounts offer e TDS facility through net banking. Hence you are saved from the hassle of manually depositing TDS.
Nihar began his career as an IT-developer for the credit card payment systems domain, where he gained exposure to the inner workings of the payment system. This was where he gained an interest in finance. And as a finance enthusiast, he started to learn more about it. He not only taught himself how to manage finance but also how to invest in the right portfolio to grow assets
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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.