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10 Best Current Bank Account For Small Business In India

22 Best Current Bank Accounts for Small Business in India

Best Current Bank Accounts for Small Business in India

When it comes to managing the financial aspects of a small business in India, having a reliable and suitable bank account is essential. A dedicated current bank account not only helps in organizing transactions and funds but also offers various features and benefits catering to for business needs. Today, there are several banks in India that offer current accounts for small businesses, each with its own unique features and advantages. Choosing the right bank account can significantly impact the financial efficiency and growth of a small business. In this article, we will explore some of the best current bank accounts for small business in India, taking into account their features, benefits, and overall suitability for different types of businesses.

22 Best Current Bank Accounts for Small Business in India

There are various types of bank accounts offered by banks. Current saving is one of the most popular bank accounts where you can deposit your money, but it offers the feature to do a massive number of transactions in a day, unlike a savings account. Due to a high number of transaction facility, it serves as a boon for a small business or entrepreneur. Unlike a savings account, best current bank accounts for small business don’t provide an increased amount for your investment by offering interest.

Whenever you think about establishing a startup, opening current bank accounts for small business is one of the vital requirements. For an aspiring entrepreneur or any other small business, these current bank account plays an important role in the development of business. It’s vital to choose the best current account to ensure that your business receives new heights of excellence.

Since banks don’t offer any interest rate for current accounts, it is important to check other factors before choosing one. Let’s look at some of the best current bank accounts for small business by discussing all the necessary requirements that you need to consider before choosing any current account benefits.

1. ICICI Bank Current Account

ICICI Bank Current Account
Image by icicibank.com

ICICI Bank stands out as a leading provider of interactive technology for banking products. Whether you require internet banking, online account opening, or mobile banking, ICICI Bank offers user-friendly tech features that are easy to navigate. The bank’s technological prowess is a key selling point, as its banking platforms are technologically advanced. This is one of the best current bank accounts for small business.

ICICI offers three different types of current accounts:

  • Premium current accounts cater to domestic businesses and provide exclusive benefits such as free cash deposits of up to Rs. 2.5 lakhs per month (up to 75 crores) and increased limits on daily transactions. It requires quarterly average balance of Rs. 25,000 to Rs. 10 lakhs. Charges start from Rs. 1,000 to Rs. 8,000.
  • Special current accounts are designed for startups, chartered accountants (CAs), customers registered on eNAM and GeM platforms, as well as for escrow purposes. It requires quarterly average balance of Rs. 0 to Rs. 5 lakhs. Charges start from Rs. 0 to Rs. 8,000.
  • One Globe Trade current accounts are specifically tailored for import and export businesses. These accounts offer a combination of roaming current account services and global trade facilities. It requires quarterly average balance of Rs. 50,000 to Rs. 5 lakhs. Charges start from Rs. 1,500 to Rs. 5,000.

Features and Benefits:

  • When it comes to catering to businesses, ICICI Bank offers the iBizz mobile application, enabling convenient banking services. This includes features such as CMS payments and online approvals for LC (Letter of Credit), BG (Bank Guarantee), remittances, and bill payments.
  • ICICI Bank provides the option of cardless cash withdrawal at ATMs. This feature is particularly useful for making payments to beneficiaries who do not have a bank account.
  • ICICI Bank excels in delivering cutting-edge interactive technology for a wide range of banking products and services.
  • It offers the benefit of zero balance for the first six months, and afterward, INR 25000 is required as a minimum balance.
  • Dedicated Forex Service and advisory personnel provide personalized service.
  • Free cash deposit up to 12 times along with free RTGS, NEFT, cheque book, and mobile and internet banking services.
  • The bank offers startup specific account to help with registration and networking.
  • Eazypay provides merchant services such as POS, collecting money through web and app, and UPI QR.

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
  • Super Merchant Current Account
  • iStartup 2.0
  • E-mandi
  • Escrow
  • RERA
  • Chartered Accountant 2.0
  • GeM Current Account
  • One Globe Trade Account (Basic, Gold & Platinum variants)

2. HDFC Bank Current Account

HDFC Bank Current Account
Image by hdfcbank.com

HDFC Bank offers a wide range of excellent products, including the prestigious Infinia Credit Card, convenient ATM-based loans, the user-friendly HDFC on Chat service, and the convenient HDFC Smart Buy platform. HDFC Bank provides 14 different types of current accounts, specifically designed to cater to various businesses, from large corporations to traders, professionals, farmers, startups, and e-commerce companies. This is among the top current bank accounts for small business.

Features and Benefits:

  • Specialized calculator tool to help businesses select the most suitable current account based on their turnover and specific requirements.
  • They offer a range of plans, starting from zero balance and going up to any desired amount, allowing you to choose according to your preferences.
  • Advisory services, co-working space, and digital marketing are provided as extra benefits.
  • They offer free services for RTGS, NEFT, check collection, and payment, further enhancing their service offerings.
  • The average quarterly balance for various accounts varies between Rs. 10,000 and Rs. 5 Lacs. However, institutional current accounts do not require any minimum balance.
  • The charges range from Rs. 1500 to Rs. 8,000 – varying according to the account.

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

3. Axis Bank Current Account

Axis Bank Current Account
Image by axisbank.com

Axis Bank stands out as the sole financial institution providing a generous reward points program for various banking activities, including opening and funding an account, activating internet banking, and registering for e-statements and e-forex. This is considered as one of the best current bank accounts for small business.

The current account options at Axis Bank are divided into two categories: value-based and segment-based accounts. Excitingly, Axis Bank has recently introduced digital current accounts, allowing individuals to open an account instantly and conveniently in just four straightforward steps through video KYC.

Features and Benefits:

  • To begin this digital account, a minimum initial funding of Rs. 10,000 is required, and businesses gain access to an extensive range of over 100 banking services.
  • It charges a sum of Rs. 1999 as an annual charge, but if your MAB exceeds Rs. 50000, no annual fee is charged.
  • It is the second best-known saving account for small businesses because of its zero-balance facility.
  • Generous reward points program of up to 1000 points is given for its services.
  • Benefits provided include 75 free transactions each month.
  • It offers a wide network of ATM, and along with it online, and mobile banking.
  • A digital current account designed specifically for sole proprietors.
  • The minimum monthly average balance for value-based current accounts ranges from Rs. 10,000 to Rs. 10 Lakhs.
  • To maintain a Value-based Club 50 current account, a minimum average quarterly balance of Rs. 50 Lacs is required.
  • For the Digital Current Account, the minimum monthly average balance is Rs. 10,000.
  • The charges for the current accounts range from a minimum of Rs. 750 to a maximum of Rs. 25,000. Some current accounts have a monthly service charge of Rs. 100.

Account Options

1. Digital Current Account

  • Digi Current Account
  • Liberty Digital Current Account for Sole Proprietorship

2. Value-Based Current Account

  • Axis Classic Current Account
  • Axis Normal Current Account
  • Axis Advantage Current Account
  • Axis Select Current Account
  • Axis Privilege Current Account
  • Priority Channel OneCurrent Account
  • Wealth Club 50 Current Account

3. Current Account for New Economy Group

4. Segment-Based Current Account

  • Current Account Global Economy Business
  • Current Account EFC
  • Current Account Arthiyas
  • Current Account Trust
  • Current Account Jewellers

4. Kotak Mahindra Bank Current Account

Kotak Mahindra Bank Current Account
Image by kotak.com

Kotak Mahindra Bank offers a range of current accounts tailored to meet the diverse needs of businesses, including startups, growing enterprises, and large corporations. Its minimal quarterly average balance requirement is Rs. 10,000. This is one of the best current bank accounts for small business.

Features and Benefits:

  • All current account options have the convenient Kotak ActivMoney feature, that automatically sweeps excess funds and provides you with interest earnings on your account balance.
  • A suite of valuable services are provided such as an overdraft facility, a secure payment gateway, efficient cash management solutions, and real-time forex services.
  • With Kotak Circle, we offer the advantage of consolidating multiple current and savings accounts, enabling businesses to optimize fund utilization and effectively manage their account balances.
  • The bank provides better Forex Rates along with free cash deposit, cash withdrawal, cheque payment, collection services, NEFT, REGS, Net banking, and mobile banking. Trade solutions are also available.
  • Customizable packages for businesses.
  • Loans, POS, UPI QR, Payment and collection services are available.
  • Average quarterly balance for different accounts can range from Rs. 10,000 to Rs. 15 lakhs, depending on the account type.
  • For the Kotak Global Trade Current Account, the quarterly trade throughput varies from USD 50K to USD 250K.
  • The charges for these accounts start from Rs. 750 and can go up to Rs. 8,000, depending on the specific account.

Account Options

  • Edge Current Account
  • Pro Current Account
  • Ace Current Account
  • ActivMoney Current Account
  • Neo Current Account
  • Elite Current Account
  • Startup Premium Current Account
  • Astra 05 Current Account
  • Global Trade Current Account
  • Astra 15 Current Account
  • Startup Regular Current Account
  • Merchant One Premium Current Account
  • Merchant One Current Account

Also Read: 20 Tax Saving Tips For Small Business Owners & Startups

5. YES Bank Current Account

YES Bank Current Account
Image by yesbank.in

Yes Bank offers a range of current accounts designed to meet diverse business needs. These accounts are categorized into three tiers, namely Edge, Prime, and Exclusive, allowing customers the flexibility to switch between tiers based on their usage requirements.  Among the many options, Yes Head-startup account is most prescribed for start-up and small business. No wonder it appears in the list of best current bank accounts for small business.

Features and Benefits:

  • There is no minimum balance requirement for the first year.
  • Free facilities like payment and collection through cheque, ATM truncation, net banking, and mobile banking are offered.
  • Special services are provided to new start-up entrepreneurs, and they offer foreign direct investment advisory.
  • 3 tier structure with the freedom to upgrade or downgrade.
  • For Premia Current Account, you need to maintain either Rs. 2 lakh of CASA (Current Account and Savings Account) or a net relationship value of 10 lakhs.
  • For other current accounts, the balance required varies between Rs. 10,000 and Rs. 5 lakhs, depending on the type of account.
  • For TradeBiz Current Account, you need to maintain a Quarterly Average Balance (QAB) of Rs. 1 lakh or have a trade throughput of USD 100,000.
  • For Pragati Current Account, you need to maintain a half-yearly balance of Rs. 5,000.
  • The charges range from Rs. 500 to Rs. 5,000. Finance charges are not applicable to Yes Premia account. However, failing to maintain the required balance will lead to the forfeiture of the associated benefits.

Additionally, Yes Bank provides the option to select a value-added service package to enhance the account benefits, with the following benefits:

  • International trade and money transfer solutions on a global scale
  • Services tailored for businesses to facilitate payment processing and transactions
  • Convenient banking services provided at customers’ doorsteps
  • Smart Tally system enabling automated payments and seamless reconciliation for users of the Tally software
  • Facilities for secure online payment processing through a payment gateway
  • Services focused on efficient management of cash flow and financial resources.

Account Options

  • 3-tiered (Edge/ Prime/ Exclusive) Business Current Account
  • Premia Current Account
  • First Business Programme
  • Pragati Current Account
  • Business Value Current Account
  • Head Startup Current Account
  • Xtra Gain (Edge/ Prime) Current Account
  • TradeBiz Current Account

6. State Bank of India Current Account

State Bank of India Current Account
Image by sbi.co.in

State Bank of India is the most popular government bank in India. Although it may not be at the forefront in terms of preference like ICICI and HDFC, its customer support makes it unbeatable when it comes to the current account. One of the main advantages of having a current account with SBI is the extensive coverage and availability of services through their nationwide network of over 22,000 branches. This allows customers to easily access a wide range of services. This is considered as one of the best current bank accounts for small business.

Features and Benefits:

  • Customer support provided is really appreciable.
  • A huge chain of ATM networks, strong online, email and mobile banking opportunities along with access to all facilities through easy apps.
  • A significant benefit of SBI branches and ATMs is the provision of Cash Deposit Machines/Recyclers. These machines enable customers to conveniently deposit, transfer, and withdraw funds instantly.
  • Best for fund collection and cash management.
  • The initial 50 cheque leaves will be provided at no cost.
  • You will receive a complimentary ATM card for the first year.
  • Enjoy free cash deposits up to Rs. 25000 per day.
  • Transfer your account from one branch to another without any charges.
  • Optional personal accident insurance is available.
  • Advantage of nomination facility is there.
  • The monthly average balance for different accounts ranges from Rs. 5,000 to Rs. 10 lakhs.
  • The charges imposed on these accounts range from Rs. 500 to Rs. 8,000.

Account Options

  • Regular Current Account
  • Gold Current Account
  • Diamond Current Account
  • Platinum Current Account
  • Shubharambh Current Account
  • Surbhi Current Account
  • Master Current Account
  • Smart Current Account
  • Arthia Current Account
  • RERA Current Account
  • Power Jyoti Current Account
  • Power Jyoti PUL Current Account

Also read: 7 Best SBI Credit Cards In India Review

7. Punjab National Bank Current Account

Punjab National Bank Current Account
Image by pnbindia.in

Punjab National Bank provides two primary types of current accounts, which are well-suited for small businesses as an ideal option. The bank offers unlimited transactions within a specified limit, along with convenient access to its extensive network of ATMs, online banking, and mobile banking services. This is one of the best current bank accounts for small business.

Features and Benefits:

  • The current account can be opened in GBP, EUR, or USD.
  • The GBP current account provides a free debit card with no transaction fees for use within the UK and India.
  • NET banking facility is available for online banking.
  • The GBP current account offers a cheque book facility.
  • Free remittance service is provided for transferring funds to PNB India accounts.
  • No account maintenance charges are applicable if a quarterly average balance of £250/€500/$500 is maintained.
  • If the average balance is not maintained, a maintenance charge of £10/€10/$10 per calendar quarter will be applied.
  • With a minimum deposit of INR 5000, businesses can open an account and maintain a quarterly average balance starting from Rs. 1,00,000.

Account Options

  • Smart Banking Current Deposit
  • General Current Account Scheme
  • Current Account Through MCA
  • ESCROW/RERA ACCOUNT
  • TWIN CA+SF ACCOUNT
  • Current Account-Point Of Sale

8. Induslnd Bank Current Account

Induslnd Bank Current Account
Image by indusind.com

For opening a current account, Induslnd bank is also a good option. It offers a wide range of current accounts with various criteria, tailored to meet the specific needs of different businesses. Usually, the current account under Indus Edge Account is mostly preferred and recommended. The bank caters to a wide range of businesses, including regular businesses, large corporations, importers, exporters, and specific industries such as IT, textile, hotels, SMEs, travel agencies, and logistic firms. This is among the top current bank accounts for small business.

Features and Benefits:

  • Most of their current account options have lower minimum balance requirements, except for the Pioneer current account.
  • Benefits such as 365 days of banking, doorstep banking services, and the ability to choose your own account number are available.
  • You get the option of grouping your business accounts and smart cash management solutions.
  • The bank allows for flexibility in customizing your current account and setting transaction limits according to your business requirements.
  • The monthly or quarterly balance required for IndusInd Bank current accounts ranges from Rs 0 to Rs 10 lakhs, depending on the type of account.
  • The charges for these accounts range from Rs 0 to Rs 4,000.

Account Options

  • Indus Premier Current Account
  • Indus Select Current Account
  • Indus Select Plus Current Account
  • Indus Pioneer Current Account
  • Indus Tarakki Current Account
  • Indus Green Current Account
  • Indus Freedom Current Account
  • Indus EEFC Current Account
  • Indus Escrow Current Account
  • Indus Max Current Account
  • Indus Exim Trade Current Account
  • Indus Dollar One Trade Current Account

9. RBL Bank Current Account

RBL Bank Current Account
Image by rblbank.com

It is an extraordinary account offering peerless facilities. They have a unique way; they organize a hackathon and regular meetups for start-ups and collaborate them with accounting software and co-working spaces and accordingly give special discounts for a start-up. This is considered as one of the best current bank accounts for small business.

Features and Benefits:

However, a limitation of RBL Bank is its limited branch network across India. To address this, the bank provides doorstep banking services in select cities, although it comes with an additional cost.

  • The minimum balance requirement is Rs. 20,000, and if you fail to maintain the minimum balance, then an additional charge of Rs. 300 is fined.
  • RBL Bank offers various loan options to cater to short-term financing and working capital needs for most of its current account holders, such as business loans, small business loans, loans against property, and overdraft facilities secured by property.
  • The average quarterly balance for RBL Bank accounts can range from Rs. 10,000 to Rs. 5 lakhs, depending on the type of account.
  • For the RBL Exceed Global Extra account, the required quarterly throughput is $50,000 or an average monthly balance (AMB) of Rs. 50,000.
  • For the RBL Exceed Global Elite account, the required quarterly throughput is $200,000 or an AMB of Rs. 200,000.
  • The charges for RBL Bank current accounts start at Rs. 250 and go up to Rs. 3,000, depending on the specific account type.

Account Options

  • Traders Current Account
  • Value Silver 40 Current Account
  • Value+ Gold 100 Current Account
  • Exceed Business Banking – Exceed Global Extra, Exceed Express, Exceed Global Elite
  • Business Current Account
  • Business Plus Current Account
  • India Startup Club Current Account
  • Self-Employed Professional Current Account

10. Bank of Baroda Current Account

Bank of Baroda Current Account
Image by bankofbaroda.in

Bank of Baroda offers customized current accounts to meet the requirements of varied customer needs. It provides excellent customer support and service, and it is known for its affordable current account charges. This is one of the best current bank accounts for small business.

Features and Benefits:

  • You get unlimited daily transactions along with personalized services. These services are most apt for doctors, consultants, chartered accountants, and businessmen.
  • Bank of Baroda also offers an overdraft facility which you can use to withdraw money when you need to meet some uncertain capital requirements.
  • One of the unique features offered by the bank is the auto and reverse sweep facility in current accounts, which allows account holders to earn interest on their balances.
  • Various benefits such as rebates and discounts on locker rents, demat services, and waiver of car loan processing charges are provided.
  • The minimum average quarterly balance required for Bank of Baroda current accounts ranges from Rs. 2,500 to Rs. 2.5 Lakhs, depending on the type of account.
  • The maximum charge for a premium current account is Rs. 600.
  • The current account charges at Bank of Baroda range from Rs. 400 to Rs. 1,000, depending on the specific account type.

Account Options

  • Advantage Current Account
  • Premium Current Account (BPCA)
  • Premium Current Account Privilege (BPCAP)
  • RERA Current Account Scheme
  • Small Business Current Account (BSBCA)
  • Start-up Current Account
  • Scale-Up Current Account
  • Current Account for Other Banks
  • Govt Bodies Current Account (CA -132)
  • Current Account for LIC/Other Insurance Companies

11. Deutsche Bank Current Account Trade

Deutsche Bank Current Account Trade
Image by deutschebank.co.in

The current account offered by Deutsche Bank is designed for companies engaged in international business activities. It provides the advantage of utilizing Deutsche Bank’s extensive global network spanning across 74 countries, enabling transactions in major currencies. This is among the top current bank accounts for small business.

Features and Benefits:

  • One of the key advantages is the absence of any minimum balance maintenance requirements, offering flexibility to businesses.
  • Customers gain access to a range of products aimed at mitigating risks associated with foreign exchange transactions.
  • A dedicated relationship manager is available to assist with foreign exchange, trade finance, and convenient doorstep services, where you can receive or deposit cash and cheques at your office or home.
  • You can enjoy the trade specific advantages like vast network and swift documentation.
  • Documents are processed quickly and remittances are sent promptly.
  • Excess volume can be carried forward and utilized in later quarters.
  • Our trade advisory services assist you in assessing opportunities and risks, including hedging options.
  • The bank offers competitive fees for trade transactions, along with the added advantages of a current account.
  • Deutsche imposes penalties only for quarterly throughput values that fall below the minimum threshold. The penalty fees range from Rs. 3,000 to Rs. 5,000 per quarter.

Additionally, there are some value-added services offered on opening a current account:

  • There are no charges for collecting outstation cheques within the monthly limits.
  • Issuance of demand drafts and pay-orders is free of charge within the monthly limits.
  • NEFT and RTGS facilities are available for free within the monthly limits.
  • Access your account information anytime and anywhere through db OnlineBanking.
  • Get 24/7 support through Phone Banking for any inquiries or assistance.

Account Options

  • Current Account Trade Gold, with Rs. 75 lakhs quarterly volume.
  • Current Account Trade Silver, with Rs. 25 lakhs quarterly volume.

12. IDFC First Bank Business Current Account

IDFC First Bank Business Current Account
Image by idfcfirstbank.com

The IDFC current account for small businesses is designed to meet the growing needs and aspirations of entrepreneurs. There are a number of current accounts available, depending on the Average Monthly Balance requirement. This is considered as one of the best current bank accounts for small business.

Features and Benefits:

  • IDFC provides a Business Visa Debit Card (Platinum/Signature).
  • Free cash deposit limit of Rs. 2-12 lakhs per month can be done.
  • You can obtain 25-300 free cheque leaves per month.
  • Free 5-25 ATM transactions per month.
  • Experience the top-notch Net banking and Mobile banking platforms, allowing you to bank seamlessly from any location, regardless of the branch, without incurring additional fees.
  • Enjoy unparalleled POS, QR, and Payment Gateway services, providing you with the finest transaction facilities available.
  • Benefit from our Doorstep banking service, which includes complimentary document and cheque pickup, ensuring convenience and peace of mind.
  • Demand drafts will be issued without any charge.

Account Options

  • 100K Current Account
  • 50K Current Account
  • 25K Current Account
  • 10K Current Account

13. Standard Chartered Smart Business Current Account

Standard Chartered Smart Business Current Account
Image by sc.com

Smart Business current account of Standard Chartered Bank eliminates the hassle of maintaining a monthly minimum balance by requiring a minimum of Rs. 15 Lacs in business credit collections to be routed through the account each month. Falling short of this amount will incur a charge of Rs. 3500. This is one of the best current bank accounts for small business.

Features and Benefits:

  • Enjoy reduced charges for different transaction fees as your credits increase.
  • One way to reduce transaction fees is by increasing credit throughput.
  • You can get the benefit from comprehensive cash management solutions.
  • Its web based Straight2Bank working capital platform and SME Cash management solution provide convenient options to manage your finances efficiently.
  • SC bank offers a doorstep service for cheque pick-up to further simplify your banking experience.
  • Collecting and processing local and outstation cheques, providing electronic alerts, and generating reports for cheque collections and returns are some of the advantages.

Now let us look at some specific and popular current bank accounts for small business, of different Indian banks.

14. ICICI iStartup 2.0 Current Account

ICICI iStartup 2.0 Current Account
Image by icicibank.com

The iStartup 2.0 account is designed to meet the specific requirements of startup founders and young entrepreneurs by offering a range of business solutions. It offers three variants: Silver, Gold, and Platinum, depending on the level of business activity. However, it’s important to note that ICICI allows only businesses incorporated as LLPs, private limited companies, public limited companies, and one-person companies (OPCs) to open an iStartup 2.0 account. This is among the top current bank accounts for small business.

Features and Benefits:

  • Tailored and convenient banking experience with a waiver on quarterly average balance for the first 12 months.
  • After 1 year, there is a quarterly average balance requirement ranging from Rs. 25,000 to 5 lakhs, depending on the account variant.
  • Three variations of current accounts to cater to specific startup needs.
  • Preferential charges on import and export trade transactions.
  • Startup Assist package provides support for business incorporation, GST and return filings, web creation, e-commerce setup, and digital marketing.
  • Dedicated relationship manager for business promoters.

Account Options

  • IStartup 2.0 Silver
  • IStartup 2.0 Gold
  • IStartup 2.0 Platinum

15. ICICI Bank Smart Business 2.0 Silver Current Account

ICICI Bank Smart Business 2.0 Silver Current Account
Image by icicibank.com

The ICICI Smart Business 2.0 Silver account is designed to assist small businesses in managing their cash flow according to their business cycles. It offers flexibility in free cash deposits by linking the Quarterly Average Balance (QAB) to transaction limits. This is considered as one of the best current bank accounts for small business.

Features and Benefits:

  • With this account, small companies can make free cash deposits up to 10 times the QAB or Rs. 1.2 Crores, whichever is lower.
  • They can also benefit from various features such as free cheque collection and payment, RTGS & NEFT transactions, and free cash deposit services across India.
  • A Business Gold debit card is provided.
  • To maintain this account, a minimum Quarterly Average Balance of Rs. 50,000 is required.
  • There are different charges based on the average balance maintained: Rs. 2,000 per quarter for an average balance higher than 50% but less than 100%, and Rs. 3,000 per quarter for an average balance below 50%.
  • The account also provides additional benefits based on the balance maintained. For every Rs 1 Lakh of balance, there are 50 demand drafts, 100 free branch transactions per month, 150 free cheque leaves and 2 Outward Cheque Returns per month.
  • Dynamic free limits for both cash and non-cash transactions are provided based on the Monthly Average Balance (MAB) maintained.
  • InstaBIZ, an all-inclusive banking app is designed specifically for your business banking requirements.
  • Experience the convenience of Smart GST, a feature that automatically retrieves challans and enables you to make GST payments with utmost accuracy in just one click.
  • With Banking Plus, you can access exclusive discounts and offers from our esteemed partners, which will help expedite the growth of your business.

Value-added services offer numerous advantages, including:

1. Connected Banking: By integrating banking and accounting solutions from over 60 partners, value-added services enable seamless reconciliation and eliminate the need for duplicate data entry.

2. API Banking with ICICI Bank: Value-added services provide API integration, allowing businesses to streamline their banking and payment processes for greater efficiency.

3. Cash Management Services: With a comprehensive range of offerings, value-added services help businesses effectively manage their receivables and payables, optimizing cash flow management.

4. Trade Online: Value-added services enable 24/7 import-export transactions from any location, facilitating smooth and convenient international trade operations.

5. Biz Circle: Through an online business networking platform, value-added services create opportunities for small and medium enterprises (SMEs) and startups to expand their business networks and foster growth.

16. Axis Bank Normal Current Account

Axis Bank Normal Current Account
Image by axisbank.com

This account offers you the convenience of customization, unlimited transactions, and the ability to withdraw cash without any restrictions at both home and non-home branches. Furthermore, you can enjoy the benefits of seamless banking anytime and anywhere through Axis Internet Banking and Mobile Banking apps, all at no cost. No wonder it appears in the list of best current bank accounts for small business.

Features and Benefits:

  • The Monthly Average Balance requirement is set at Rs. 15,000.
  • You can make cash deposits up to Rs. 2 lakh per month.
  • There are no restrictions on NEFT/RTGS transactions done digitally.
  • Cash withdrawal is unlimited both within and outside the city.
  • You will be provided with a Business Classic Debit Card.
  • Services such as Cheque Book, Demand Draft/Postal Order, Alerts, Standing Instructions, and Certificate of Balance are free of charge.
  • You have access to over 4,400 branches and 17,000 ATMs for banking services.
  • Internet and Mobile Banking allow you to bank anytime and anywhere.
  • ATM cash withdrawal and shopping limits are enhanced.
  • Additionally, there is a range of Debit Cards, CMS, and Trade-Forex solutions available.

17. Axis Bank Current Account for New Economy Group

Axis Bank Current Account for New Economy Group
Image by axisbank.com

The New Economy Group’s Current Account offers a range of customizable features, including unlimited transactions and cash withdrawals at both home and non-home branches. This account is designed to meet the needs of modern start-ups, making it an ideal choice. Additionally, you can access convenient banking services anytime and anywhere through Axis Internet Banking and Mobile Banking apps, completely free of charge. This is one of the best current bank accounts for small business.

Features and Benefits:

  • There is no requirement for a Monthly Average Balance.
  • The monthly cash deposit limit is set at 10 times the Monthly Average Balance maintained, up to a maximum of Rs. 50 lakhs.
  • Services such as cheque book, DD/PO, alerts, standing instructions, and certificate of balance are provided free of charge.
  • There are no limits on NEFT/RTGS transactions through all channels.
  • Unlimited cash withdrawal is allowed within and outside the city.
  • The account includes a Business Platinum debit card.
  • Access to over 4400 branches and 17000 ATMs is available for banking services.
  • You can enjoy anytime, anywhere banking through Internet/Mobile banking.
  • Higher limits are provided for ATM cash withdrawal and shopping.
  • A range of debit Cards, CMS, and trade-forex solutions are available.

18. Kotak Startup Premium Current Account

Kotak Startup Premium Current Account
Image by kotak.com

Kotak Mahindra Bank provides separate current bank accounts for startups, catering to the needs of budding entrepreneurs. The two variants are: Regular and Premium. Let’s look at the more popular one – Premium account, that comes with more features and benefits than the Regular one. The average quarterly balance is Rs. 1 lakh for this account. This is among the top current bank accounts for small business.

Features and Benefits:

  • No charges for maintenance for the initial twelve months starting from the opening date of the Current Account.
  • No fees for RTGS/NEFT payments made either at branches or through Net Banking.
  • Free cash withdrawal at branch locations other than the account holder’s home branch, up to Rs. 1,00,000 per day.
  • Free cash deposits at the account holder’s home branch, limited to either 5 times the average credit balance of the previous month or Rs. 10,00,000, whichever amount is higher.
  • Issuance charges are waived for the Business Debit Card.
  • No charges for cheque payment and collection services across India.
  • Up to five outward cheques can be returned free of charge each month.
  • We offer a diverse selection of business loan solutions designed specifically for your business growth, without the need for collateral.
  • Ensure the safe and secure acceptance of digital payments by utilizing the Kotak Point of Sale (POS) machine.
  • Transform your smartphone into a convenient cash counter and access multiple digital payment options with ease through their user-friendly payment collection app.
  • Salary Account service is tailored for startups, providing Corporate Salary Accounts for a minimum of five employees with an average salary of Rs. 25,000.
  • Simplify and secure fund transfers with our bulk upload feature, accompanied by a Maker-Checker facility.

19. Kotak Neo Current Account

Kotak Neo Current Account
Image by kotak.com

Kotak Neo is a specialized current account tailored for small businesses, aiming to support them in effectively managing and saving their funds with the assistance of Kotak ActivMoney and Kotak Circle. This is considered as one of the best current bank accounts for small business. However, please note that this account is only available at specific locations.

Features and Benefits:

  • The Neo account has a minimal balance requirement of Rs. 10,000, making it accessible for small businesses.
  • Speed Clearing allows for the collection of cheques without any charges.
  • Outstation cheque collection is expedited for faster processing.
  • Cash withdrawals at the home branch location are free of charge.
  • Cash withdrawals at non-home branches are free, with a limit of up to Rs 10,000 per day.
  • Cash deposits of up to Rs 2 lakh per month are free of charge.
  • The Kotak Business Power Platinum debit card allows you to make daily purchases up to Rs. 2.5 Lakhs.
  • It includes the Kotak ActivMoney sweep and reverse sweep feature.
  • You have access to an overdraft facility of Rs. 15 Lacs.
  • NEFT and RTGS transactions can be done through net-banking without any fees.
  • Net, mobile, phone, and SMS banking services are available 24×7 and are free.
  • Balance alerts, transaction alerts, and value-added alerts can be received through SMS for a nominal fee. Email alerts are provided free of charge.
  • Kotak Circle allows you to combine multiple current and savings accounts, providing flexibility in maintaining the minimum Average Quarterly Balance (AQB) in any one or more accounts.
  • Better foreign exchange rates and efficient trade services are offered.
  • Forex Live is an online platform for trading foreign currency, facilitating import/export transactions and other remittances.
  • Cash management services are provided.
  • Payment gateway solutions are available for swift receipt of customer payments.
  • Point of Sale (POS) solutions enable accepting secure, contactless, and fast payments using Kotak NFC-enabled POS machines.
  • If the average quarterly balance falls below 50% of this amount, there will be a charge of Rs. 1,200.
  • For balances exceeding 50% but less than 100% of the minimum average quarterly balance, the charge will be reduced to Rs. 750.

20. Indus Infotech Current Account

Indus Infotech Current Account
Image by indusind.com

Indus Infotech Current Account serves as a flexible and responsive banking partner specifically tailored for IT/ITES/KPOs/BPOs. It recognizes the significance of time in your industry and thus their solutions are customized to align with your requirements and pace.

The wide range of banking solutions, including Current Account, Trade & Forex, Salary Account, and Retail Forex Services, are designed to meet the demands of your modern business, providing top-notch quality and performance. This is one of the best current bank accounts for small business.

Features and Benefits:

  • They offer Payable at Par Cheque Books, which are treated as local clearing at more than 560 branches spread across 380 locations in India.
  • Customers can also avail of Demand Drafts that are payable at over 1500 locations, including their partner bank locations, giving them the flexibility to make payments across the country.
  • Their RTGS/NEFT/IMPS services allow customers to send payments nationwide.
  • To conveniently collect funds, customers can deposit cheques at any of the 380 locations and receive the amount.
  • The bank provides efficient outstation cheque collection services for cheques payable at IndusInd Bank locations, giving businesses an edge.
  • With their premium online transaction system, customers can easily upload bulk payments for vendors and employee salaries with high security.
  • The system offers hierarchical layering and can be integrated with their ERP software.
  • Accessing accounts is made easy through their electronic access points, including Net banking, Phone banking, and Mobile alerts.
  • Customers can save time by opting for Doorstep banking and enjoy the convenience of modern banking services.
  • For international transactions, they offer the flexibility to open EEFC accounts in eight leading currencies: USD, GBP, Euro, AUD, YEN, CAD, AED, and Singapore Dollars. This allows customers to maintain balances in foreign currencies and protect against currency fluctuations.

21. HDFC Bank Smartups for Startups Current Account

HDFC Bank Smartups for Startups Current Account
Image by hdfcbank.com

The Smartups current account is specifically designed to cater to the needs of start-ups, offering a range of intelligent financial tools, advisory services, and cutting-edge technology for entrepreneurs and business founders. This is among the top current bank accounts for small business.

Features and Benefits:

  • You have the option to choose between two types of accounts that cater to your specific needs.
  • You can avail of the benefit of free cash deposit up to 12 times the average monthly balance.
  • HDFC Bank provides allied services for startups at exclusive rates.
  • The Bank has an extensive distribution network with 4,734 branches and 12,333 ATMs spread across 2,672 cities as of December 31, 2017.
  • You can enjoy the convenience of Cash & Cheque pick-ups and cash deliveries from your location.
  • You have the advantage of obtaining a Business debit card without any yearly charges.
  • Additionally, you can make unlimited cheque collections and payments at over 3,000 HDFC Bank locations and exchange them at 2600+ locations.
  • Average Quarterly Balance requirement ranges from Rs. 0 to Rs. 50,000, depending on the type of account.
  • Shared workspace solutions for professionals and entrepreneurs to collaborate and work together.
  • Advisory services for tax and compliance matters, assisting businesses in meeting regulatory requirements.
  • Assistance in marketing efforts by showcasing products on the HDFC Bank Smart Buy portal.
  • Services encompassing content writing and digital marketing, aiding businesses in creating compelling online content and promoting their brand.
  • Access to networking opportunities through the SmartUp program, connecting individuals with customers, investors, and mentors.
  • Provision of web services, HR solutions, and comprehensive business and legal support to meet diverse business needs.

22. Baroda Small Business Current Account

Baroda Small Business Current Account
Image by bankofbaroda.in

The Baroda Small Business Current Account is ideally suited for individuals, proprietors, and partnership firms operating stores and businesses. However, it is important to note that this account is only available in metro and urban cities and has a yearly turnover limit of Rs. 20 Lakhs. This account offers several benefits, meant for different businesses. This is considered as one of the best current bank accounts for small business.

Features and Benefits:

  • It provides unlimited free digital transactions, which can be advantageous for businesses conducting their operations primarily online.
  • It requires a minimum quarterly average balance of Rs. 2,500.
  • There is a charge of Rs. 300 per quarter for maintaining the account.
  • It has the lowest average quarterly balance requirement and charges compared to other options.

How to open a current bank account?

The process of opening a current bank account can be divided into 5 phases:

1. Bank Selection: The first step is to choose a bank that provides excellent customer service and convenient transaction facilities. Consider evaluating banks based on factors such as their net banking features, loan options, and overdraft facilities.

2. Selecting a Current Bank Account: Banks offer a variety of current bank accounts tailored to meet the needs of different businesses. Assess the different account types available and choose one of the best current bank accounts for small business, that suits your business requirements the most. If you have any queries, reach out to the bank’s customer service to seek clarification.

3. Branch Visit: Once you have identified the type of current account you wish to open and shortlisted 2-3 potential banks, visit the nearest branch of each bank. Obtain the account opening form and inquire about the specific procedures involved.

4. Required Documents: Carefully review the terms and conditions provided by the bank and ensure you gather all the necessary documents. Submit the completed application form along with the required documentation.

Standard documents required by the banks are:

  • ID and Address proof of all the partners
  • Address Proof of the company/firm
  • Partnership Deed (if its a partnership firm)
  • Proprietorship (GST Certificate)
  • PAN Number
  • Declaration in Form 60 and 61 according to the Income Tax Act
  • Copy of Business Registration
  • Certificate of Incorporation
  • Article of Association
  • Memorandum of Association.
  • A cheque for opening the bank account.

Opening a current account in India is a straightforward process, as most banks provide services for both opening and managing such accounts. While some banks may request a reference if you are not an existing customer, this requirement may vary. Once you have completed the necessary paperwork, the bank will begin processing your application. Upon approval, you can expect to receive your Current Account Kit at the address you have provided for communication.

Some of the benefits provided by current bank accounts for small business are:

  • The best current bank accounts for small business allow you to deposit and withdraw funds freely, without any advance notice.
  • It provides various options for issuing direct payments, such as cheques, demand drafts, and pay orders.
  • Phone banking and internet banking services are available, which are particularly beneficial for businesses as they save time and effort.
  • The current account also offers an overdraft facility, allowing you to withdraw money beyond the set limit, with interest charged on the borrowed amount.
  • Additionally, the best current bank accounts for small business provide convenient features like multi-location fund transfers, free pay orders, free inward remittance, and free demand draft services.
  • Some leading banks also offer dedicated customer support and personalized services for their current account holders.

After getting detailed information on current accounts and facilities, we need to consider various factors to choose among the best current bank accounts for small business in India. Some of them are:

  • The location of the bank is a crucial consideration, as it should be easily accessible and well-connected to meet business requirements efficiently. Additionally, best current bank accounts for small business should provide facilities like uninterrupted ATM networks, internet banking, and mobile banking to ensure convenience.
  • Having an overdraft limit is a highly advantageous feature offered by current accounts, as it greatly assists in managing business finances. Hence, it is important to assess a bank’s ability to provide an agreed-upon overdraft limit before opting for a particular current account.
  • The minimum average monthly balance requirement holds significant importance. During the initial stages of a business, there is a greater need for input funds. To avoid unnecessary burdens, it is advisable to select one of the best current bank accounts for small business with a minimal or zero monthly balance requirement.
  • It is essential to check the service charges associated with a current account before making a choice. These charges may include fees for demand drafts, checkbooks, debit cards, online banking, and mobile banking. Accumulatively, these charges can significantly impact the overall amount incurred.
  • Some banks offer personalized services, which can provide valuable assistance in your business endeavors. Considering this aspect is also crucial when selecting among the best current bank accounts for small business.

In conclusion, there are several noteworthy current bank accounts for small business in India, offering a range of features and benefits. Ultimately, the best choice will depend on the specific needs and preferences of the business owner, taking into account the unique characteristics of each. It’s always important to do your own research and compare different options to find the account that best suits your requirements and preferences.

Sushma Singh

Sushma Singh

Sushma is an expert in personal finance and business with lots of experience. She loves helping people understand how to make money online, build income without much effort, and become financially independent. Focusing on easy-to-use apps and fun games, she shows people the best ways to earn money online.

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