Best Current Account In India

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Whenever you start a small business, opening a bank current account is one of the prerequisites. Several public and private banks offer a wide range of current accounts, which is quite a challenge to choose the best bank account for India’s small businesses.

For a potential entrepreneur or any other small business, this bank account is of great importance in developing the business. Choosing the best current account is essential for your business to receive new levels of excellence. We will find the best current account if we examine all the factors to consider before choosing a current account’s benefits.

Any business owner who is asked to choose a current account can choose the bank account that offers the most interest, but this is the only time they make a mistake in choosing the best bank account. A bank account does not provide an interest rate. Considering the interest rate is useless when selecting an interest rate. We also have to worry about many other factors, apart from the interest rate.

To choose the best current account, we must first know what a current account is and its features, advantages, and disadvantages. Many small business owners do not understand what a current account is, so they often choose the wrong current account.

Banks offer different types of bank accounts. A current account is one of the most famous bank accounts that allow you to save money, but it also offers several daily transactions, unlike a savings account. Due to a large number of transaction facilities, it is a boost for small businesses or entrepreneurs. Unlike a savings account, it does not provide a higher amount for your investment as it offers interest.

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How Do I Open A Bank Account?

Opening a bank account can be divided into five steps:

  1. Choose a bank: You must first choose a bank. To find a bank that offers the best customer service and the best transactions. However, you can evaluate the bank according to its net banking facilities, loan and overdraft facilities, and so on.
  2. Choose an existing bank account: Banks offer a wide range of bank accounts to meet different companies’ needs. Choose the type of account that best suits your business. To be sure, contact your bank customer to clarify any questions.
  3. Visit the bank branch: Once you have found the type of current account you want to open and 2-3 banks appear, visit the nearest bank branch, collect the account opening form, and request the account opening procedure.
  4. Required documents: You must read the conditions and send all the documents together with the application form.

The standard documents required by banks are:

  • Proof of identity and address of all members             
  • Test address of the company             
  • Collaboration deed (if it is an association)             
  • Property (GST certified)             
  • PAN number             
  • Declaration of forms 60 and 61 by the Income Tax Act             
  • Copy of the Mercantile Register             
  • Certificate of incorporation             
  • Company article             
  • Association report.             
  • Check to open a bank account             
  1. All set: Finally, after all the formalities, the bank can request a reference whether you have delivered it or not, but only if you are not the customer. The bank will then take the time to process your application and, as soon as it is accepted, you will receive the package of your current account at your communication address.

Opening a current account is very easy as almost all Indian banks offer a service to open and manage a current account.

Here Are Some Of The Unique Benefits Of Current Accounts.

  • There are no obstacles. You can save and charge at any time without notice.             
  • Offers direct payments in various ways, such as checks, drafts, or payment orders.             
  • Telephone banking and Internet banking facilities are provided to the current account; this feature is beneficial for companies as it saves more time and effort.             
  • The current account also provides an overdraft facility that allows you to withdraw beyond the bank’s potential limit. The interest rate is charged on the overdraft amount owed by the banks.             
  • The current account offers other weird facilities, such as transferring funds from multiple locations, requesting free charges, free payment, and free draft services. For current accounts, some trusted banks also offer personalized services and customer service.             

To get accurate information about current accounts and facilities, we need to consider all the factors when selecting the best existing account available.

The Factors We Need To Consider Are

  • The location of the bank is an essential factor to consider. The bank should be easy to access with easy connectivity to meet business requirements quickly. In addition to a good location, the bank should offer interference-free ATM networks, Internet banks, and mobile banks.             
  • Overdraft is one of the most beneficial features offered by current accounts. Excessive overheads, limitations are a big plus when it comes to running a business. Therefore, before selecting any current account, check the bank’s ability to provide an overdraft with the agreed limit.             
  • The lowest average monthly balance is one of the most critical factors. For all companies and entrepreneurs in the early stages, the funding needed to earn an income is higher. To avoid incurring additional charges in your business’s early stages, try choosing an account with a minimum or zero monthly balance.             
  • Before selecting any current account, check the applicable service charges. These charges are charged for draft order, checkbook, debit card, online and mobile banking. All of these changes may increase the amount charged together.             
  • Many banks offer a personalized service. This service can get you a license for your business. It must also be remembered before choosing any bank.             

The Top Ten Small Business Bank Accounts In India

Based on all of the above, the following is a list of the full ten bank accounts:

#1. Icici Bank Current Account

The bank offers a wide range of current accounts, especially for new businesses, such as a new start-up account, a Subhaarambh current account, a small business account, and a roaming current account.

It offers a zero balance advantage for the first six months, followed by an INR 25000 as a minimum balance. Tailor-made Forex services and advice provide a personalized service, a free cash deposit of 12 plus RTGS, NEFT, open checkbook, and mobile and internet banking services.

Account type

  • Ordinary current account
  • Start a new current account
  • Subhaarambh current account
  • Smart business account
  • Smart business account: gold
  • Traveling existing account: gold
  • Itinerant current account rule


  • The bank provides a dedicated initial account to help you register and connect to the network             
  • ICICI Bank has 4,882 branches throughout the country.             

#2. Hdfc Bank Current Account

It offers many current account options, such as Ultima Current Account, Apex Current Account, Maximum Current Account, Plus Current Account, Premium Current Account, and Smart Up Resolution Account.

You can choose plans from zero balance to any amount. Consulting services, collaborative space, and digital marketing are its complimentary services. They offer free RTGS, NEFT, check collection, and payment services along with these additional facilities.

Account type

  • Ultima current account
  • The highest current account
  • Apex current account
  • EZEE current account
  • Max
  • Ordinary Agrarian Accounts
  • Along with the current account
  • Current account of hospitals and nursing homes
  • Merchant current account
  • Current account for professionals
  • Premium current account
  • Commercial advantage and current account
  • Ordinary current account
  • Trade advantage current account
  • Flexible current account
  • Institutional current account
  • Smart Up solution for booting
  • Current account increase
  • RFC home current account
  • Foreign Currency Earnings Account (EEFC)
  • E-comm current account
  • Saksham current account


  • Winner of India’s Best Bank at the 2018 Euromoney Excellence Awards.             
  • Best Private Banking in India World Banker Private Banking Awards             
  • HDFC has more than 15 bank accounts

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#3. Axis Bank Current Account

It is the second most popular savings account for small businesses for unbalanced facilities.

The benefits they provide are 75 free transactions per month. You charge the 1999 amount as an annual fee, but no annual fee will be charged if your MAB exceeds 50,000 euros. It offers an extensive network of ATMs, both online and with mobile banking.

Account type

  • Ordinary current account
  • Local current account
  • Business Advantage account
  • Business opportunity account
  • Classic company account
  • Current account scan
  • Business privilege account
  • Channel account one
  • 50 Club current account


  • Axis Bank is the third-largest private sector bank in India             
  • Axis Bank offers seven standard business current accounts as well as an industry-specific account.             

#4. Debts Current Account Of Mahindra Bank

The bank offers a wide range of current accounts such as Neo, Custom Start-up, Business Startup Premium, Global Trade, and Ace. Neo’s current account is among those that were asked of everyone.

The minimum average quarterly balance is 10,000 rupees. The bank offers enhanced Forex rates with a free cash deposit, cash withdrawal, check payment, collection services, NEFT, REGS, net banking, and mobile banking.

Account type

  • Neo Count
  • Start a business regularly
  • Premium to start a business
  • World trade
  • On average
  • Astra 05
  • Astra 15
  • Elite
  • Professional
  • Marjina


  • ING Vyasa Kotak has now collaborated with Mahindra             
  • Kota Mahindra Bank offers customization packages for companies             

#5. Yes Bank Account

Yes, the bank provides as many current account options as other banks. Significant current accounts provided by Yes include Edge Business, Prime Business, Exclusive Business, and Yes Head-start account. Yes, the business start-up account is the one most in charge of start-ups and small businesses.

In the first year, there is no minimum balance requirement. Free facilities are available, such as payment and check collection, ATM discount, clean bank, and mobile bank. New value-added services are offered to newly created entrepreneurs, and they provide direct advice on foreign investment.

Account type

  • Business value current account
  • Current account business growth
  • Current account of business profits
  • Business Edge current account


  • Yes, the bank has more than 1,122 branches.             
  • Its shares are listed on the Bombay Stock Exchange, and the National Stock Exchange of India and its bonds are listed on the London Stock Exchange.             

#6. State Bank Of India Current Account

The State Bank of India is the most popular government bank in India. The current account is not at the top of the likes like ICICI and HDFC, but its customer service can’t be maintained. The customer support they offer is truly appreciated and provides a vast network of ATMs, robust online and mobile banking options, and easy access to all facilities.

Account type

  • Ordinary current account. Ordinary current account
  • Gold current account. Gold current account
  • Diamond current account. Diamond current account
  • Platinum current account. Platinum current account
  • Power supply current account (with POS motor)
  • Surbhi current account
  • The power of Jyoti
  • Jyoti Pul power current account.


  • In the world’s largest corporations in 2018, the State Bank of India ranked 21st in the Fortune Global 500.             
  • According to an annual study by the Trust Research Advisory, SBI was the 50th most trusted brand in India.             

#7. Punjab National Bank Current Account

In particular, the National Bank of Punjab offers two types of current accounts. It also seems like an excellent option for a small business.

It offers the advantage of opening a current account with a minimum deposit of INR 5,000. An average quarterly balance of INR 100,000 is required. It also provides unlimited, up-to-date transactions that have been used in conjunction with the vast network to access online and mobile ATMs.

Account type

  • GNP Smart Banking is a current account.
  • Ordinary GNP deposit account.


  • GNP established its first branch in India in the 1900s.             
  • In May 2013, GNP # 717 was ranked in Forbes Global 2000.             

#8. Induslnd Bank Current Account

To open a current account, Induslnd bank is also a good option. It offers a large number of current accounts with specific criteria. An Indus Edge current account is usually recommended and recommended.

Account type

  • Indus Infotech current account
  • Indus textile current account
  • Indus of flexible commercial species
  • Indus Silver current account
  • Indus Gold current account
  • Indus Gold Plus current account
  • Indus Prestige current account
  • Foreign exchange earnings account
  • One Indus Dollar: Trading Account
  • Indus Edge current account
  • Current account India Trading EXIM


  • The Bank began operations on April 17, 1994.             
  • IndusInd Bank has over 1,558 branches and 2453 ATMs across India.             

#9. Rbl Bank Current Account

It is a rare account that never offers facilities. They have a unique way; they organize hackathons and regular meetings for new companies, collaborate with accounting programs and collaboration spaces, and offer special discounts to start the business. The minimum balance is 20,000 rupees, and if the minimum balance is not maintained, there is an additional cost. 

Account type

  • Merchant current account
  • Company account
  • Current account of self-employed workers
  • Current account of the Start-up Club of India (ISC)
  • Beyond the current world trade account
  • Go beyond Global Extra
  • Go beyond the global elite


  • Asiamoney Best Bank 2019 Euromoney Awards – Best Microfinance Bank             
  • Cash Today Awards: Best Small Bank, Business Today             

#10. Bank of Baroda Current Account

Baroda Bank updates account adapted to the different needs of customers. With a Baroda Bank current account, you get unlimited daily transactions along with personalized services. These services are best suited for doctors, consultants, accountants, and business people.

Baroda Bank offers a discovery service that you can use to withdraw money when you have to meet certain unsecured capital requirements.

Account type

  • Baroda Small Business (BSBCA) Current Account
  • Baroda Premium Current Account (BPCA)
  • Baroda Advantage Current Account (LAC)
  • Baroda Premium Current Account (BPCAP)


  • At the Polaris Financial Technology Banking Awards 2014 (Dun and Bradstreet Public Sector Grand Prix), ALL won Global Business Development (Public Sector) and Best Banking.             
  • In the Dun & Bradstreet Banking 2015 Global Business Awards category, Everyone won the best public sector banking awards.             

All the current account options mentioned are tailored to the needs of small businesses and entrepreneurs. They all offer a variety of benefits and facilities. Together, it would help if you chose what best suits your business to review your company’s new excellence levels.

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