6 BEST ZERO-BALANCE CURRENT ACCOUNTS

INTRODUCTION 

A current account serves as a deposit account for frequent large transactions. Unlike savings accounts, current accounts lack interest. They are preferred by businesses like proprietorships, partnerships, and companies.

Current accounts are designed for smooth financial transactions. Indian banks offer diverse options, with Zero-balance current accounts becoming an attractive option for businesses and startups in India. These accounts offer financial flexibility without the requirement of maintaining a minimum balance, making them suitable for small and emerging enterprises.

Here are some of the best zero-balance current accounts available in India:

1. ICICI SUPER ADVANTAGE PLUS CURRENT ACCOUNT

This special Current Account is designed for all sorts of businesses and comes with many extra services beyond just regular banking. It’s great if you want to turn your physical store into an online one, and it also gives you special access to really good offers that can help your business grow.

Features

• No mandatory minimum balance needed*.
• Infinite outward cheque returns allowed every month.
• Elevated branch transaction limit.
• Cash deposit limit set at 12 times the MAB, with an upper cap of Rs 10 crore.
• Boundless online and branch-based RTGS/NEFT payments.
• Enjoy a 50% reduction in processing fees for Auto Loans and Mortgage Loans.
• Receive a complimentary Business Gold Debit Card.
• Avail 150 free cheque leaves per month.
  

2. AXIS BANK LOCAL CURRENT ACCOUNT

A nearby current account, which doesn’t need a minimum balance, provides a variety of services that match the specific needs of local businesses.

Features

• No need to maintain a monthly average balance.
• Receive discounts on yearly fees (15% per quarter if the average balance exceeds Rs. 50,000).
• Access multi-channel banking.
• Access Axis ‘eDGe Rewards’ program.
• Free cash deposit limit up to Rs. 3 lakh per month.
• Free transactions at home branch (within 75 transaction limit).
• Rs. 25 NEFT charges for transactions above Rs. 2 lakh.
• Rs. 50 as RTGS charges for transactions above Rs. 5 lakh and above.
• Deduction  of Rs. 1,999 + Service Tax as annual charges. 

3. KOTAK BANK CAOLA CURRENT ACCOUNT

Gain entry to seamless, effortless, and trouble-free banking convergence. Cutting-edge and personalized solutions render the administration of your enterprise more convenient than previously imagined. Propel your business to new heights and unveil boundless opportunities.

Features

• Worry-free banking experience with zero non-maintenance charges, pay based on usage.
• Daily free transaction* at the branch for RTGS/NEFT/Demand Draft/Cash withdrawal.
• Enjoy free cash deposit limit of up to Rs. 1 lakh per month* at both home and non-home branch sites.
• Benefit from 5 free IMPS transactions every month*.
• Receive 25 free cheque leaves* per month.

4. INDUSIND BANK INDUS FREEDOM CURRENT ACCOUNT

IndusInd Bank offers a zero-balance current account option. This particular variant is ideal for small to medium-sized businesses and enterprises. Users of this account enjoy the added advantage of receiving a complimentary cheque book.

Features

• Relaxation of having Zero Monthly Average Balance.
• Free cash deposit limit up to Rs. 4 lakh per month.
• Free withdrawal limit both at home branch and non-home branch.
• No charges for NEFT, RTGS, IMPS.
• Free monthly account statement via email and post.
• Free issuance of cheque book.

5. HDFC BANK GOVERNMENT/INSTITUTIONAL CURRENT ACCOUNT

Introducing the HDFC Zero Balance Current Account tailored specifically for trusts, societies, non-profit organizations (NPOs), and government departments, the Government/Institutional Current Account offered by HDFC Bank is meticulously crafted to meet your unique needs.

Features

• No need to maintain an average monthly balance.
• Enjoy the convenience of free cash deposits, up to Rs. 50 lakhs or 50 transactions (whichever is reached first). This inclusive limit applies across both HDFC Bank home and non-home branches.
• Free withdrawal limit at home branch.
• Free withdrawal limit up to Rs. 1 lakh per day at non-home branches.
• Free NEFT and RTGS collections.
• Access to free monthly account statements.
• Free issuance of 500 cheque leaves per month.
• Rs. 500 account closing charges (15 days to 6 months).

6. AXIS BANK NEW ECONOMY GROUP CURRENT ACCOUNT

The Current Account tailored for the New Economy Group offers customizable features, unrestricted transactions, and limitless cash withdrawals at both home and non-home branches. This account is perfectly suited for contemporary start-ups, providing seamless banking convenience wherever you are through Axis Internet Banking and complimentary Mobile Banking apps.

Features 

• No Monthly Average Balance requirement.
• Monthly Cash Deposit limit up to 10 times the maintained Monthly Average Balance, capped at a maximum of Rs. 50 lakh.
• Complimentary Cheque Book, DD/PO, Alerts, Standing Instructions & Certificate of Balance.
• Limitless NEFT/RTGS transactions across all channels.
• Unlimited Cash withdrawals within and outside the city.
• Access to Business Platinum Debit Card.

CONCLUSION

Choosing the best current account involves thoughtful consideration of your business size, transaction volume, specific requirements, and future growth plans. Whether you seek zero-balance convenience, flexibility, advanced technology, or traditional reliability, the banking landscape offers a multitude of options to suit your needs. It’s essential to research and compare the features of different banks to make an informed decision that aligns with your financial goals and aspirations.

Also Read:- CURRENT ACCOUNT: MEANING, FEATURES, & MORE