Savings A/C and Current A/C stand as the two most frequently utilized account types. They effectively categorize the working class into distinct segments of savers and current account holders.
A current account primarily caters to individuals engaged in business activities. It is important to shop around to find the right current account for your needs. Many banks offer different types of current accounts with different benefits, fees, and features, so it is important to compare different options before making your choice.
IMPORTANT PARAMETERS TO CONSIDER
When considering which bank to open a current A/c with, it’s essential to evaluate several key parameters to ensure you’re making the right choice for your business needs. Here are the important parameters to check while opening a current account:
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Bank Reputation and Reliability
Research the bank’s reputation and financial stability. Choose a well-established and trustworthy bank with a proven track record of providing reliable banking services.
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Account Fees and Charges
Compare the fees and charges associated with maintaining a current account. Look for hidden fees, transaction charges, monthly account maintenance fees, and other potential costs that might impact your business’s finances.
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Minimum Balance Requirement
Check if the bank has a minimum balance requirement for maintaining the current account. Ensure the minimum balance aligns with your business’s financial capabilities and cash flow.
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Transaction Limits
Understand the transaction limits for deposits, withdrawals, and online transactions. Ensure these limits meet your business’s transaction volume without incurring additional charges.
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Online and Mobile Banking
Evaluate the bank’s online and mobile banking platforms. A user-friendly interface, real-time transaction updates, and convenient access to account statements can greatly streamline your business operations.
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Overdraft Facilities
Inquire about overdraft facilities, including interest rates and terms. Having access to an overdraft can help your business manage temporary cash flow gaps.
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Additional Services
Explore the additional services offered by the bank, such as business loans, credit facilities, and merchant services. Having a one-stop solution for your financial needs can be advantageous.
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Customer Support
Assess the quality of customer support provided by the bank. Quick resolution of queries and efficient support can make a significant difference when you encounter issues.
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Location and Accessibility
Consider the bank’s branch and ATM network. Having easy access to physical branches and ATMs can be beneficial, especially if your business requires cash transactions or in-person services.
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Documentation Requirements
Understand the documentation needed to open the account, including business registration papers, identification documents, and address proofs.
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Business Type and Size
Different banks may cater to specific business sizes or industries. Choose a bank that understands and supports the needs of your particular business type.
BEST BANKS FOR CURRENT ACCOUNT
1. HDFC BANK CURRENT ACCOUNT
HDFC Bank’s Current A/c caters to diverse needs—large corporates, entrepreneurs, trusts, societies, hospitals, and professionals. Efficiently manage funds, simplify transactions, and enjoy various free banking services like transfers, clearing, limits, deposits, and withdrawals.
- HDFC offers current accounts with monthly average requirements starting at just Rs. 10,000. Like:-
– Regular Current Account Current
– Account for Professionals
– Active Current Account
- It even has an Institutional Current Account, which exempts you from maintaining any monthly balance requirement.
FEW OTHER OPTIONS |
| – Ultima Current Account |
| – Supreme Current Account |
| – Apex Current Account |
| – EZEE Current Account |
| – Max Current Account |
| – Agri Current Account |
| – Plus Current Account |
| – Current Account for Hospitals and Nursing Homes |
| – Trade Current Account |
| – Premium Current Account |
| – Merchant Advantage Plus Current Account |
| – Merchant Advantage Current Account |
| – Flexi Current Account |
| – Smart Up solution for Start Ups |
| – Ascent Current Account |
| – RFC Domestic Current Account |
| – E-comm Current Account |
| – Saksham Current Account |
2. ICICI BANK CURRENT ACCOUNT
If you’re in search of an online banking platform, including services like online account opening or mobile banking, ICICI Bank stands out as one of the top choices for current accounts in India. ICICI Bank offers user-friendly technology features that are easy to navigate. The bank’s innovative and technologically advanced banking platforms are among its unique selling points, setting ICICI Bank apart from the rest.
- ICICI Roaming Current A/c (Standard) offers ownership of a current account with a monthly average balance requirement of Rs. 10,000.
- Zero-balance account options are also available, such as the Super Merchant Current A/c.
FEW OTHER OPTIONS |
| – New Start-Up Current Account |
| – ShubhAarambh Current Account |
| – Smart Business Account |
| – Smart Business Account – Gold |
| – Roaming Current Account (Gold, Standard, Classic, & Premium variants) |
| – Smart Business Account 2.0 (Silver, Gold, Premium, & Ivy variants) |
| – Classic 2.0 Current account |
| – RCA Standard current account |
| – Made2Order Current Account |
| – Special Current Accounts |
| – One Globe Trade Account (Basic, Gold & Platinum variants) |
3. SBI CURRENT ACCOUNT
State Bank of India (SBI) stands as the largest government-owned public sector bank in India. The primary benefit associated with holding a current bank A/c with SBI revolves around its extensive coverage, which provides access to a nationwide network of 22,000+ branches that offer a diverse array of services. Furthermore, a significant proportion of SBI’s ATMs and branch locations are equipped with cash deposit machines or Recycler features, facilitating rapid transactions such as depositing, transferring, and withdrawing funds within a matter of minutes.
- The SBI Power PoS Current A/c provides the benefit of owning a current account with the lowest monthly minimum balance requirement, set at just Rs. 5000.
FEW OTHER OPTIONS |
| – SBI Regular Current Account |
| – SBI Gold Current Account |
| – SBI Diamond Current Account |
| – SBI Platinum Current Account |
| – SBI Shubharambh Current Account |
| – Master Current Account |
| – SBI Power Jyoti Current Account |
| – SBI Power Jyoti PUL Current Account |
| – SBI Surbhi Current Account |
4. INDUSIND BANK CURRENT ACCOUNT
The majority of IndusInd Bank’s current accounts have reduced minimum balance requirements, except for the Pioneer account. The bank provides Current A/c for various business categories, such as prominent corporations, exporters, importers, and specific sectors including textiles, IT, hotels, SMEs, logistics, and travel agencies.
- Indus Max Account comes with an average monthly balance requirement of Rs. 10,000/- only.
- Indus Tarakki Account is a zero-balance current account.
FEW OTHER OPTIONS |
| – Indus Select Current Account |
| – Indus Select Plus Current Account |
| – Indus Freedom Current Account |
| – Indus Dollar One Trade Current Account |
| – Indus Pioneer Current Account |
| – Indus Grandé Business Account |
| – Indus Premier Current Account |
| – Indus Grain Merchant Flexi Current Account |
| – Indus Textile Current Account |
| – Indus InfoTech Current Account |
| – Indus Merchant Plus Current Account |
5. AXIS BANK CURRENT ACCOUNT
Axis Bank presents a range of tailored Current Account options designed to meet the distinct requirements of various sectors and organizations. These offerings encompass features such as online Current Account openings for select variants, a variety of choices for cash deposit limits, and unrestricted withdrawal capabilities. Axis Bank recently even introduced the “Full Power Digital Current Account,” a seamlessly accessible account that can be initiated online through a straightforward four-step process incorporating video KYC.
- Axis Bank has an Arthiyas Current A/c that can be maintained with a Rs. 5,000 monthly balance only.
- There are a number of variants of zero-balance current accounts. Like:-
– Trusts Current Account
– Global Economy Business Current Account
– New Economy Group Current Account
– Large Corporates Current Account
FEW OTHER OPTIONS |
| – Full Power Digital Current Account |
| – Prime Normal Current Account |
| – Prime Advantage Current Account |
| – Prime Select Current Account |
| – Prime Business Classic Current Account |
| – Priority Business Privilege Current Account |
| – Priority Channel OneCurrent Account |
| – Wealth Club 50 Current Account |
NOTE – It is recommended to either seek guidance from an expert or personally visit the bank where you plan to open your account. Engage in a thorough discussion to determine the specific current account variant that aligns best with your financial and business requirements.
CONCLUSION
You should make an informed decision when opening a current account for your business. Remember that the right current account can contribute to your business’s financial success and operational efficiency.