Choosing the best bank for current accounts in India is a crucial decision, especially for businesses that rely heavily on these accounts to manage their finances. Current accounts are a staple for businesses, offering features like overdraft facilities, a high number of transactions, and the convenience of direct payments through checks, demand drafts, and pay orders. However, it’s essential to choose the right bank that aligns with your business needs and financial goals.
In this article, we will explore some of the top banks in India that offer current accounts and discuss their key features, account requirements, and charges. We have considered factors like overdraft facilities, transaction limits, minimum average balance requirements, and account options to help you make an informed decision.
List of the Best Bank for Current Accounts
- ICICI Bank Current Account (For Best Technology)
ICICI Bank is renowned for its cutting-edge technology and user-friendly banking platforms. It excels in online banking services, including online account opening and mobile banking. Their innovative technological solutions make them a top choice for businesses seeking seamless digital banking experiences.
ICICI Bank offers three types of current accounts:
- Premium Current Accounts (for local businesses)
- Special Current Accounts (for specific clients, startups, and more)
- One Globe Trade Current Accounts (for import and export businesses)
Minimum Average Balance (MAB) requirements vary based on the account type, starting from Rs. 10,000 to Rs. 50,000.
Charges for these accounts range from Rs. 0 to Rs. 8,000, depending on the type.
- HDFC Bank Current Account (For Best Products)
HDFC Bank is known for its wide range of current account products catering to businesses of all sizes. They offer 14 different current account options designed to meet various business requirements, from startups to large corporations and even e-commerce businesses.
The minimum average quarterly balance (MAB) for HDFC Bank current accounts ranges from Rs. 10,000 to Rs. 5 lakhs.
Charges for these accounts vary between Rs. 1,500 and Rs. 8,000, depending on the type of account selected.
- IndusInd Bank Current Account (Lower AMB yet Great Features)
IndusInd Bank offers current accounts with lower minimum balance requirements, making them accessible for a wide range of businesses. While most of their current accounts have lower AMB requirements, the bank also provides personalized options with customizable transaction limits.
The minimum monthly average balance for IndusInd Bank current accounts varies from NIL to Rs. 5 lakhs.
Charges for these accounts range from Rs. 0 to Rs. 4,000, depending on the selected account type.
- Axis Bank Current Account
Axis Bank stands out by offering rewards points for banking transactions and a “Full Power Digital Current Account” that can be opened online with ease. This digital account requires an initial deposit of Rs. 10,000 and provides various banking services.
The minimum monthly average balance (MAB) varies based on the type of account, starting from Rs. 10,000.
Charges for Axis Bank current accounts range from Rs. 100 to Rs. 25,000.
- Citi Bank Current Account
Citi Bank’s current account is tailored for businesses engaged in international trade. It offers access to a global network spanning over 100 countries and facilitates transactions in major currencies. Additionally, businesses can access treasury products and dedicated relationship managers.
Citi Business Current Account’s minimum average monthly relationship value varies based on different categories.
Citibank does not penalize those who do not meet the minimum relationship values.
- State Bank of India Current Account (Widespread Reach)
State Bank of India (SBI) boasts an extensive network of branches and ATMs, making it a convenient choice for businesses across India. Their current account offerings cater to various business needs, from small enterprises to large corporations.
The monthly average balance (MAB) requirements for SBI current accounts vary from Rs. 5,000 to Rs. 10 lakhs.
Charges for SBI current accounts range from Rs. 500 to Rs. 8,000, depending on the type.
- Bank of Baroda Current Account (Best PSU Bank)
Bank of Baroda is known for its excellent customer service and cost-effective current account fees. They offer various current account options, including a Premium Current Account with a maximum charge of Rs. 1,000.
The minimum average quarterly balance (AQB) for Bank of Baroda current accounts ranges from Rs. 2,500 to Rs. 2.5 lakhs.
Charges for these accounts vary between Rs. 400 and Rs. 1,000, depending on the selected account type.
- Yes Bank Current Account
Yes Bank provides a wide range of current accounts suitable for different business requirements. Their three-tiered Business Current Account (Edge/Prime/Exclusive) allows businesses to choose the tier that best fits their needs.
Minimum average quarterly balance (AQB) requirements vary based on the selected Yes Bank current account.
Charges for Yes Bank’s current accounts range from Rs. 500 to Rs. 5,000.
- Kotak Mahindra Bank Current Account
Kotak Mahindra Bank offers current accounts tailored to the needs of small businesses and large corporations alike. They provide features like Kotak ActivMoney, overdraft facilities, and live forex services.
The minimum average quarterly balance (AQB) for Kotak Mahindra Bank current accounts ranges from Rs. 10,000 to Rs. 15 lakhs.
Charges for these accounts vary from Rs. 750 to Rs. 8,000.
- RBL Bank Current Account
RBL Bank offers a range of current accounts suitable for various business needs. They also provide loan options for working capital requirements. However, it’s worth noting that RBL Bank has a limited branch network in India.
The minimum average quarterly balance (AQB) for RBL Bank current accounts ranges from Rs. 10,000 to Rs. 5 lakhs.
Charges for RBL Bank current accounts vary from Rs. 250 to Rs. 3,000.
- IDFC Bank Business Current Account
IDFC Bank’s Business Current Account is designed to cater to the needs of small-sized enterprises. It offers lower balance requirements, convenient banking services, and an array of benefits.
The minimum average monthly balance (MAB) for IDFC Bank Business Current Account is Rs. 10,000.
Charges for this account depend on the balance maintained.
- ICICI Bank Smart Business 2.0 Silver Current Account
ICICI Bank’s Smart Business 2.0 Silver account is ideal for small-scale businesses looking for flexible cash flow management. It offers features such as free cash deposits and transactions.
The minimum quarterly average balance (QAB) for this account is Rs. 50,000.
Charges for the Smart Business 2.0 Silver Current Account are based on the average balance maintained.
- Baroda Small Business Current Account
Baroda Small Business Current Account caters to proprietorships, partnerships, and owner-operated stores. It’s a suitable option for businesses in metro and urban cities with an annual turnover limit.
The minimum quarterly average balance (QAB) for this account is Rs. 2,500.
Charges for the Baroda Small Business Current Account are nominal.
- Kotak Neo Current Account
Kotak Neo Current Account is designed for small businesses seeking efficient money management. It offers features like Kotak ActivMoney and flexible account combinations.
The minimum average quarterly balance (AQB) for Kotak Neo Current Account is Rs. 10,000.
Charges for this account depend on the average balance maintained.
- Union Bank of India
Union Bank of India, a well-established public sector bank, offers a variety of current account services. They cater to different business requirements and provide a wide range of banking solutions.
The minimum average quarterly balance (AQB) for Union Bank of India current accounts varies based on the account type.
- Canara Bank
Canara Bank, a prominent nationalized bank, offers current accounts with a commitment to customer satisfaction. They have a vast branch network and provide a range of account services to meet diverse business needs.
The minimum average quarterly balance (AQB) for Canara Bank current accounts varies based on the account type.
When opening a current account with the best bank for your business in India, it’s essential to review the terms and conditions and ensure you have the required documentation ready. Your choice should align with your business goals and financial strategies.