21 Best Bank For Current Account In India 2022 | Bank Review

21 Best Bank For Current Account In India 2022

21 Best Bank For Current Account In India 2022

A current account is a vital part of any business. It helps manage large volumes of transactions and enables you to keep track of expenses.

In the second section, you would find the best current accounts in India that offer special services to startups and small businesses.

The parameters on which the banks have been picked are –

  • Minimum balance requirements
  • Operational Charges
  • Ease of Internet Banking
  • Ease of Account Opening
  • Additional Product Benefits like Loan Approval
  • Service & Support

Best Bank for Current Account in India 2022

#1. ICICI Bank Current Account (For Best Technology)

#1. ICICI Bank Current Account (For Best Technology)

You would find the best interactive technology for banking products from ICICI.

For businesses, the bank has an iBizz mobile app that enables its customers to manage their accounts.

Whether it's an online account opening or a mobile banking transaction, ICICI Bank has something for everyone.

For businesses, the bank has an iBizz mobile app that enables its customers to manage their accounts. It also allows them to pay bills and make payments using their mobile.

There are three variants of current account at ICICI –

  • Current accounts with special privileges such as free cash deposit and higher free limits are available at ICICI Bank.
  • These accounts are usually linked to eNAM, GeM, and escrow purposes. Globe Trade current accounts are also available for importers and exporters.

ICICI Bank Current 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
  • Special Current Accounts
  • One Globe Trade Account (Basic, Gold & Platinum variants)

#2. HDFC Bank Current Account (For Best Products)

HDFC Bank Current Account (For Best Products)

One of the best products that HDFC Bank has is the Diners Club Black Credit Card, which is one of the best options for businesses. The bank also has a variety of current accounts that are designed for different types of businesses.

Aside from the Black Card, the bank also has a variety of other products such as loans through ATMs, foreign exchange, and availing a personal loan. If you are a business owner, then you would be surprised to know that the bank has over 14 types of current accounts.

HDFC Bank Current 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. IndusInd Bank Current Account (Lower AMB yet Great Features)


Most of the current account at IndusInd Bank requires lower minimum balance requirements, except prestige current account.

IndusInd Bank has a variety of current accounts that are designed to suit different types of businesses. They also offer a variety of services such as doorstep banking, smart cash management, and online bill payment.

Further, the bank offers flexibility to customize the current account and set transaction limits as per business needs.

IndusInd Bank Current Account Options

  • Indus Prestige Current Account
  • Indus Gold Plus Current Account
  • Indus Gold Current Account
  • Indus Silver Plus Current Account
  • Indus Silver Current Account
  • Indus Blue Current Account
  • Indus Freedom Current Account
  • Indus Green Current Account
  • Indus Escrow Current Account
  • Indus Max Current Account
  • Indus Premier Current Account
  • Indus Dollar One Trade Current Account
  • Niche Current Accounts
  • Indus Grain Merchant Flexi Current Account
  • Indus Textile Current Account
  • Indus Infotech Current Account
  • Indus Merchant Plus Current Account

#4. Axis Bank Current Account

Axis Bank is the only bank that offers rewards points on various transactions. These points can be used for online banking, account opening, and funding.

The accounts are categorized into various types such as value-based accounts and segment based accounts. Axis Bank has also launched a new digital current account called Full Power, which gives businesses access to over 250 banking services.

Axis Bank Current Account Options

  • Digital Current Account
  • Full Power Digital Current Account
  • Value-Based 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
  • Segment-Based Current Account
  • Current Account Global
  • Current Account EFC
  • Current Account Arthiyas
  • Current Account for new economy group
  • Current Account for market intermediaries
  • Current Account Priority

#5. Citi Bank Current Account (For Global Business)

Citi Bank’s global business account is a great way to manage your company’s transactions in over 100+ countries.

The main advantages of this account are lower rates on correspondent bank charges and instant outward remittances.

With Citi Bank, you can benefit from a variety of treasury products and services, such as foreign exchange and trade finance.

Best Citi Bank Current Account

  • Citibusiness current account

#6. State Bank of India Current Account (Widespread Reach)

State Bank of India Current Account

The biggest benefit of opening a current account with SBI is its extensive reach and access to over 22,000 branches across India.

Having a current account with SBI is also a great way to access the bank's extensive network of over 22,000 branches. Aside from these, you also receive various banking services.

State Bank of India Bank Current Account Options

  • SBI Regular Current Account
  • SBI Gold Current Account
  • SBI Diamond Current Account
  • SBI Platinum Current Account
  • SBI Power POS Current Account
  • SBI Surbhi Current Account
  • SBI Power Jyoti Current Account
  • SBI Power Jyoti PUL Current Account

#7. Bank of Baroda Current Account (Best PSU Bank)

Bank of Baroda has a variety of current account options that are designed to suit different types of customers. One of these is the lowest current account charges at around Rs. 1,000.

Other unique features of this bank include reverse sweep facility, which allows account holders to earn interest. It also offers various discounts on car loan processing charges.

Bank of Baroda Current Account Options

  • Baroda Premium Current Account
  • Baroda Premium Current Account – Privilege
  • Baroda Small Business Current Account
  • Baroda Advantage Current Account
  • Baroda Current Account for LIC and other insurance companies
  • Current account for other banks
  • Baroda Startup Current Account
  • Baroda Scale Up Current Account

#8. Yes Bank Current Account

Yes bank has a variety of current accounts for various business requirements.

The bank has also introduced a new tier called the Yes 3 tiered account, which allows users to move between different levels.

Apart from that Yes Bank gives an option to choose a value-added service package.

The service package has benefits like

  • Global trade and remittance services
  • Merchant services
  • Doorstep banking
  • Smart Tally – Automated payments and reconciliation for tally users
  • Payment gateway facility and
  • Cash management services

Yes Bank Current Account Options

  1. Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account
  2. Yes Premia Current Account
  3. Yes First Business Programme
  4. Yes Pragati Current Account
  5. Yes Business Value Current Account
  6. Yes Head Startup Current Account
  7. Yes Xtra Gain (Edge/ Prime) Current Account
  8. Yes TradeBiz Current Account

#9. Kotak Mahindra Bank Current Account

Kotak Mahindra Bank has current accounts for all business needs – from startups, growing businesses to large corporations.

The accounts come with a variety of features, such as auto sweep and reverse facility, and they also have a cash management facility.

Through its portal called Kotak Circle, businesses can easily create multiple accounts and manage their funds.

Kotak Mahindra Bank Current Account Options

  1. Kotak Edge Current Account
  2. Kotak Pro Current Account
  3. Kotak Ace Current Account
  4. Kotak Neo Current Account
  5. Kotak Elite Current Account
  6. Kotak Startup Premium Current Account
  7. Kotak Astra 05 Current Account
  8. Kotak Global Trade Current Account
  9. Kotak Astra 15 Current Account
  10. Kotak Startup Regular Current Account

#10. RBL Bank Current Account

Most of the accounts of RBL Bank offer various types of loans. These include working capital and short-term finance.

The drawback is that – the bank has fewer branches pan India. Hence, RBL Bank provides doorstep banking at cost at few cities.

RBL Bank Current Account Options

  1. RBL Traders Current Account
  2. RBL Value Silver 40 Current Account
  3. RBL Value+ Gold 100 Current Account
  4. RBL Value+ Gold 500 Current Account
  5. RBL Exceed Business Banking – Exceed Global Extra, Exceed Express, Exceed Global Elite
  6. RBL Business Current Account
  7. RBL Business Plus Current Account
  8. RBL India Startup Club Current Account
  9. RBL Self Employed Professional Current Accout

Best Current Account for Small Business in India

#11. IDFC Bank Business Current Account – 10K

A simple current account with lower average balance requirements for growing needs and aspirations of small businesses.

#12. ICICI Bank Smart Business 2.0 Silver Current Account

ICICI Bank Smart Business 2.0 Silver Current Account is a great account for small businesses. It gives them the flexibility to manage their money flow with free cash deposit limits.

#13. Baroda Small Business Current Account

The Baroda small business current account is best for establishments that are run by individuals, proprietorships, or partnership firms. However, it is only available in metropolitan and urban cities.

#14. Kotak Neo Current Account

The Kotak Neo Current Account is a great account for small businesses to save and manage their funds. It comes with a variety of features such as auto balance and online banking.

Neo account carries the lowest balance requirement of Rs. 10,000. But the account is available at select locations only.

Best Bank for Zero Balance Current Account in India

#15. Axis Bank Local Current Account

The Axis Bank local current account has no minimum balance requirement but it comes with annual fees of over Rs. 1,999.

#16. Indus Infotech Current Account

Indus Infotech's zero balance current account is ideal for companies that deal in information technology, ITES, and BPOs.

#17. Standard Chartered Smart Business Current Account

Standard Chartered Bank does not require a maintenance of a monthly minimum balance. However, if a business account is not maintained, it will charge a fee of Rs. 3500.

Best Current Account for Startups in India

#18. ICICI iStartup 2.0 Current Account

The iStartup 2.0 Current Account from ICICI Bank is designed for young entrepreneurs and startup founders. It features a host of business solutions, such as connecting startups with venture capital firms.

There are three variants of the iStartup 2.0 Current Account – Platinum, Gold, and Silver. The account can be opened by businesses that are incorporated as a limited liability company or a public limited company.

The minimum balance requirement for the account varies depending on the option. It can be up to 5 lakhs depending on the account variant.

Startups can open either “StartUp Alpha” or “StartUp Max” current account based on their business needs.

The other services for startups at special rates negotiated by HDFC Bank are –

  • Co-working spaces
  • Tax and Compliances advisory services
  • Marketing support by offering products on HDFC Bank Smart Buy portal
  • Content writing and Digital marketing services
  • Networking facility with SmartUp program to connect with customers, investors and mentors
  • Web services, HR solutions and Business & Legal services

#20. Axis Bank StartUp Special Current Account

The Axis Bank startup special current account is ideal for technology-driven startups. It comes with a zero balance requirement for the first 24 months.

  • Forex, NEFT and RTGS payments
  • Cash deposits and withdrawals at any branches up to Rs. 10 Lacs per month
  • Cheque book, DD and PO issuances

Rest of the other facilities are offered based on the risk profile and needs of the startups, like

  • Payment & Collection services
  • Forex and trade solutions
  • Payment gateway solutions
  • Credit facilities & working capital structured for startup needs
  • Investment advisory services

#21. Kotak Startup Current Account

Kotak Bank offers a regular and premium current account for startups.

The other common services include

Kotak Credit Access, an overdraft facility of Rs. 15 Lacs

Kotak ActivMoney with sweep and reverse sweep facility

Kotal Circle for grouping of current and saving accounts

Cash Management, forex and payment gateway solutions

Dedicated relationship manager

Difference Between Current Account and Saving Account

The main difference between a savings account and a current account is that the latter is for the accumulation of earnings and savings.

Whereas, current accounts are to facilitate smooth business transactions and accounting.

The other benefits associated with the current account as compared to the savings account are –

  • Overdraft facility where more money than the balance can be withdrawn
  • A higher number of free transactions
  • Unlimited withdrawal and deposit facility thus helpful in handling a large volume of transactions
  • Generally, the minimum account balance starts from Rs. 10,000
  • Discounts in processing fees & loan offers
  • Allows direct payments using cheques, DD and pay orders to vendors and creditors

 

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