Best Banks for Current Account
Last Updated : Sept. 20, 2024, 3:14 p.m.
A current account is primarily designed for individuals or entities involved in business. Many banks offer different types of current accounts with varying minimum balance requirements (monthly or quarterly) and deposit limits. To choose the Best Banks for Current Account, it's important to consider your specific needs and preferences. Savings and current accounts are the two most widely used banking options, often serving distinct groups, savings accounts for individuals and current accounts for businesses.
Below are some key features of the best banks for current accounts that set them apart from savings accounts or other types of bank accounts.
- High Liquidity
- Overdraft facility
- Mobile Banking and Internet Banking
- Doorstep Banking
- Short Term Funds available
- More free transactions are allowed
- No interest
- Minimum account balance (MAB) starts from ₹10,000/- (in general)
- Unlimited withdrawal and deposit facility
- Allows direct payments using cheques, DD, and Pay Orders.
Best Banks to Open Current Account
After reviewing the key features of a current account, it’s essential to explore the best banks in India that offer exceptional current account services. Below, we’ve highlighted the top banks known for their current account options, including various types of accounts, maximum cash deposit limits, and other important features. Use the table below to compare and select the best bank to open a current account that suits your business needs.
Banks |
Current Account Types |
---|---|
State Bank of India (SBI) |
Regular Current Account |
HDFC Bank |
-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 -Current Account for Professionals -Premium Current Account -Merchant Advantage Plus Current Account -Regular Current Account -Merchant Advantage Current Account -Flexi Current Account -Institutional Current Account -Smart Up solution for Start-Ups -Ascent Current Account -RFC Domestic Current Account -Exchange Earners Foreign Currency (EEFC) Account -E-comm Current Account -Saksham Current Account |
ICICI Bank |
Business 360° Banking Wealth Management Current Account Private Banking Current Account Smart Business Current Account Roaming Current Account (RCA) Standard GEM Current Account Escrow Current Account RERA Current Account Exchange Earners’ Foreign Currency (EEFC) Account |
Axis Bank |
Normal Current Account Local Current Account Business Advantage Account Business Select Account Business Classic Account Sweeps Current Account Business Privilege Account Channel One Account Club 50 Current Account Current Account D- LITE |
Bank of Baroda |
bob GOLD Current Account bob DIAMOND Current Account bob PLATINUM Current Account bob RHODIUM Current Account bob LITE Current Account bob SMART Current Account bob WOMEN POWER Current Account bob Family Current Accounts Segment bob ADVANTAGE Current Account bob PREMIUM Current Account bob SUPREME Current Account bob RERA Current Account Scheme bob Start-up Current Account bob Scale-Up Current Account bob Current Account for Other Banks bob Govt Bodies Current Account bob Current Account for LIC/Other Insurance |
Kotak Mahindra Bank |
-Neo Current Account -ActivMoney Current Account -Pro Current Account -Start-Up Regular Current Account -Start-Up Premium Current Account -Global Trade Current Account -Merchant One Premium Current Account -Merchant One Current Account -Ace Current Account -Astra 05 Current Account -Astra 15 Current Account -Elite Current Account -Pro Current Account -Edge Current Account |
YES Bank |
1 ) Freedom Flexi Accounts -
2) Trade Accounts
3) Special Accounts
|
Benefits, Advantages, and Features of Best Banks for Current Account
These are some of the Benefits, Advantages, and Features of the best banks for current accounts:-
SBI Current Account
These are some benefits of SBI Current Account that are beneficial for you -
- Low Monthly Average Balance requirement: ₹5,000.
- Free cash deposits up to ₹5,00,000 per month, depending on the type of current account you select.
- Convenient cash withdrawals and deposits at over 22,000 SBI branches nationwide.
- No charge for cash withdrawals at the home branch.
- Complimentary access to the most secure and fastest Corporate Internet Banking platform.
- Free NEFT/RTGS services through Internet and Mobile Banking.
- 50 free multicity cheque leaves provided each month.
HDFC Current Account
There are several features of handling HDFC Current Account -
- Ensures cost-efficiency with increasing balances.
- Up to 12 times the current month's AMB, with a maximum cap of ₹75 crore.
- Up to 12 times the current month's AMB, with a maximum cap of ₹75 crore.
- Unlimited DDs at the bank’s location; free up to ₹30 lakh at correspondent bank locations.
- 100 free cheque leaves for every ₹1 lakh of balance maintained.
- 150 transactions for every ₹1 lakh of balance maintained.
ICICI Current Account
These are several advantages of ICICI Current Account -
- Interest Rate is 0%
- The minimum balance requirement varies by bank based on the average monthly or quarterly balance
- Unlimited transactions include online fund transfer
- Issuance of checkbooks and ATM/Debit cards are also provided.
- Access to online banking facilities.
- Bank Transfers include NEFT , RTGS , and IMPS .
- Account management allows access to balances, statements, and bill payments with standing instructions.
- Overdraft Facility is available up to a pre-set limit.
Axis Current Account
These are features of handling Axis Current Account -
- Higher Transaction Limit allows for larger sums to be transferred or withdrawn without restrictions.
- Easy Access and High Liquidity funds are readily available for withdrawal or transfer at any time.
- Overdraft Facility provides emergency funds up to a pre-approved limit, even when the account balance is insufficient.
- No Interest Earnings account balance does not earn any interest, unlike savings accounts .
Bank Of Baroda Current Account
Here are some advantages of the Bank of Baroda Current Account -
- Access and manage your account through mobile apps and online platforms.
- Get your account balance instantly by giving a missed call to a designated number.
- Receive account alerts and updates via SMS for transactions and other services.
- Use ATM or debit cards for cash withdrawals, payments, and account access.
- Streamlined services for efficient cash flow and transaction management for businesses.
- Enables convenient bill payments and other financial services at designated service points.
Kotak Mahindra Bank Current Account
Here are some benefits of the Kotak Mahindra Bank Current Account -
- Free cash deposits up to ₹7.5 lakhs/month at all home city branches.
- Free daily cheque pickup.
- Unlimited free self-cash withdrawals at all ING branches.
- Free fund collection through NEFT and RTGS.
- Free RTGS/NEFT/DD/PO transactions up to ₹50 lakhs/month via branch.
- Free NEFT and RTGS through Internet Banking.
- Free local and outstation cheque payments and collections at all ING branches.
- International Titanium MasterCard Debit Card with access to ING ATMs.
- ATM withdrawal limit of ₹1,00,000/day.
- Free monthly account statements.
- 100 free "at-par" cheque leaves per month.
- 24/7 access to Phone Banking and Net Banking.
- Free instant transaction alerts.
- Personalized cheque book for added security.
YES Bank Current Account
Here are some advantages of the YES Bank Current Account -
- Provides customized banking solutions to meet various business needs.
- Current account holders enjoy free demand drafts, cash deposits, and cheque payments/collections.
- Transaction limits increase with account upgrades, and an auto-upgrade feature adjusts tiers based on usage without extra fees.
- Premium Internet banking allows secure account management and bill payments.
- Current accounts are non-interest-bearing and require a higher minimum balance than savings accounts.
- Multi-city chequebooks, overdrafts, secure internet/mobile banking, easy branch transfers, and monthly statements are available.
- The nomination facility is also accessible.
Banks Offering Zero Balance Current Account
A bank with a zero balance current account feature is not restricted to a savings account. Some banks offer current accounts with no minimum balance requirement or zero balance account feature. Below are some of these banks where you can open a current account.
Bank |
Zero Balance Current Account Type |
---|---|
ICICI Bank |
Shubhaarambh Current Account New Startup Current Account Chartered Accountant Current Account |
Axis Bank |
Local Current Account Dlite - Zero Balance Current Account |
Bank of Baroda |
Bob LITE Current Account |
HDFC Bank |
Institutional Current Account Vyapar Current Account |
Kotak Mahindra Bank |
Start up Premium Kotak 811 |
Federal Bank |
Fed Arogya |
Benefits of a Zero-Balance Current Account
Here are some of the benefits of a zero-balance current account that could be beneficial for you. Read the points to know better:-
- Cost-effective, simple-to-use solution for managing their cash flow.
- A zero-balance account is a type of account that doesn't require a minimum balance, making it easy to set up and maintain.
- It allows businesses to efficiently handle transactions, payments, and deposits without the pressure of maintaining a specific balance, helping them focus more on growth and daily operations rather than managing banking requirements.
What are the key features of the Current Account?
Here we will tell you some of the key features of a current account -
- Unlimited Benefits - Current accounts offer unlimited deposits and withdrawals, making them ideal for businesses managing high volumes of daily transactions without concerns about transaction limits or additional fees.
- Overdraft Facility - Many current accounts offer an overdraft facility , enabling you to withdraw more than your account balance to cover short-term liquidity needs.
- Enhanced Credibility - Opening a current account, particularly for businesses, enhances credibility with clients and suppliers, signaling a more professional and financially stable presence.
- Multi-location Access - Current accounts often come with services like multi-branch or multi-location banking, ideal for businesses with branches or operations in various cities.
- Efficient Fund Management - Banks provide tools such as Internet banking, mobile banking, and fund management services, simplifying payment tracking, invoice management, and cash flow maintenance.
- Banking Perks and Services - Many banks provide customized offerings for current account holders, including free checkbooks, demand drafts, business loans, cash management solutions, and access to trade financing options.
- High Cash Deposit and Withdrawal Limits - Unlike savings accounts, current accounts come with higher cash deposit and withdrawal limits, which are crucial for businesses or professionals dealing in large amounts of cash daily.
- No Interest, But More Flexibility - Interest is typically not offered on balances in current accounts. But for many business customers, their convenience, increased transaction limits, and extra banking options exceed their lack of interest.
-
Simplified Taxation -
Maintaining a separate current account allows businesses to keep personal and business finances separate, making bookkeeping and tax filing more straightforward.
- Accept Payments Easily - Current accounts enable businesses to accept various forms of payments, such as demand drafts, cheques, and direct deposits, providing more options for clients and vendors to make payments.
These advantages make current accounts essential for businesses, professionals, and individuals with high-volume or regular transactions.
How to Open Current Account?
The procedure to open a current account is quite simple online or offline mode. You can visit the official website of the bank and choose and complete the application process. To have this account, you need to match the eligibility criteria which vary from one bank to another. The general criteria are mentioned below for your reference.
Who are Eligible to Open a Current Account?
Even though each bank has its criteria, there is still a similarity between them. So, the general eligibility which is required by the bank is here:
- Resident Individual
- Hindu Undivided Family
- Sole Proprietorship
- Partnership
- Limited company
- Trust
- Association/Club/ Society
- Foreign Institutional Investor
- Foreign nationals residing in India
- Limited Liability Partnership
Frequently Asked Questions (FAQs)