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A current account is mainly for those people who are into business. Many banks have different types of current account having variable minimum account balance (monthly or quarterly) and maximum deposit feature. To choose best banks for current account, you can focus on your requirement from the account. Savings account and current account are two most commonly used accounts or we can say that working class is divided into savings and current account types. To be be precise, below are some of the features of current account which differentiates it from savings account or any other bank account.
- Overdraft facility
- More free transactions allowed
- Interest-free account
- 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 for Current Account
Having read the features of current account, you may now read about the types of current accounts, maximum cash deposit allowed at top banks in India. The table below consists of some of the best banks to have current account.
Banks | Current Account Types | Maximum Cash Deposit Allowed |
---|---|---|
State Bank of India (SBI) | Regular Current Account | No limit |
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 | Up to ₹2 lakhs per month (for regular current account) |
ICICI Bank | Regular Current Account New Startup Current Account Subhaarambh Current Account Smart Business Account Smart Business Account - Gold Roaming Current Account - Gold Roaming Current Account Standard | Up to ₹1.8 crores per month |
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 | Up to ₹2 lakhs per month (for regular current account) |
Bank of Baroda | Baroda Small Business Current Account (BSBCA) Baroda Premium Current Account (BPCA) Baroda Advantage Current Account (BACA) Baroda Premium Current Account (BPCAP) | Up to ₹1 lakhs per month |
Kotak Mahindra Bank | -Neo Account -Start Up Regular -Start Up Premium -Global Trade -Ace -Astra 05 -Astra 15 -Elite -Pro -Edge | Up to ₹5 lakhs |
HSBC Bank | Business Select Account Business Vantage Account HSBC Direct for Business | Unlimited |
YES Bank | Business Value Current Account Business Growth Current Account Business Benefit Current Account Business Edge Current Account | Up to ₹5 lakhs |
Banks Offering Zero Balance Current Account
A bank account with zero balance feature is not restricted to savings account. There are banks that offer current account 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 | |
Kotak Mahindra Bank | Start up Premium |
How to open Current Account?
The procedure to open a current account is quite simple through online or offline mode. You can visit the official website of the bank you have chosen and complete the application process. To have this account, you need to match the eligibility criteria which varies from one bank to another. The general criteria is mentioned below for your reference.
Who are eligible to open a current account?
Even though each bank has their own 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 national residing in India
- Limited Liability Partnership