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Current Account For Startups

A current account is a type of deposit account maintained by individuals who carry out a significantly higher number of transactions with banks on a regular basis. A Current account can be opened in most commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis. Because of the fluidity that these accounts offer, they don’t earn any interest. These also usually do not carry a limit on the number of transactions that can be made.

The parameters on which the banks have been picked are

Minimum Balance

Operational Charges

Ease of Internet Banking

Ease of Account Opening

Product Benefits

Bank Benefits and Loans

Overdraft Limit

Transaction Charges

Closing Compliance

Best Current Account Service providers

1. ICICI Bank Current Account

 iStartup: ICICI Bank introduces ‘iStartup 2.0’, the country’s most comprehensive solution for start-ups that offers a range of banking services and beyond banking services to help entrepreneurs like you to set up a firm and digitize rapidly. It also caters to the specific needs of your startup business through calibrated industry-specific solutions. Whether you are a new startup or in the growth stage, iStartup 2.0 is the right solution for your business.

  • iStartup 2.0 can be opened within ten years of the date of incorporation of the business.
  • You are eligible if you fall under any of the following categories and have businesses to run:
      • Partnership Firms and Limited Liability Partnerships (LLPs)
      • Private and Public Limited Companies and One Person Companies (OPCs)
  • iStartup 2.0 offers you a complete range of digital, business & personal banking benefits with exclusive concierge services consisting of exciting offers, exclusively for startup customers.

 iStartup Account has three variants and the minimum QAB depends on the variant opted by you. For iStartup 2.0 Platinum – ₹5,00,000 (QAB) ; iStartup 2.0 Gold – ₹1,00,000 (QAB) & iStartup 2.0 Silver – ₹25,000 (QAB)

2. HDFC bank Current Account

Smartups For Startups: HDFC Bank has a wide range of current accounts that it offers its customers. Each of these accounts have been carefully crafted to meet the business needs of the account holder in question. HDFC’s Smart Up Solutions for Startups is one among the many variants of the current accounts that it offers. The account has been developed with the intention of catering to individuals who need assistance with their startups.

If you are just beginning your entrepreneurial journey, then you can opt for the SmartUp Alpha Current Account, which comes with a zero balance requirement for the first year, and a waiver on the annual fee for the Debit Cards. But, if you have already obtained the necessary funding for your start-up, then you can enjoy the privileges of preferred banking with the SmartUp Max Current Account. This plan comes with a dedicated Relationship Manager and priority service, along with exclusive lifestyle privileges.

The SmartUp Alpha gives account holders the benefit of free cash deposits up to 12 times the account’s monthly average balance or up to 25 free transactions a month. The SmartUp Max, on the other hand, provides account holders with free cash deposits up to 12 times the account’s monthly average balance or up to 60 free transactions a month.

Account-holders have the benefit of receiving a credit limit of 75% of the value of their fixed deposit.

3. Axis bank Current account

Axis bank Start-up Current Account: Axis bank startup current account provides a 24-month waiver on its minimum balance requirements and all current account services are free of cost

Afterward, you have to maintain a minimum balance of Rs. 10,000 in your account.

Axis Bank’s partner in start-up banking, Axis Capital, helps you in fulfilling your investment banking needs such as equity fundraising, mergers and acquisition, and restructuring structured finance. These services are not required in your initial stages but may come out in handy once the business is in the growth stage.

4. State Bank Of India

SBI Incube: SBI InCube is a special branch for Startup banking and financial needs in Bangalore. SBI InCube will deliver tailored-made financial and banking solutions to cater to the needs of entrepreneurs. Be it a custom banking solution or investment advice in every stage of a Startup’s journey, the InCube is all out there for startups!

The current account under this initiative requires maintenance of a minimum balance of Rs.10,000.

You will get the facility of free corporate internet banking.

Apart from it, there are many additional facilities offered to the customers.

You can avail the services of experienced relationship managers for knowing exact solutions of banking needs and limited advisory on investments, taxation and forex transactions.

They also provide competitively priced financial products and services.

5. Kotak Mahindra Bank Current Account

Startup Regular Current Account: The average quarterly balance required for this account is Rs. 50,000. The business class gold debit cards offer daily purchases of Rs. 1.75 lakhs and daily ATM cash withdrawal of Rs. 50,000.

To make cash deposits at the home branch, a standard charge of Rs. 3 is applicable for every thousand rupees of deposit. Cash deposits at the home branch can be made with a standard charge of Rs. 4.5 for every Rs. 1000 that is deposited. Cash withdrawals made from the home branch location can be made without incurring any cost.  A standard charge of Rs. 2 is applicable for every Rs. 1000 that is deposited (for a non – home branch location)

 It gets confused while choosing the best current account for your startup. The right current account will give your startup a ton of benefits in your early days.  However, getting the information and comparing multiple current account products is painful and not worth the time of any founder.