Choosing a good current account for your business is also a small yet critical decision that you need to take at the onset.
Having an account with a good bank takes away lot of botherations from your end.
Factors to consider while choosing the best Current Account for your business
- Minimum balance requirement
- Cash deposit and withdrawal charges
- Debit /ATM cards and Internet banking
- The location of the bank is an important factor to consider.
- Overdraft limit
You must read the terms and conditions and submit all the required documents along with the application form.
Standard documents required by the banks are:
- ID and Address proof of all the partners
- Address Proof of the company/firm
- Partnership Deed (if its a partnership firm)
- Proprietorship (GST Certificate)
- PAN Number
- Declaration in Form 60 and 61 according to the Income Tax Act
- Copy of Business Registration
- Certificate of Incorporation
- Article of Association
- Memorandum of Association.
- A cheque for opening the bank account
1. HDFC Bank – Smart up Solution for Start-Ups
HDFC Bank began its operation to fund the Housing sector and eventually began banking operations. Today, it is the first choice for entrepreneurs as well as corporate firms for current accounts. HDFC Bank offers a wide range of current accounts to choose. You can opt for the one that suits your business.
The bank offers a tailor-made current account for professionals including bloggers and internet entrepreneurs. There’s Smart up Solution for Start-Ups which is designed understanding the challenges and requirements of a new business venture.
2. ICICI Bank Current Account
You would find the best interactive technology for banking products from ICICI.
Whether you need an internet banking platform, online account opening or mobile banking transaction, ICICI has easy-to-operate user-friendly tech features. Technologically superior banking platforms is the USP of ICICI Bank.
For businesses, ICICI Bank has an iBizz mobile application for a banking facility, CMS payments and trade online approvals for LC, BG, remittances and bill payments.
ICICI Bank also allows cardless cash withdrawal at ATMs which is helpful in payment to the beneficiary who does not have a bank account.
3. State Bank India – Basic Current Account
One of the most elite and most popular banks in India, SBI is not very far behind on the list of best banks to open a current account. State Bank of India is a nationalized bank and given the service rating of a national bank compared to a private bank; it is not at the top beside the likes of ICICI and HDFC.
However, after a revamp of the bank with modernization everywhere, State Bank of India is giving tougher competition to its customer support. You can visit their official site and check the features of the current account offered at SBI. You can also take advantage of corporate banking for your needs while you are opening a new current account.
4. Axis Bank Current Account
It is the second best-known saving account for small businesses because of its zero balance facility.
The benefits provided by them are 75 free transactions each month. It charges a sum of Rs.1999 as an annual charge, but if your MAB exceeds Rs.50000, no annual fee is charged. It offers a wide network of ATM, and along with it online, and mobile banking.
5. Citi Bank Current Account
Citi Bank’s current account is for companies doing global business. The current account helps you leverage Citi’s global network in 100+ countries and deal in all major currencies.
The major benefits are savings on correspondent bank charges, dispensed with the need to confirm LCs, competitive LIBOR denominated rates and instant inward or outward remittances.
Additionally, you have access to treasury products for hedging forex transactions, a dedicated relationship manager assisting in Foreign Exchange, Trade Finance and Cash Management Services.
6. YES Bank Current Account
Yes bank offers many current account options like other banks. Some of the prominent current accounts offered by Yes bank are Edge Business, Prime Business, Exclusive Business, and Yes Head-startup account. Yes Head-startup account is most prescribed for start-up and small business.
It doesn’t have a minimum balance requirement for the first year. Free facilities like payment and collection through cheque, ATM truncation, net banking, and mobile banking are offered. Value-added special services are provided to new start-up entrepreneurs, and they offer foreign direct investment advisory.
7. Kotak Mahindra Bank Current Account
Kotak Mahindra Bank has current accounts for all business needs – from startups, growing businesses to large corporations.
All the current account comes with Kotak ActivMoney, an auto sweep and reverse facility which helps you earn interest on the account. You also have access to an overdraft facility, payment gateway, cash management and forex live services.
Kotak Mahindra Bank has a benefit of Kotak Circle, where businesses can club multiple current and saving accounts. Which helps in better fund utilization and account balance maintenance.