Best Banks For Current Accounts In India
As 80% of the Indian population is holding bank accounts, it is necessary for you to know about banks that are offering current accounts in India. This article is dedicated to the list of banks offering current accounts in India. I will give you the list and detailed information about these banks along with their features. So, be with me till the end to know the Best Banks For Current Accounts In India.
Must Read: 11 Best Payment Banks In India: Interest Rates, Services, Features
What is the current account?
Before moving to the list, it is very important to know, what exactly is a current account. Basically, there are two types of bank accounts, i.e., savings account and current account. We are talking about the current accounts. So, current accounts are the accounts that are used by working or business people. People who are into some kind of business or startups or even into some entrepreneurship uses current accounts.
In India, there are so many public sectors as well as private sector banks. They do offer savings and current accounts, both. When you go to a bank to open a new account, at that time you have to mention which type of bank account you want. There are several perks of opening a current account, which is just for a business person. As I already informed you that in India we have so many banks and choosing the best one becomes a difficult task. Therefore I have prepared a list of banks offering current accounts in India. This list will help you in deciding which banks suit best to your business requirements.
You must know the parameters on which I decided this list of banks. Following are the few important parameters that I considered while choosing my list of banks offering current accounts in India:
- Minimum account balance maintenance requirements.
- Smooth online and mobile banking facilities.
- Account opening process should be ready and simple.
- Good customer service.
- Low maintenance and operational charges.
- Withdrawal and deposit limits should be flexible.
- Direct payments through cheque and Demand Draft should be allowed.
- There should be no charge on transactions.
These are the features that I will search for if I need to open a current account in the bank. While preparing the list of banks for you, I considered these important features and characteristics in the banks I selected.
Here Is The List Of Best Banks For Current Account In India
Without wasting any more time, let us quickly take a look at the list of banks offering current account facility:
- State Bank of India current account
- ICICI Bank current account
- Indusind Bank current account
- Bank of Baroda current account
- HDFC Bank current account
- Axis Bank current account
- Kotak Mahindra Bank current account
This is the list that we are going to discuss further in today’s article. So, let’s move on to the detailed information of these banks:
Best Banks For Current Accounts In India – Review
1. State Bank of India current account
State Bank of India tops our list of best banks offering current accounts in India for its widespread reach.
- State Bank of India is a public sector bank with more than 24000 branches all over the country.
- You can easily deposit and withdraw money at SBI ATMs.
- There are 8 different types of current accounts in SBI that you can choose from.
- SBI is considered best for cash management.
- The current account charges in SBI bay from Rs. 500-8000 depending on the type of account you choose.
- Internet banking is smooth and user friendly.
- One need to maintain a minimum balance of Rs. 5000-10 lakh depending on the type of current account they have.
Visit Website: https://sbi.co.in/web/personal-banking/accounts/current-accounts
2. ICICI Bank current account
ICICI Bank is considered as one of the best for commercial banking requirements.
- ICICI Bank has a very smooth and easy online banking facility. So it tops on the technology parameter.
- The account opening process is very simple.
- For commercial banking, it has an iBIZ mobile application.
- Easy approvals on LC, BG, and bill payments for online trade.
- Careless cash withdrawal payments are also allowed.
- There are there types of current accounts: Regular with charges of Rs. 750-2000, Premium with charges of Rs. 3000-10000 and One Global Trade with charges of Rs. 1500-5000.
- The minimum monthly balance requirements for Regular, Premium, and One Global Trade accounts are Ra. 10,000-1 lakh, Rs. 3-10 lakh and Rs. 50,000-5 lakhs respectively.
Visit Website: https://www.icicibank.com/business-banking/current-account/index.page
3. Indusind Bank current account
With the great AMB features, IndusInd Bank is on number 3 in the list of balls offering current accounts in India.
- Indusind Bank offers current accounts for almost all business types Soch as large industries, agriculture, import-export, corporates, textile mills, dealers, agencies, and many others.
- Indusind Bank gives you the privilege to select your account number.
- Majorly there are 3 types of current accounts, i.e., Trade and Forex, Indus Edge, and Niche.
- The current account has charges from nil to Rs. 4000.
- There is a 365 days banking facility.
- You can have group business accounts.
- You will get smart cash management services along with monthly statements, that help you in verifying your transactions.
- Bank allows you to set your transaction limits as per your business requirements.
- The average monthly balance maintenance very low, which ranges between zero to 5 lakhs, depending on your account type.
Visit Website: https://www.indusind.com/in/en/business/accounts/current-account.html
4. Bank of Baroda current account
Next in my of banks offering current accounts is Bank of Baroda. It is one of the most promising and growing bank in India.
- Bank of Baroda is a prominent public sector bank in India.
- The bank has 6 different types of current accounts that a customer can choose.
- The quarterly average balance to be maintained is from Rs. 2500 to 2.5 lakhs depending upon the type of current account you choose.
- The charges of opening a current account in the bank of Baroda are very low, i.e., from Rs. 300-1000.
- It has the best customer service.
- You can also enjoy the Demat services offered by Bank of Baroda.
- The auto and reverse sweep function allows the user to earn interest in the deposit.
- The banks provide discounts on locker rents and loan processing.
Visit Website: https://www.bankofbaroda.in/current-account-personal.htm
5. HDFC Bank current account
One of the best banks for current accounts due to the best products they offer. HDFC Bank is surely leading the market.
- In HDFC Bank, you can choose from 19 types of current accounts for your business.
- It is suitable for any type of business such as large corporates, SMEs, startups, agencies, e-commerce, institutions, shops, or even for farming.
- You will also get a calculator, which will help you in choosing the best current account that will suit your business type.
- HDFC allows loans through ATMs, which makes it unique from others.
- Great 24*7 customer support through HDFC chat.
- HDFC has the best products including HDFC smart buy and premium diners club black credit card.
- The average quarterly balance to be maintained is Rs. 10,000-20 lakhs. This will carry according to the type of current account chosen.
- For an institutional current account, there are no minimum balance maintenance criteria.
- The current account charges may vary from Rs. 1500-15000, depending on the account type.
Visit Website: https://www.hdfcbank.com/personal/save/accounts/current-accounts
6. Axis Bank current account
Axis Bank current accounts are very popular because of their amazing rewards.
- Axis Bank’s current accounts are apt for any business.
- Generally one can open their account from value-based current accounts or segment-based current accounts.
- There are 1000 reward points in opening a bank account and activating internet banking in Axis Bank.
- The current bank account in Axis Bank charges from Rs. 50-5000 depending on the type of account.
- You can easily generate your e-statement and e-forex.
- It has the best customer service.
- The average monthly balance to be maintained in Prime accounts is Rs. 10000-1 lakh, Priority accounts is Rs. 5-10 lakh and Wealth accounts are 50 lakhs.
Visit Website: https://www.axisbank.com/business-banking/current-account/value-based-currentaccount
7. Kotak Mahindra Bank current account
At last, I have Kotak Mahindra Bank current account.
- Kotak Mahindra’s current account is for every business type, i.e., from startups to established large corporates.
- One can choose from 10 different types of current accounts.
- The current account charges ranges from Rs. 750-8000.
- The quarterly average balance that needs to be maintained by the customer varies from Rs. 10000-5 lakhs.
- You will get Kotak ActivMoney which helps in better find management when used with Kotak Circle.
- Interest can be earned on the current account through sweep and reverse facility.
- Other facilities like an overdraft, Forex live, cash management, and payment gateway are also available to all the current account holders.
Visit Website: https://www.kotak.com/en/business/accounts/current-accounts.html
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Conclusion
So, this was the list of banks offering current accounts in India. All these banks have a good market reputation and come with many perks. If you have a business and you want to open a current account then these banks would be the best option for you. Along with online banking, you will easily several other facilities like cash management, interest, free transactions, low minimum balance maintenance, and much more.
