10 Best Bank for Current Account in India

Last Updated on 9 months by Anoob P T

Recently we’ve had a lot of questions on which is the best bank to open a current account in India.

When you look for the best bank for current account in India, there are many options, in fact, too many options that confuse people on different amenities, perks, fees & offers provided by current bank account providers.

Update: I had recently transferred INR 500,000 to a wrong beneficiary via RTGS and found that ICICI bank customer support to be really bad. Even though ICICI bank features and technology is good, they would not be the fastest to respond to solve you issue. 

You can read about how I got back the INR 500,000 that I had transferred to a wrong beneficiary here. 

Different businesses require different types of current account, in this article we will try to help you find the best bank for current account in India, depending on your type of business and turnover.

Note: We are also comparing and giving our verdict on the best current account for startups and small businesses which is the stepping stone for any individual who wants to start a business in India.

When you first register your company, you will be required to have a current bank account mandatorily to start business operations.

When we first registered our business, we got a lot of emails and calls from different individuals claiming that their bank was the best bank for current account in India.

We went with the first bank that had called us and we did not evaluate other current bank account options and looking back, we feel we probably missed out on a few good banks which offer current accounts.

This article to ensure that you understand all the features, amenities, and other details so that you can pick the right bank for your current account without having to change it later.

Considering a lot of our readers are startups/ small and medium scale businesses, we will try to focus our attention on the best bank for current account in India for these types of businesses.

Update: We have now taken a current account from ICICI and Kotak Bank, the account opening process was very smooth and fast. 

Here is how we are evaluating the best bank for current account in India.

Best Bank for current account in India

ICICI Bank Current Account

First on our list for the best current bank account in India is ICICI Bank.

ICICI Bank Current Account was also recommended by our Chartered Accountant and he’s tried multiple banks for current account and has finally chosen ICICI because of many factors.

Because of this reason, we will be going in-depth into ICICI current bank account and we will be adding details of another current bank account in India as we get information from real businesses who have used them.

ICICI Bank has many banking products and solutions that include Corporate Internet Banking, Mobile Banking (through App), Tax Payment options which will help you seamlessly complete current account transactions in an efficient manner.

In terms of technology, ICICI Bank has something called InstaBiz App which offers 115 Banking Services through one app.

You can download the ICICI InstaBiz App Here

Some of the most useful features of ICICI InstaBiz App are:

ICICI Bank offers current account under 4 different types of accounts.

• Premium
• Special 
• Trade
• Merchant Services 

Now, under these different types of current account, there are more options for you to consider.

Types of ICICI Current Account

Best ICICI Current Account For Small Businesses 

If you are a business that is just starting out or having a limited number of employees, we recommend going with Smart Business Account 2.0 Silver.

Smart Business Account 2.0 Silver

Benefits of Smart Business Account 2.0 Silver ICICI Current Account are:

• Flexible free limits as per the average balance maintained.
• Minimum Quarterly Average Balance (QAB) requirement of Rs 50,000
• Free cheque collection and payment anywhere across the country
• Free Business Gold Debit Card

To Open a Smart Business Account 2.0 Silver ICICI Current Account, click here

If this minimum balance requirement is a little high for your business, you can consider opening an RCA Standard Current Account with ICICI bank.

RCA Standard Current Account with ICICI bank

RCA Standard Current Account benefits

• Minimum Monthly Average Balance (MAB) requirement of Rs 10,000
• Free RTGS and NEFT transactions are done online
• Free cheque collection and payment anywhere across the country

To Open an RCA Standard Current Account, click here

If you are into a local business, ICICI bank also offers a current account option called Classic 2.0 Current Account

Classic 2.0 Current Account with ICICI Bank

Benefits of Classic 2.0 Current Account are:

• Suitable for local businesses
• Minimum Quarterly Average Balance (QAB) requirement of Rs 25,000
• Free 75 branch transactions per month

Best ICICI Current Account for Startups:

iStartup 2.0

• Free Business Gold Debit Card
• Zero QAB requirement for first 2 quarters
• Free cheque collection and payment anywhere across the country

Digital Current Account

• A one-of-a-kind account suitable for customers who prefer doing all transactions digitally
• No minimum balance requirement
• No charges on online transactions done through Internet Banking or Mobile Banking

Best ICICI Current Account for Other Businesses 

E-mandi

Designed for customers who have registered on the eNAM (National Agricultural Market) portal

• Higher cash and non-cash transaction limits across base and non-base locations
• Overdraft facility of up to Rs 5 crore

Escrow

Catering to a wide range of transactions such as sale-purchase, real estate, mergers & acquisitions, etc.

• DigiEscrow- an innovative platform to execute online transactions
• Quick turnaround for implementation of structure requirements and simplified documentation

RERA

Escrow account for complying with RERA

• Nil charges for opening and maintenance of RERA accounts
• Convenience of giving payment instructions through Corporate Internet Banking

Chartered Accountant 2.0

Dynamic cash deposit, i.e. Anywhere free cash deposit of up to 10 times the maintained Monthly Average Balance (MAB) or Rs 1.2 crore, whichever is lower

• Free 2 outward cheque returns per month
• Free 100 branch transactions per month for every Rs 1 lakh of balance maintained
• Free Business Gold Debit Card

GeM Current Account

Designed specifically for government suppliers, vendors and contractors

• No minimum balance requirement
• Express bank guarantee

Nodal

A one-stop solution for fintechs, start-ups and payment intermediaries

• Advance payment solutions that facilitate real-time payments to registered beneficiaries
• Accounts regulated through monthly auditing and quarterly RBI reporting to ensure compliance

To Open Any of These ICICI Bank Current Account, please click here

Best ICICI Current Account for Trade Businesses 

Trade Basic

• Fungibility to maintain minimum Monthly Throughput of USD 5,000 or Monthly Average Balance of Rs 50,000
• 0.12% (minimum Rs 1,000) charges on trade transactions like advance import, direct import and bills
• Free non-cash transactions

Trade Gold

• Fungibility to maintain minimum Monthly Throughput of USD 20,000 or Monthly Average Balance of Rs 1,00,000
• Flat charges of Rs 500 per bill on trade transactions like advance import, direct import and bills
• Free FIRC and discounted rates for SWIFT and courier charges

Trade Platinum

• Fungibility to maintain minimum Monthly Throughput of USD 80,000 or Monthly Average Balance of Rs 5,00,000
• Flat charges of Rs 200 per bill on trade transactions like advance import, direct import and bills
• No charges on Foreign Inward Remittance Certificates (FIRC), SWIFT, courier, and Export Letter of Credit (LC) Advising

ICICI Current Account for Merchant Services

Eazypay POS

• No minimum swipe restrictions
• Dynamic currency conversion – instantly convert transactions from foreign currencies into INR
• Accepts all cards like American Express, Visa, RuPay, etc.

Eazypay web

A single platform for multiple collection modes which facilitates single Management Information System (MIS) reconciliation for all collection modes

• Available as bill upload, payment gateway and open payment mode
• Customised MIS with facility to upload bills
• UPI QR
• Accept payments from any bank
• Instant settlement to your bank account
• No transaction charges up to Rs 2,000 per transaction

Eazypay App

A mobile based application which allows you to collect through multiple modes like – Unified Payment Interface (UPI), Credit Card, Debit Card, Internet Banking or Pockets wallet

• 24×7 instant credit through UPI and Pockets and accepts multiple modes of payments
• Easy reconciliation.

No matter what your business type is, ICICI seems to have a current account for your needs and we recommend contacting them and exploring options for a current bank account.

Enquire Now!

Kotak Mahindra Bank Current Account

We have used Kotak Mahindra Current Account for a long time so this review is going to be fairly easy. 

The best part about Kotak Mahindra Current Account is that the bank is super responsive. From the time of enquiry, their executives are very fast with documentation and helping you get the current account open. 

Kotak Mahindra Current Account has many options for businesses such as:  

Neo Current Account

Multi-city at par cheque book (First cheque book is free)

Balance Alerts / Transaction and Value added alerts through SMS at nominal charge (Alerts through email are free)

Kotak ActivMoney – Convert current account balance above certain amount into Term deposits so you earn attractive returns on your idle balances

Startup Premium Current Account

Waiver of non-maintenance charges for the first 12 month from the account opening month

24 free home-banking services per month – cash/cheque pickup and delivery, at your call

Free NEFT and RTGS at branches and through net banking

Edge Current Account

Free Demand Drafts payable at Kotak Bank Branches (up to 25 per month)

Balance Alerts / Transaction and Value added alerts through SMS at nominal charge (Alerts through email are free)

Kotak ActivMoney – Converts current account balance above a certain amount into Term Deposits, so you earn attractive returns on your idle balances

Pro Current Account

Free Home Banking service – Cash/Cheque pickup and delivery, at your call

Dedicated Relationship Manager who will be a single point of contact at the bank

Better Forex rates and efficient Trade Services

Ace Current Account

Free Unlimited Demand Drafts payable at Kotak Bank branch locations

Free Beat service (Daily home/office visits) and Free Home Banking service (at your call) – Cash/Cheque pickup and delivery

Waiver of outward cheque return charges (up to 10 instruments per month)

Startup Regular Current Account

Waiver of non-maintenance charges for the first 12 months from the month of account opening

Eight free home banking service (per month) – cash/cheque pickup and delivery, at your call

Free NEFT and RTGS at branches and through net banking

Elite Current Account

Free Home Banking service – Cash/cheque pickup and delivery, at your call 

Free Beat service – Daily visits to home or office for cheque pick-up and deposit in your account

Free outward cheque returns (up to 5 instruments per month)

Global Trade Current Account

Transparent and Competitive service charges

Dedicated Relationship Manager

Complimentary Kotak Multi Currency World Travel Card (KWTC)

Astra 05 Current Account

Free Home Banking service – Cash/Cheque pick-up and delivery, at your call

Free beat service – Daily visits to home or office for cheque pickup and deposit in your account

Waiver of outward cheque return charges (up to 10 instruments per month)

Astra 15 Current Account

Free unlimited Demand Drafts payable at Kotak Bank branches

Waiver of outward cheque return charges (up to 10 instruments per month)

Get unsecured overdraft facility of up to Rs. 15 Lakhs with Kotak Credit Access

You can compare various Kotak Mahindra Current Account options here:

Enquire Now!

Kotak Mahindra Bank Current Account App 

All Kotak Mahindra bank current account holders also get access to their mobile banking application which can be used to seamlessly conduct transactions. However, we have faced several outages with Kotak Mahindra app and net banking and found it difficult to even login to the account to conduct transactions. 

This is a screenshot of the error we were getting when trying to access Kotak Mahindra net banking and it got resolved only after around 7 days.

HDFC Bank Current Account

The current accounts offered by HDFC Banks are also great businesses of all sizes.

They are especially great for start-ups and e-commerce companies.

The average quarterly balance ranges from Rs.10,000 to 20 lakhs, depending on the type of account. In case of Institutional Current Account, there is no such requirement.

Depending on the type of current account you choose, account charges range from Rs. 1500 to Rs. 15,000.

Enquire Now!

IndusInd Bank Current Account

It provides doorstep banking and smart cash management services. The current accounts cater to large corporate, specific industries, regular businesses, importers and exporters.

The average monthly balance in IndusInd Bank Current Account ranges from NIL to Rs. 5 lacs, depending on the account.

The current account charges range from NIL to Rs.4,000. It depends on the type of account you choose.

IndusInd Bank Current Account Options are –

Enquire Now!

Axis Bank Current Account

Next on the list for best current account for your business is Axis bank. Axis bank offers upto 1000 reward points on banking transactions.

Types of accounts in Axis bank current accounts are value based and segmented.

The minimum average monthly balance for Prime Current Accounts is from Rs. 10000 to 100000.

For Priority Current Accounts the balance ranges from Rs. 5 lakhs to Rs. 10 lakhs. For Wealth Current Account it is Rs. 50 lakhs.

Axis Bank Current Account Options

Enquire Now!

Citi Bank Current Account

Citibank is one of the most reputed banks in the world. This bank was founded in 1812 as the City Bank of New York but later re-branded to just Citibank.

One of the best advantages of Citibank current account is that the bank has presence is over 102 countries and they deal with all major currencies.

If your business requires multi-currency support or International travel, then having a Citibank current account will be of advantage.

The Average Monthly Relationship Value of the current account of CITI Bank is divided into three categories:

• Business account with relationship value of Rs. 15 lakhs or more,
• Upto Rs. 15 lakhs
• Less than minimum relationship value.

By our research we found that the best Citi Bank Current Account is the Citibusiness Current Account.

Enquire Now!

Bank of Baroda Current Account

Bank of Baroda is a large public sector financial services company in India doing business worth close to USD 225 billion.

Therefore, a current account with Bank of Baroda will be guaranteed to give you excellent reputation and services.

In addition to that, Bank of Baroda current account charges are very competitive and quality customer service and support.

The minimum average quarterly balance for the current account varies from Rs. 2500 to Rs. 2.5 lakhs depending upon the account.

It also offers auto and reverse seep facility in current accounts which helps you to earn interest.

Bank of Baroda Current Account Options

Enquire Now!

State Bank of India Current Account

State Bank of India is the largest bank in India with a network of 24000+ branches and presence in even small remote towns and villages.

State Bank of India could also be a great choice for current account for your business as the monthly balance required to be maintained varies from from Rs. 5000 to Rs. 10 lakhs- based on the type of account.

State Bank of India Current Account Options

Enquire Now!

RBL Bank Current Account

RBL Bank is a private sector bank headquartered in Mumbai and founded in 1943. RBL bank offers loan for short term and working capital requirements for business of all types.

The average quarterly balance varies from Rs. 10000 to Rs. 5 lakhs depending on the account.

RBL Bank Current Account Options

Enquire Now!

IDFC Bank Current Account

IDFC First Bank is an Indian banking company with headquarters in Mumbai. IDFC First bank has many current account options and is a good choice for businesses of all sizes.

The current account has a lower average balance requirement as compared to others. It is helpful in the growth of small businesses.

IDFC Bank Current Account Options

Enquire Now!

Standard Charted Smart Business Current Account

Standard Charted current account is also a great option for anyone looking to open a current account for their business.

There is no monthly minimum balance required for the maintenance of the current account.

However, it is mandatory for the smart businesses to route a minimum of Rs.15 lakhs of their credit collections every month, failing which a charge of Rs.3500 is made.

Pros- Doorstep banking, cash management solutions, and lower charges for transactions with increased credits.

Enquire Now!

Indian Bank Current Account

Last on the list is Indian Bank current account. Indian bank was established in 1907 and has over 20,924 employees, 2900 branches with 2861 ATMs and 1014 cash deposit machines.

Needless to say, Indian bank is one of the best public sector banks in India.

The average monthly balance requirement for the Supreme Current Accounts varies from Rs.1 lakh to Rs.10 lakhs, depending on the type of account.

Enquire Now!

Frequently Asked Questions about 10 Best Bank for Current Account in India

Which govt bank is best for current account?

As of January 2022, State Bank of India or Bank of Baroda is the best government bank for current account in India.

Which bank is best for StartUp current account?

Icici Bank or Kotak Bank is good for Startup current account.

Which bank has zero balance current?

ICICI Bank and Kotak have zero balance current account for 1 year.

Is SBI good for current account?

SBI is good for current account but ICICI has better technology.

Who can open current account?

Individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts 

What is the benefit of current account?

A current account is required to operate a business.

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