7 Best Bank For Current Account In India 2022

A current account helps you conduct speedy business transactions by handling large amounts of receipts and payments. In the first section, I shared a list of the best bank to open a current account in India.

In the second section, you will find special services for startup offering the best current accounts in India and small businesses.

Parameters on which banks have been raised –

• Minimum balance requirements
• Operational Charges
• Ease of Internet Banking
• Ease of Account Opening
• Additional Product Benefits like Loan Approval
• Service & Support

What is a Current Account?

A current account is a type of financial account that one can choose in a bank to complete a greater number of regular transactions. Many banks offer different types of current account options, one of which is to choose the right current account based on your requirement. There are two types of accounts such as savings account and current account. When the applicant requests for the current account, he / she will be found on the service request. Current accounts help to create liquid deposits with various customized options. Through a bank check facility, creditors can deposit funds.

How to open a Current Account?

Process for a current account is quite simple through online or offline mode. You bank can visit the official website you choose to complete the application process. You eligibility criteria for this account needs to match varies from one bank to another. General criteria mentioned below for your reference.

Read Also- Top 5 Best Saving Bank Account In India 2021

Best Bank For Current Account In India

#1. ICICI Bank Current Account

You will find the best interactive technology for ICICI products Banking.

If you have an internet banking platform, need an online account, or mobile banking transaction, ICICI user-friendly technology features easy to operate. Technologically superior banking platforms are typical of ICICI Bank.

For businesses, ICICI Bank is a iBizz mobile application for a banking facility, CMS payment LC, BG, online approval business remittance and bill payment.

ICICI Bank also allows the subsidiary to pay for cardless cash withdrawals at ATMs, the beneficiary that is not a bank account.

There are three variants of the current account in ICICI –

• Premium current accounts for domestic businesses with special privileges like free cash deposit of Rs. 2.5 Lacs p.m. and above (up to 75 cr) and higher free limits on daily transactions.
• Special current accounts for startups, CAs, customers registered on eNAM, GeM and escrow purposes.
• One Globe Trade current accounts for import and export businesses, which is a combination of roaming current account and global trade services.

ICICI Current Account Options–

1. Roaming Current Account Gold
2. Roaming Current account classic
3. The Roaming Current account premium
4. Roaming Current Account Gold Plus
5. One Globe Trade Account
6. Roaming Current account standard
7. The Roaming Current Account Elite
8. Roaming Current Account Platinum
9. Smart Business Gold Account
10. Club Elite Ivy current account

#2. Axis Bank Current Account

Axis is the only bank which account provides opening and funding 1,000 reward points to Internet banking activity and e-statement and e-registration, such as banking transactions for foreign exchange.

Current accounts are classified into value-based and segment-based current accounts.

Axis Bank has recently launched “full-power digital current account” that can be opened online in 4 easy steps via video KYC is. The account needs an initial funding of Rs. 10,000 and gives businesses access to 250+ banking services.

Axis Bank Current Account Options–

#3. HDFC Bank Current Account

HDFC Bank Premium Diners Club is one of the best products like Black Credit Card, Loans through ATM, HDFC, and Chat HDFC on Smart Buy.

You will be surprised that HDFC Current Account is 14 types, from tailor-made big companies to traders, professionals and farmers to all types of businesses. Even for startups and e-commerce companies.

The banks have provided a calculator type of tool to choose the right current account based on the business and your business needs.

HDFC Bank Current Accounts Options–

1. Max Advantage Current Account
2. Ascent Current Account
3. Activ Current Account
4. Plus Current Account
5. Premium Current Account
6. Regular Current Account
7. Smart-ups for Startups Current Account
8. Saksham Current Account
9. E-commerce Current Account
10. Current Account for Professionals
11. Agri Current Account
12. Institutional Current Account
13. RFC Domestic Current Account
14. EEFC Current Account

#4. IndusInd Bank Current Account 

Most of the minimum balance requirements from the current accounts at IndusInd Bank are required, except for the Reputation Current Accounts.

You have 365 days of banking, select the account number, group business accounts, doors banking and smart cash management services.

IndusInd Bank current accounts for regular business, large corporate, importer and exporter. They also provide specific industries, textile, hotel, turn accounts for SMEs, travel agencies and logistics companies like IT.

In addition, the banks offer the flexibility to customize the current accounts and set them according to business needs transaction limits.

IndusInd Bank Current Account Options–

1. Indus Prestige Current Account
2. Indus Gold Plus Current Account
3. The Indus Gold Current Account
4. Indus Silver Plus Current Account
5. Indus Silver Current Account
6. The Indus Blue Current Account
7. Indus Freedom Current Account
8. Indus Green Current Account
9. T heIndus Escrow Current Account
10. Indus Max Current Account
11. The Indus Premier Current Account
12. Indus Dollar One Trade Current Account

#5. State Bank of India Current Account

The major advantage of having a current account with the State Bank’s broad reach and network across India in 22,000+ branches to a host of services.

State Bank of India branches and most of the ATM cash deposit machines / Raymond feature that lets you deposit, transfer, and withdraw money instantly.

State Bank of India Bank Current Accounts Options

1. SBI Regular Current Account
2. The SBI Gold Current Account
3. SBI Diamond Current Account
4. SBI Platinum Current Account
5. The SBI Power POS Current Account
6. SBI Surbhi Current Account
7. The SBI Power Jyoti Current Account
8. SBI Power Jyoti PUL Current Account

#6. Bank of Baroda Current Account

Bank of Baroda provides quality customer support and service. The banks have one of the lowest current accounts charges with a maximum charge of Rs. 1,000 for a premium current account.

Other unique services include reverse sweep facility in auto and current accounts which helps account holders to earn interest.

Bank of Baroda’s offer discount and discount on locker rent, demat services and car loan processing fee.

Bank of Baroda Current Accounts Options

1. Baroda Premium Current Account
2. The Baroda Premium Current Account – Privilege
3. Baroda Small Business Current Account
4. Baroda Advantage Current Account
5. The Baroda Current Account for LIC and other insurance companies
6. Current account for other banks
7. Baroda Startup Current Account
8. Baroda Scale-Up Current Account

#7. Citi Bank Current Account

Citibank’s current account is for companies doing global business. The current account helps you leverage Citi’s global network and deal in all major currencies in 100+ countries.

Key benefits are ending with the need for correspondent savings on correspondent bank fees, letter of credit, competitive LIBOR designated rates and remittances in or out immediately.

Additionally, you have access to treasury products for hedging assistance in foreign currency transactions, a dedicated relationship manager, foreign exchange, trade finance, and cash management services.

Citi Bank Current Accounts Charges–

Citibank charges penalties only when there is less than a relationship value in the current account. At tier 1, it charges Rs. 1500 and at tier 2, it charges Rs. 1000.

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

Documents required for opening a Current Account

One has to submit the following documents for the current accounts opening in a bank.

• Address proof
• PAN card
• Residence proof of you and your partners
• Trusts or companies have to submit a memorandum of association and incorporation certificate
• In case of a partnership, submit a partnership agreement
• Applicant’s color photograph
• Address of your company
• Cheque to open a current account from your existing savings account

Read Also- What Is a Savings Account: Explanation.