Best Current bank account for Startups

Last Updated on December 6, 2021 by Admin

Opening best current bank account is very much important for startup to enjoy the seamless banking services without much stress and waste of time. Right bank account is also important for seamless banking transactions on daily basis which help startups to pay more attention to scale their business rather than spending much time on banking, accounts and financial issues

Below are few top current bank account options available to Startups: –

ICICI BANK iStartup2.0 current account

ICICI bank is one of the largest private and premier bank and ICICI is doing very well since long time in India with its most updated and hi-tech services. Their mobile banking and internet banking services are commendable.

iStartup 2.0 current account can be opened within ten year of date of incorporation of business. Any startup business under following categories are eligible for this current bank account:

   • Partnership Firms and Limited Liability Partnerships (LLPs)
   • Private and Public Limited Companies and One Person Companies (OPCs)

Features and benefits

• 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.
  
• No QAB requirement up to 1 year. For first two quarters, no minimum QAB requirement and for next two quarters, minimum QAB can be waived off if the customer gets activated on online banking platform such as Corporate Internet Banking or InstaBIZ mobile application within two months of account opening.
  
• iStartup Account has three variants and 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)

for more details please click here

IDFC FIRST BANK First Startup Current Account

IDFC First bank is new and emerging bank and expanding its branches year by year in India. Being a new bank, it is focusing on customer services so that they can increase their customer base. So that way you can take benefits of their premier customer services.

Features and benefits

• Nil Balance maintenance requirement for initial 3 years
  
• Best in class Digital banking platform to monitor all accounts in single glance
  
• Free Cash deposit up to ₹ 30 Lakh per month
  
• CMS Services like bulk upload, maker-checker & virtual Accounts with Nil charges
  
• Free setups & Nil AMC for Payment Gateway, UPI/QR, NACH and POS
  
• Preferred FX conversion rates and preferred pricing for LC/BG issuance
  
• Eligibility – Date of incorporation must be less the 1 year & Entity type must be Pvt. Ltd or LLP or OPC

for more details please click here

HDFC BANK ACCOUNT FOR STARTUPS

HDFC Bank is top private bank now days and they provide all most all the banking services required by the business. They have special bank accounts for startup business which are explained below.

HDFC Bank SmartUp Account is basically a Current Account, tailor-made for the needs of a start-up business. It has plenty of features which you can take advantage of for your business. It can be very useful for your fledgling business, and you can choose from either of the two options:

• SmartUp Alpha Current Account: For those who have just started.
• SmartUp Max Current Account: For those who have already obtained seed funding.
  
  Whichever of the two account plans you opt for, you are sure to get a lot of benefits which will enable your business to develop and grow.

Features & Benefits of SmartUp current account

• Banking Needs
  
  Since SmartUp’s basic function is that of a Current Account, you can fulfil your start-up’s necessary financial obligations through this account. You get 25 free transactions per month with an Alpha Current Account, upto Rs. 100 lakhs, whereas you can get 60 transactions, upto Rs. 200 lakhs with a Max Current Account.
  
• Forex Advisory

The bank will provide a dedicated team of experts to help you adhere to FDI regulations for foreign

trade transactions as well as FEMA and RBI mandated documentation.

• Digital payments and Collection Services
  
  The bank provides you with a secure payment gateway to conduct your business related transactions. You can also get effective POS (Point of Sale) solutions. The bank has at least 2400 locations for payment collection and cash management, along with other services such as eCMS, Payzapp and Chillr for online payments. You can also make bulk payments through the Enet platform.
  
• Conduct your day-to-day transactions with ease
  
  As mentioned before, Current Accounts work best for traders, entrepreneurs and businessmen who need to access their account on a daily basis to manage their business transactions. Withdrawal limits vary depending upon the type of Current Account you opt for.
  
  
• Keep track and protect your transactions
  
  Since you will have to make large transactions for your business, it is important that the process is carried out safely and under constant monitoring. Banks will provide you with that safety and security for any digital transaction you make out of a Current Account.
  
• Conduct Bulk Payment transactions with Collection Services
  
  You can make bulk payments for your start-up through a Current Account. Further, some banks offer electronic collection services where you can make your payments digitally. Another added aspect to this collection service is that the bank can help you in collecting payments from others who have to pay you.
  
  
• Conduct foreign transactions
  
  Rather than having a separate account for foreign exchange, some banks offer Forex facilities with their Current Accounts tailor-made for start-ups, such as HDFC Bank SmartUp. You can acquire the services of an expert to help guide you through the legal regulations in matters of foreign trade and investment.
  
  

HDFC Bank SmartUp is a current account for start-ups, specifically designed to provide new businesses with the right environment to grow and develop. The account caters to all the banking needs and necessities of your start-up business.

You can read more how SmartUp will benefit your business here

AXIS BANK Current Account for New Economy Group

Axis bank is one of premier bank in private sector and having large customer base in India. Below current bank account for startups is explained.

Current Account for New Economy Group, gives you customization facility, unlimited transactions and unlimited cash withdrawal at home & non-home branches which makes it an ideal account for the modern start-ups. You can also enjoy seamless banking Anytime, Anywhere, with Axis Internet Banking and Mobile Banking apps for free.

Features & Benefits

• Monthly Average Balance requirement – Nil
  
• Monthly Cash Deposit limit – Rs.10 Lac /-
  
• Cheque Book, DD/PO, Alerts, Standing instructions & Certificate of Balance – Free
  
• Unlimited NEFT/RTGS transactions through all channels
  
• Unlimited Cash withdrawal within/outside the city
  
• Debit Card: Business Platinum Debit Card

Please click here for more information

KOTAK BANK Startup – Premium Current Account

Kotak Bank is also one of the premier banks and they have start of art technology to provide seamless banking services to their customers. You can also have look on their Startup current account. Their phone banking and net banking services are also good and equipped with latest technology.

Features and benefits

• Average quarterly balance of Rs.1Lac
  
• Kotak Active money- current account balance converts to term deposits to earn more interest on idle money
  
• Kotak Credit Access- Unsecured overdraft facility up to Rs.15lacs for working capital requirements
  
• Waiver of non-maintenance charges for the first 12 month from the account opening month
  
• Free demand drafts of up to Rs 10 lakh per month payable at non-Kotak Bank branch locations
  
• Kotak Circle: Group multiple current/saving accounts together. Provides flexibility to maintain minimum group AQB balance in any one or more account
  
• Better forex rates and efficient trade services
  
• Forex Live, an internet-based foreign exchange trading platform that enables buying and selling foreign currency for import/export transactions and other remittances
  
• Payment-gateway solution for quick receipt of payments from your customers
  
• Point-of-Sales Solutions (POS) – Standalone and wireless POS terminals, GPRS

Please click here for more info about Kotak Bank account

RBL BANK India Start Up Club Current Account

RBL bank is also new and emerging bank. RBL bank is also focusing on increasing customer base in India and they are providing excellent banking services to their customers. If RBL bank branch is nearby you then you can also try their premier customer services. But you should check their foreign trade services if you have business of export of goods and services.

India Start Up Club (ISC) Current Account

Setting up your start-up takes courage and demands the most out of you. In these times, RBL Bank helps ease your life with tech savvy banking solutions.

As a start-up in today’s ever changing ecosystem, you need to be in the right space at the right time. So why miss the bus because of a banking facility? With RBL Bank’s ISC Current Accounts, we ensure that you conduct your business transactions in a seamless manner.

We provide necessary tools to kick-start your business.

Features & benefits:

• Enjoy quicker mobilization of your funds with facilities such as outstation cheque collection manage your accounts and perform transactions such as funds transfer and bill payment through Internet Banking.
  
  
• RBL Bank APIs will help you automate your payments, collections and reconciliations in a seamless manner. You can upload payment instructions, get information on credit received into your account, and conveniently receive payments from customers.
  
  
• Get a payment gateway without any set up charges. Once you open your ISC Current Account, we will help facilitate a payment gateway for the company, without any set up charges. Transaction charges will apply.
  
  
• Don’t worry about your employee salary accounts. We will open your employee accounts even if you have less than 10 employees on board. (including founder/ co-founder)
  

• To expedite business transactions, we enable issuance of Letter of Credit (LC) & Bank Guarantee (BG) against cash collateral for both domestic and international business.
  

• Through our FOREX services, we can enable high speed remittance (inward and outward) across countries seamlessly.
  
• Bill Pay is a simple, convenient and a secure means to manage payments, remittances and pay direct taxes

Please click here for more details

State Bank of India Best Current Bank Account for Startup

SBI is largest public sector and govt. owned bank. SBI is one of the best banks to open a current account. State Bank of India is also known as bank of common man and having the largest customer base in India. SBI provides largest chain of customer services to cater each and every need of their customer with respect to their domestic as well as foreign business. They also enjoy the customer service as they provide a large chain of ATM networks, good online and mobile banking opportunities, along simple applications for access to all facilities.

SBI has adopted automation everywhere in their services. State Bank of India is providing its customer service with the tighter competition to private banks. You can visit their official website and review the current account functionality available at SBI. The services of relationship/trade managers are also available to understand specific banking needs, trade services, tax, and forex transaction advisory etc.

Following points should be taken into account to open current account with SBI:

• Minimum balance requirements and charges of various services
  
• SBI do not provide any door step service as compared to private banks
  
• Average services and internet banking and infrastructure
  
• If location of SBI branch should be near to your office
  
• SBI deals in all loan segments especially State Govt. and Central Govt. funded or approved schemes

Please click here for more details

Crux of the matter:-

You may choose any of above-mentioned banks for starting current bank account of your business/startup after considering following factors: –

• Nearest location of bank to your office or residence to save visit time
  
• Your previous comfort level with existing bank where you maintain your saving bank account
  
• Your comfort level to maintain minimum average balance, although few banks giving Zero Balance facility in starting years on fulfilling certain terms & conditions
  
• Your basic requirements such as Net banking and mobile banking facilities as every bank use different user interface and softwares
  
• Your nature of business and your future fund/loan requirements because every bank has its own pros & cons for various loan segments

Wish you all the best !

Please read other relevant articles also:-

What is sweep FD saving account? How does it works?

What is Credit Card? what is difference between Credit and Debit Card ?

Thanks for your time

Admin

www.moneyValue365.com