Best Current Account in India

17 Best Banks for Current Account in India 2020

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What is a Current Account?

A current account is a type of financial account that one can choose at a bank to carry out a higher number of transactions regularly. Many banks provide different types of current account options from which, one has 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 current account, he/she will get the service on request. Current accounts help to make liquid deposits with various customized options. One can deposit the amount to the creditors through the cheque facility of the bank.

Features of a Current Bank Account

A current bank account is important for people who want to start a new business. Nowadays, various banks offer attractive offers on current accounts which account holders can utilize for their business needs. Let us discuss the basic features of a current bank account.

  • A current account allows the account holder to make a higher number of transactions than a savings account
  • A current account requires you to maintain a minimum balance than a savings account
  • A current account allows you to carry out frequent transactions such as transfer amounts, cash deposits, receive cheques, etc
  • There are no limitations on the number of transactions that carry out per day
  • If you fail to maintain a minimum balance, then you will get penalty charges
  • For one business, you can’t maintain multiple current accounts
  • Similar to the savings account, one has to follow KYC guidelines for current accounts too
  • The main aim of this current account is to enable smooth multiple transactions
  • Some of the banks even offer current accounts with interest

Best Banks for Current Accounts in India

Let us discuss the various banks that offer the best current account in India.

ICICI Bank Current Account

The ICICI Bank is best in providing internet banking option, so it is easy for people to make quick transactions on mobile phones. The ICICI bank provides user-friendly options for customers to operate it. The ICICI bank is the best bank for the current account. For an ICICI bank current account opening, you need to follow a few steps, and it is in three variants.

  • Regular ICICI current account to carry out domestic businesses having an annual turnover of Rs. 2 Crores
  • The next one is the premium current account for domestic businesses which require to make a cash deposit of Rs. 30 lakhs per month
  • One can open an ICICI bank current account for import and export businesses, which are global trade accounts

 ICICI Current Account Type

 Monthly Average Balance

Regular ICICI current accounts

Rs. 10,000 to Rs. 1 Lakh
Premium current account

Rs. 3 Lakhs to Rs. 10 Lakhs

Global trade accounts

Rs. 50,000 to Rs. 5 Lakhs

ICICI Bank Current Account Charges

For ICICI current account opening, the bank imposes charges.

 ICICI Current Account Type

Account Charges

Regular ICICI current accounts

Rs. 750 to Rs. 2000
Premium current account

Rs. 3000 to Rs. 10,000

Global trade accounts

Rs. 1500 to Rs. 5000

ICICI Current Account Options

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

Pros:

  • Smooth online banking
  • Banking products of great technology

Cons:

  • Average banking products
  • For loyal customers, there are no major benefits

HDFC Bank Current Account

This is one of the best banks in offering over 19 types of current account variants for traders, professionals, large corporate companies, and farmers. The bank offers HDFC current account for startups and e-commerce industries.

HDFC Bank Current Account Average Quarterly Balance

 HDFC Current Account Type

 Quarterly Average Balance

Different current accounts

Rs. 10,000 to Rs. 20 Lakhs

Institutional current account

NIL

 HDFC Bank Current Account Charges

For HDFC current account opening, the amount that you may need to pay is from Rs. 1500 to Rs. 15,000. This amount varies on the account type.

HDFC Current Account Options

  1. Current Account for Professionals
  2. Regular Current Account
  3. Agri Current Account
  4. Apex Current Account
  5. EZEE Current Account
  6. Premium Current Account
  7. Max Current Account
  8. E-comm Current Account
  9. Trade Current Account
  10. Plus Current Account
  11. EEFC Current Account
  12. Institutional Current Account
  13. Activ Current Account
  14. Saksham Current Account
  15. Startup Current Account
  16. RFC Domestic Current Account
  17. Ultima Current Account
  18. Ascent Current Account
  19. Supreme Current Account

Pros:

  • HDFC bank current account involves various options
  • For loyal customers, the bank offers the best products

Cons:

  • Bank uses Average technology
  • Employees are not much knowledgeable

IndusInd Bank Current Account:

This bank requires you to maintain a minimum balance for the current account. You will get a wide range of benefits in current accounts such as banking of 365 days, doorstep banking, choose your account number, group business accounts, etc.

One can create a current account in IndusInd Bank for imports and exports, regular business, and large companies. One can even get a current account for textile and IT industries, dealers, and agri-commodities.

IndusInd Bank Current Account Average Monthly Balance

It will range from NIL balance to Rs. 5 Lakhs. The balance differs on the account type.

IndusInd Bank Current Account Charges

For IndusInd current account opening, you may require to pay the amount from NIL to Rs. 4000.

IndusInd Bank Current Account Options

Trade and Forex Current Account:

  1. Indus Dollar One Trade Current Account
  2. Indus Exim Current Account

Niche Current Accounts:

  1. Indus Infotech Current Account
  2. Indus Textile Current Account
  3. Made to order Current Account
  4. Indus Grain Merchant Flexi Current Account

Indus Edge Current Account:

  1. Indus Green Current Account
  2. Indus Escrow Current Account
  3. Indus Silver Current Account
  4. Indus Blue Current Account
  5. Indus Gold Current Account
  6. Indus Gold Plus Current Account
  7. Indus Prestige Current Account
  8. Indus Silver Plus Current Account

Pros:

  • Provides 365 days banking facility
  • Allows a group of multiple current accounts
  • One can maintain a NIL balance in the account
  • Flexibility to choose an account number of your choice

Cons:

  • Not user-friendly net banking
  • Average technology

 Axis Bank Current Account:

Axis bank is the only bank that boosts customers with reward points for various activities such as opening an account, transferring funds, internet banking activation, etc. Axis bank’s current account has two categories such as value-based and segment-based current accounts.

 Axis Bank Current Account Type

 Monthly Average Balance

Prime current accounts

Rs. 10,000 to Rs. 1 Lakh

Priority current account

Rs. 5 Lakhs to Rs. 10 Lakhs

Wealth current account

Rs. 50 Lakhs

Axis Bank Current Account Charges

One has to pay Rs. 50 to Rs. 5000 for opening an axis current account. The charging amount depends on the type of current account.

Axis Bank Current Account Options

Segment-Based:

  1. Current Account Priority
  2. Current Account EFC
  3. Current Account Arthiyas
  4. Current Account for new economy group
  5. Current Account for market intermediaries
  6. Current Account Global

Value-Based:

  1. Current Account Prime Advantage
  2. Current Account Prime Select
  3. Current Account Priority Business Privilege
  4. Current Account Priority Channel One
  5. Current Account Prime Business Classic
  6. Current Account Prime Normal
  7. Current Account Wealth Club 50

Pros:

  • Account maintenance charges are very low
  • Customer service is good
  • When you open the axis bank current account, you will get reward points

Cons:

  • No extra services
  • Average technology

Citi Bank Current Account

To handle global businesses, Citi Bank’s current account is the best option, as you can deal with 102 countries’ currencies. Here you will get major benefits such as saving your bank charges, getting assistance from the relationship manager to handle Foreign Exchange, Cash Management, etc.

Citi Bank Current Account Average Monthly Relationship Value

 Citi Bank Current Account Type

 Relationship Value

Business account 1st category

More than or equal to Rs. 15 Lakhs
Business account 2nd category

Less than Rs. 15 Lakhs

Business account 3rd category

Tier 1 – Relationship value is Rs. 5 Lakhs

Tier 2 – Relationship value is Rs. 3 Lakhs

Citi Bank Current Account 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.

Best Citi Bank Current Account Type

  1. Citibusiness account

Pros:

  • Covers globally over 102 countries
  • Get your relationship manager assistance in forex trading

Cons:

  • Average ease of operations
  • Only one variant of the current account is available

State Bank of India Current Account

Customers have major benefits of opening a current account, as India has more than 24000+ branches of SBI to provide a host of services. SBI branches have good facilities such as Cash Deposit Machine to make your cash deposit, cash transfer, and cash withdrawal facilities instantly. SBI online current account opening involves a few steps to open an account.

State Bank of India Current Account Average Monthly Balance

For SBI current account opening, one has to maintain the monthly balance of Rs. 5000 to Rs. 10 lakhs. The amount depends on the type of SBI Current Account.

State Bank of India Current Account Charges

The account charges vary from Rs. 500 to Rs. 8000.

State Bank of India Current Account Charges

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

Pros:

  • Many branches all over India
  • Widespread reach
  • Best place for cash management
  • There is no SBI current account interest rate

Cons:

  • Provides average services
  • There are no premium benefits

Bank of Baroda Current Account:

Bank of Baroda is best for offering customer support and service. The Bank of Baroda current account allows account holders with the lowest current account charges. So, the maximum account charge is Rs. 1000. Even for a premium current account, this amount is enough. The Bank of Baroda offers various services on a current account such as auto and reverse sweep facilities. So, one can earn an interest in this facility.

Bank of Baroda offers partial refunds and discounts on certain services such as Demat services, locker rents, etc.

Bank of Baroda Current Account Minimum Average Quarterly Balance

The minimum quarterly balance varies from Rs. 2500 to Rs. 2.5 lakhs.

Bank of Baroda Current Account Charges

For different current accounts, it will vary from Rs. 300 to Rs. 1000.

Bank of Baroda Current Account Options

  1. Baroda Small Business Current Account
  2. Baroda Advantage Current Account
  3. Baroda Premium Current Account – Privilege
  4. Baroda Current Account for LIC and other insurance companies
  5. Current account for other banks
  6. Baroda Premium Current Account

Pros:

  • One has to pay minimum charges for current account
  • Bank offers the best customer support

Cons:

  • There are no many variants in this current account
  • Average technology

Kotak Mahindra Bank Current Account

The best thing about opening a Kotak Mahindra bank current account is that it is available for various business needs starting from startup companies to large organizations. Also, the current account provides Kotak ActivMoney facility, which is a sweep and reverse facility. This helps you earn a good interest in your account.

For Kotak bank current account, one can get several benefits such as cash management, overdraft facility, foreign exchange services, and the payment gateway, etc.

In Kotak Mahindra current account, one can get a Kotak Circle facility, so that businesses can avail to multiple current accounts.

Kotak Mahindra Bank Current Account Type

Quarterly Average Balance

Different Current Accounts

Rs. 10,000 to Rs. 15 Lakhs

Kotak Global Trade Current Account

Throughput of up to USD 250K

Kotak Mahindra Bank Current Account Charges

The Kotak current account charges start from Rs. 750 to Rs. 8000 depending on various accounts.

Kotak Mahindra Bank Current Account Options

  1. Kotak Astra 15 Current Account
  2. Kotak Startup Regular Current Account
  3. Kotak Elite Current Account
  4. Kotak Neo Current Account
  5. Kotak Pro Current Account
  6. Kotak Global Trade Current Account
  7. Kotak Ace Current Account
  8. Kotak Edge Current Account
  9. Kotak Startup Premium Current Account
  10. Kotak Astra 05 Current Account

Pros:

  • Provides Kotak ActivMoney
  • Kotak Circle for management of funds

Cons:

  • Average internet banking facility
  • Account charges are high

YES Bank Current Account

Yes bank provides various current accounts to meet your business requirements. The latest type is the Yes 3 tiered Business Current Account (Edge, Prime, and Exclusive). In this type, one can move between different tires based on their needs. One can get a value-added service package in Yes Bank.

In this value-added service package, you will get the following benefits:

  • Doorstep banking
  • Global trade services
  • Cash management
  • Merchant services
  • Payment gateway

Yes Bank Current Account Average Quarterly Balance

Yes Bank Current Account Type

 Quarterly Average Balance

Yes Premia Current Account

Rs. 2 Lakhs to Rs. 10 Lakhs
For other current accounts

Rs. 5000 to Rs. 10 Lakhs

Yes Bank Current Account Charges

 Yes Bank Current Account Type

 Charges

Yes Premia Current Account

No finance charges

For other current accounts

Rs. 500 to Rs. 10,000

Yes Bank Current Account Options

  1. Yes First Business Product
  2. Yes Business Elite Current Account
  3. Yes Current Account Trade
  4. Yes Business Benefit Current Account
  5. Yes Business Edge Current Account
  6. Yes Pragati Current Account
  7. Yes Business Growth Current Account
  8. Yes First Business Programme
  9. Yes Business Value Current Account
  10. Yes Current Account Business Gain
  11. Yes 3 tiered ( Edge/ Prime/ Exclusive) Business Current Account
  12. Yes Premia Current Account
  13. Yes Current Account Smart Trade

Pros:

  • Provide value-added services
  • Special options like 3-tier structure

Cons:

  • One can get special services for premium account only
  • You may need to spend minimum QAB payment for account opening
  • Average technology

RBL Bank Current Account

One can get the best loan offerings on the current account in RBL Bank even for short-term finance. Some of its offerings are small business loans, business loans, loan facilities against some property, and overdraft facilities with certain limits. But the disadvantage with this bank is that it has few branches across India. At a few cities, one can expect doorstep banking of RBL bank.

RBL Bank Current Account Average Quarterly Balance

 RBL Bank Current Account Type

Average Quarterly Balance

RBL Exceed Global Extra Current Account

Qtr throughput of up to $ 50K
RBL Exceed Global Elite Current Account

Qtr throughput of up to $ 200K

Other Current Accounts

Vary from Rs. 10,000 to Rs. 5 lakhs

RBL Bank Current Account Charges

The current account charges of RBL banks vary from Rs. 150 to Rs. 4000.

RBL Bank Current Account Options

  1. RBL Exceed Business Banking Exceed Extra, Exceed Express, Exceed Elite Current Account
  2. RBL Business Plus Current Account
  3. RBL India Startup Club Current Account
  4. RBL Self Employed Professional Current Account
  5. RBL Value+ Gold 100 Current Account
  6. RBL Value+ Gold 500 Current Account
  7. RBL Traders Current Account
  8. RBL Value Silver 40 Current Account
  9. RBL Business Current Account
  10. RBL Exceed Global Trade Current Account – 1. RBL Exceed Global Extra Current Account 2. RBL Exceed Global Elite Current Account

Pros:

  • Best loan offerings options

Cons:

  • You will get some charges for doorstep banking
  • Only a few branches in India

Canara Bank Current Account

Canara Bank is a popular private sector bank in India where individuals can get good financial and banking services. If you open a current account in Canara Bank, it is like a demand deposit account. This Canara Bank’s current account helps individuals to meet their different banking needs. For business owners and other professionals who want to handle a higher number of transactions per day can open a Canara Bank Current Account. The account holders in Canara Bank can get the overdraft facility with a certain limit.

Canara Bank Current Account Average Quarterly & Monthly Balance

 Canara Bank Current Account Type

Average Quarterly & Monthly Balance

Canara Privilege Current Account

Initial Balance: NIL

AQB: Rs. 1 Lakh needs to be maintained

Canara Premium Current Account

Initial Balance: Minimum Rs. 50,000

AMB: Rs. 50,000 Lakh needs to be maintained

Canara Bank Current Account Cash Handling Charges

 Canara Bank Current Account Type

Cash Handling Charges

Canara Privilege Current Account

It is free to handle cash of up to Rs. 5 lakhs per day

Canara Premium Current Account

It is free to handle cash of up to Rs. 1 Lakh

Canara Bank Current Account Options

  1. Canara Privilege Current Account
  2. Canara Premium Current Account

Pros:

  • Allows frequent transactions for account holders
  • Both types of account variants allow for large amount transactions
  • Account-holders can avail to internet banking and overdraft facilities

Cons:

  • Only two variants of current accounts are available
  • One has to maintain a high minimum balance in Canara Premium Current Account

Bank of India Current Account

Bank of India (BOI) is a leading public sector bank in India which is best in offering banking solutions. Bank of India current account allows you to do cash deposits, fund transfers, and business-related fund transactions. The current account helps business individuals to carry out huge transactions regularly. There is no limit for the number of transactions that you carry out on your current account.

Bank of India Current Account Average Quarterly Balance

 Bank of India Current Account Types

Average Quarterly Balance

Normal Current Account

Metro Branches – Rs. 5000

Urban Branches – Rs. 2500

Rural Branches – Rs. 1000

BOI Super Current Plus Account

Minimum balance – RS. 15 lakhs in TDR

AQB – Rs. 35 lakhs

Current Deposit Plus Account

Current Deposit – Rs. 4 lakhs

Short Deposit – Rs. 75,000

Other Current Accounts

Unlimited

Bank of India Current Account Types

  1. Current Deposit Plus Account
  2. Star Benefit CD Plus Account
  3. Diamond Current Account
  4. Gold Current Account
  5. Silver Current Account
  6. Platinum Plus Current Account
  7. BOI Super Current Plus Account
  8. Diamond Plus Current Account
  9. Normal Current Account
  10. Platinum Current Account
  11. Gold Plus Current Account

Pros:

  • Current accounts mainly help business individuals
  • Unlimited cash deposits and withdrawals
  • Internet banking and overdraft facilities
  • Transfer your current account to another branch easily

Cons:

  • There is no interest in the account balance

Union Bank of India Current Account

A current account in Union Bank of India mainly helps companies, entrepreneurs, firms, and public enterprises to carry out their huge number of transactions daily. One can open this union bank current account in national and commercial banks for doing a higher number of transactions. There is no interest on the balance amount that you maintain in a current account. This current account doesn’t have any limit on the number of transactions that you carry out in it.

Union Bank of India Current Account Average Monthly Balance

 Union Bank of India Current Account Types

 Average Monthly Balance

Union Classic Current Account

(UCCA)

Three ranges of AMB:

Rs. 50,000 to less than Rs.1 Lakh

Rs.1 Lakh to Rs. 4,99,999

Rs. 5 lakhs  and above

Union Classic Current Account for Banks (UCCA-B)

Scheduled Commercial Banks: Rs. 100 lakhs

Rural and Co-operative Banks: Rs. 50 lakhs

Union Flexi Current Deposit

Minimum balance: Rs. 5 lakhs

Union Flexi Premium Current Deposit

Minimum balance: Rs. 25 lakhs

Union Bank of India Current Account Options

  1. Union Classic Current Account (UCCA)
  1. Union Classic Current Account for Banks (UCCA-B)
  2. Union Flexi Current Deposit
  3. Union Flexi Premium Current Deposit

Pros:

  • Internet banking facility
  • Overdraft facility
  • Unlimited accessibility
  • Minimum balance requirement is low
  • Account accessibility

Cons:

  • Not so many current account variants available

Bandhan Bank Current Account

Bandhan Bank was introduced in 2014 and it is one of the private sector banking institutions in India. One of India’s largest microfinance firm owns this bank. With good development, the Bandhan Bank has more than 13 million customers country-wide. Bandhan Bank Current Account is one of its products with high liquidity. This current account mainly helps the business people to maintain a steady cash flow to run their business. The bank provides high limits for the number of transactions and cash deposits.

Bandhan Bank offers 5 variants of current accounts. Each type helps to meet the different financial requirements of the customers.

 Bandhan Bank Current Account Average Monthly Balance

 Bandhan Bank Current Account Types

 Average Monthly Balance

Biz Standard Current Account

Rs. 5000

Biz Premium Current Account

Rs. 1 Lakh

Biz Advantage Current Account

Rs. 25,000

Biz TASC Current Account

Rs. 25,000

 Bandhan Bank Current Account Options

  1. Biz Standard Current Account
  2. Biz Premium Current Account
  3. Biz GOS Current Account
  4. Biz Advantage Current Account
  5. Biz TASC Current Account

Pros:

  • Higher transaction limits
  • Corporate net banking
  • Nomination facility

Cons:

  • There is no interest for the balance amount that you maintain in a current account
  • The minimum balance that one has to maintain in the account is high

IDFC Bank Current Account

IDFC First Bank established in October 2015 and, it has its headquarters in Mumbai. It is an Indian banking company that offers many current account variants for the needs of different business people. For businesses of all sizes, one can open a current account here.

The IDFC current account requires you to maintain a lower average balance when compared to other banks. For small businesses, it helps a lot to manage the cash flow.

IDFC Bank Current Account Options

  • 10K Current Account
  • 25K Current Account
  • 50K Current Account
  • 100K Current Account
  • World Business Account – 25K
  • World Business Account – 50K
  • World Business Account – 1 Lakh
  • Customizable CA – 50K

Pros:

  • Requires you to maintain a lower balance
  • Customizable account
  • The business of all sizes can open a current account here

Cons:

  • Average technology
  • Only a few branches in India

Indian Bank Current Account

Indian bank has started its operations in 1907 and, the bank has many branches all over India. The bank has more than 20,924 employees with 2900 branches in India. Also, the bank has 2861 ATMs to withdraw cash, and 1014 cash deposit machines to deposit your cash.

Indian Bank Current Account Average Monthly Balance

 Indian Bank Current Account Types

Average Monthly and Quarterly Balance

Supreme Current Accounts

Plan A: Rs.1 Lakh

Plan B: Rs. 2 lakhs

Plan C: Rs. 3 lakhs

Plan D: Rs.10 lakhs

Premium Current Account

Minimum Quarterly Balance: Rs. 1 Lakh

IB I-Freedom Current Account

Average Monthly Balance: Rs. 50,000 to Rs. 5 lakhs

 Indian Bank Current Account Options

  1. Ordinary Current Account
  2. Premium Current Account
  3. IB – COMFORT- DOMESTIC AND NRE
  4. IB I-Freedom Current Account

Pros:

  • Even in small towns, Indian Bank branches are there
  • Transaction charges are less
  • For premium current account, auto sweep facility is there

Cons:

  • Not so many current account variants
  • Average Technology

Paytm Current Account

Paytm is a popular e-commerce payment system in which people are carrying out most transactions and payments. One can use this Paytm wallet to pay for many products without paying direct cash. This online platform allows people to open current accounts too. Paytm current account has various benefits.

Benefits of Paytm Current Account

  • No fee for opening a current account
  • There is no requirement to maintain a minimum balance
  • Zero processing fees
  • There are no hidden charges to make transactions
  • One can earn interest on FD balance of the current account
  • Real-time passbook updates
  • Current account benefits both small and medium enterprises
  • It is easy to manage payments
  • Easy bill payment services

Types of Current Account

Though there are various types of current accounts available in different banks, there are some current account types that many banks offer to customers. They are

  1. Standard current accounts
  2. Single column cash book
  3. Packaged current accounts
  4. Foreign currency accounts
  5. Premium current accounts

How to Open a Current Account?

One can open a current account either through offline or online mode. One can visit the official website of the respective bank and fill up the application form. To create a current account, you should satisfy the eligibility criteria of the respective bank. The eligibility norms vary from one bank to another bank. Here we will see the general eligibility criteria below.

Who are eligible to open a current account?        

Some of the general eligibility criteria that are common in different banks are as follows:

  1. Hindu Undivided Family (HUF)
  2. Resident Individual
  3. Partnership
  4. Sole Proprietorship
  5. Trust
  6. Foreign national staying in India
  7. Association or Society or Club
  8. Limited Liability Partnership
  9. Foreign Investor
  10. Limited company

Whether Current Accounts provide Interests?

No, there is no interest in current accounts, and the account requires you to maintain a higher minimum balance than a savings account. Here the main advantage of using the current account is that one can get an overdraft facility easily up to a certain limit based on different banks.

Documents required for opening a Current Account

One has to submit the following documents for the current account 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

The Bottom Line

Thus, to run either a small or large business, the current account is essential. One can open a current account online through the mobile application of the respective bank. Most of the banks don’t offer any current account interest rate for your balance. But some banks offer an interest that is not a fixed rate. Almost, all banks require you to maintain a minimum monthly average or quarterly average balance. Determine which bank requires you to maintain a lower minimum balance and go with it for opening a current account.

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