Best Current Account for Startups & Small Business

Current Account for Startup – Startup is a new business venture that is launch to solve customers’ problems.

Well, it is difficult to establish and run a startup. Especially, if you are a first time entrepreneur & starting a business for the first time. You have to make many decisions like the selection of products, place, workforce, etc.

One of the key decisions while starting a business is the selection of the best bank for opening a current account. You have to consider multiple factors before making a selection.

Recently my friend has started a Startup and he was wondering how to manage finance and where to open bank account. He has done researched and opened a current account with SBI Incube. He shared what he has considered while opening an account and asked me to share it with readers. So, here is vital information about “How to select current account for startup & small business?” along with Best Current Accounts for Startup & Small Business.

Why Current Account?

Few compelling reasons to open a current account for your startup are given below.

How to select Current Account for Startup?

You should consider the following factors while making a selection of current account for your startup business.

Nearby Branch – You should consider a branch location. The branch should be nearer to your office location. This enables you for easy access and operation of your bank account.

Minimum balance required – You should also check the minimum balance requirement while opening a current account. Many banks provide a zero balance account. However, few banks impose a condition for the minimum balance requirement.

Over Draft Limit – Another thing to check before opening a current account is the applicable overdraft limit. The bank should provide an overdraft facility as per the agreed limit.

Personalized Services – Bank should be able to provide personalized service if required. You need to pay a cost in order to get personalized services.

Cash Deposit and Withdrawal Charges – As you will be managing all your finance via this account, you should check the cash deposit and withdrawal limit and charges. Every bank has kept some restriction on cash deposit and withdrawal once you cross this limit you need to pay charges.

Debit Card and Internet Banking Charges – There are additional charges associated with the current account such as debit cards, internet banking charges. You have to check it before opening the current account.

Comparison and Research – Do proper comparison and research before making a selection of a particular current bank account. You need to go through all terms and condition carefully before finalizing.

Also Read – 5 Best Business Accounting Software India

Best Current Account for Startup & Small Business

#1 ICICI iStartup Account

iStartup Account is an exclusive current account for the startups. iStartup provides a wide range of banking services to entrepreneurs. iStartup also provides industry-specific solutions for new and growing startups. This account comes with three variants gold, platinum, and silver. Key Features of the ICICI iStartup Account are given below.

There are three types of iStartup account.

For more info: Click here.

#2 SBI Incube

SBI Incube is a specialized branch created by SBI for the startup business. SBI Incube helps you in setting up startup. SBI Incbue provides current account for the proprietorship, partnership as well as company. You will get a plethora of benefits from SBI Incube such as payment service, investment & wealth advice, vendor payment service, taxation, and other business-related solutions. Key features of SBI Incube current account are given below.

There are three variants of SBI Incube current account.

For more info: Click here.

#3 Indus Freedom Current Account

Indus Freedom current account is offered by Indusind bank. This account offers you a plethora of banking benefits. This account is suitable for small and medium businesses. Key features of Indus Freedom Current Account are given below.

#4 Axis Bank Startup Current Account

Axis Bank Startup current account is one of the best current accounts. This account gives you complete business solution starting from working capital finance to payment and collection services. Key features of Axis Bank Startup Account are given below.

#5 HDFC Bank Smartup Current Account

HDFC Bank offers two types of current accounts Startup Alpha and Startup Max Account. HDFC account offers smart financial tools & advisory services for your business. HDFC bank current account is suitable for starting up business as well as for established business. Features of HDFC Bank Startup current account are given below.

There are two types of HDFC current account available for the startup.

#6 Kotak Bank Neo Current Account

Kotak Bank Neo Current Account is one of the best account for small business. It will support and boost your business. Neo Current account offers multiple features to the account holders.

Over to you

It is a very good idea to open the current account whenever you are establishing a startup business. However, you should consider an additional burden that you end up paying while opening this account. Also, consider that interest applicable on the current account is zero whereas in a savings account you can earn interest income.